The Hong Kong branches of Harvest Fund and Southern Fund, two China-based asset management firms, have applied to offer spot Bitcoin ETFs in the Hong Kong region of China.
Both firms, which manage assets exceeding $200 billion, filed their applications today, according to a report by Bitcoin Magazine, citing state-owned Securities Times.
Due to strict restrictions on cryptocurrency trading and mining in mainland China, asset managers cannot offer ETFs there. This development follows earlier rumors that Harvest Fund's Hong Kong branch had filed for a spot Bitcoin ETF in January.
Crypto investors have been eagerly awaiting the launch of spot bitcoin ETFs in the Hong Kong market. Last year, the Hong Kong Monetary Authority and the Securities and Futures Commission announced that they would be accepting applications for crypto-based ETFs. The launch of these funds will provide Hong Kong investors with exposure to Bitcoin.
Harvest Fund Management's Hong Kong branch has taken an important step in the region's cryptocurrency investment landscape by launching a crypto ETF with maturity in 2022.
*This is not investment advice.