Multinational Asset Manager Submits First Spot Bitcoin ETF Application in Hong Kong

Global asset management behemoth Harvest Fund Management is said to have made a major breakthrough by submitting the first application for a spot Bitcoin (BTC) exchange-traded fund (ETF) in Hong Kong. Tencent News, a Chinese media site, stated that the application has been submitted to the Securities and Futures Commission (SFC) of Hong Kong.

Harvest Fund Management’s proactive approach to managing the regulatory environment around bitcoin investment products is indicated by the application. If authorized, this would be a revolutionary step forward for Hong Kong’s cryptocurrency industry.

Accelerated Approval Process Anticipated

Tencent News reports that the SFC aims to expedite the approval process, with plans to list the ETF on the Hong Kong Stock Exchange within the next couple of months. The move aligns with the SFC’s publication of spot crypto ETF requirements in December, laying the groundwork for potential offerings in the region.

The report suggests that the SFC is considering a strategy similar to that of the U.S. Securities and Exchange Commission (SEC), where multiple Bitcoin ETFs are approved simultaneously. Despite Harvest Fund Management taking the lead, no other institutions have reportedly submitted applications for a BTC ETF to the Hong Kong regulator.

Soon after spot Bitcoin ETFs were recently approved in the US, there was a development in Hong Kong. The 11 spot Bitcoin exchange-traded funds that were being evaluated received clearance from the SEC on January 10th. This action signals a dramatic change in regulatory policy and comes after the SEC previously approved the nation’s first Bitcoin futures ETFs in October 2021.

Harvest Fund Management’s application is expected to be reviewed by the global cryptocurrency market, and a favorable decision might lead to the introduction of further investment products in Hong Kong and other regions. The action indicates the increasing use and incorporation of bitcoin offers into established financial markets.