Hong Kong Breaking News: Bitcoin ETF to be launched next week
On April 10, according to Jinshi, two people familiar with the matter said that Hong Kong, China may launch a spot Bitcoin exchange-traded fund (ETF) this month, and the first batch of products may be announced next week. This timetable will make Hong Kong the first city in Asia to launch this popular ETF, and it is also much faster than the industry's expectation of launching it sometime this year. One of the people familiar with the matter said that regulators have accelerated the approval process.
According to Tencent Finance, in the early morning of April 10, the Hong Kong Securities and Futures Commission updated the list of fund companies managing virtual assets on its official website, adding Harvest International and China Asset Management, that is, adding virtual asset management business to the original traditional asset management business of these public funds.
This means that the leading public fund companies in the mainland have finally "killed" into the virtual asset industry in Hong Kong and have the qualifications to issue relevant currency circle fund products.
The official website of the Hong Kong Securities and Futures Commission shows that there are now 18 funds in Hong Kong that can carry out "currency circle" asset management. However, Harvest International and China Asset Management are among the first batch of public funds in Hong Kong to enter the "currency circle" list.
Tencent Finance reported that the proposals to be submitted for the Bitcoin spot ETF in Hong Kong this time involve at least 20 partner institutions, including Bitcoin custodians and market makers, institutions holding virtual asset trading comprehensive accounts, etc. If the Hong Kong application process and conventional communication channels are strictly followed, it is unlikely that any institution in Hong Kong can complete all the application materials in about half a month.
According to Hong Kong's procedures, after the Hong Kong Securities and Futures Commission approved the first batch of Bitcoin spot ETFs on April 15, the Hong Kong Stock Exchange needed about 2 weeks to prepare for product listing and other matters. However, the entire Bitcoin spot ETF project had detailed communication and planning with the Hong Kong Stock Exchange in advance, and it is expected to be completed in about 10 days. The Hong Kong Securities and Futures Commission originally planned to list the Bitcoin spot ETF in Hong Kong around April 25, no later than the end of April.
On January 11, the US Securities and Futures Commission approved 11 Bitcoin ETFs including BlackRock and Fidelity, which attracted special attention from global investors.
