It has been reported that Harvest Fund Management, one of the leading Chinese asset managers, has applied for a spot Bitcoin exchange-traded fund (ETF) with the Securities and Futures Commission (SFC) in Hong Kong.
Harvest Fund Management Applies for Spot Bitcoin ETF in Hong Kong
The move comes as expectations grow for the approval of the city's first spot cryptocurrency ETFs.
By filing, Harvest Fund Management signaled its intention to launch the city's first spot Bitcoin ETF after the Lunar New Year holiday, scheduled for February 10 this year.
This development follows previous statements by Livio Weng, Chief Operating Officer of Hong Kong-based crypto exchange HashKey, who revealed that around 10 fund companies are exploring the possibility of potentially launching spot crypto ETFs in the city.
Venture Smart Financial Holdings Ltd. (VSFG) also expressed its intention to launch a spot bitcoin ETF within the first quarter, as reported by Bloomberg.
As the regulatory environment for crypto-related products continues to evolve in Hong Kong, the application by Harvest Fund Management represents a significant step towards the launch of spot Bitcoin ETFs in the city.
While the industry awaits regulatory responses, developments in Hong Kong underscore the global trend of increasing institutional interest and acceptance of digital assets in traditional financial markets.
*This is not investment advice.