Hong Kong expects to announce the approval of Asia’s spot bitcoin Exchange-Traded Funds (ETFs), and it is likely that first approvals will be announced this month. next Reuters, qq, and Chinese media reported that people with knowledge of the situation said this last week.
BREAKING: 🇭🇰 Hong Kong is set to approve spot #Bitcoin ETFs next Reports indicate that this week is a busy one.
Are you prepared? 🚀 pic.twitter.com/gsAfBx6Nmj
— Bitcoin Magazine (@BitcoinMagazine) April 10, 2024
Hong Kong Securities and Futures Commission – SFC – has expedited approval processes, positioning Hong Kong to be a pioneer of Asia’s Bitcoin ETF space. It is a move that comes in advance of expectations by the industry for launch later this year.
Multilingualism financial Institutions, such as the Hong Kong branches of Harvest Fund China Southern Fund have made applications for Bitcoin ETFs recently. Spot Bitcoin ETFs give exposure to bitcoin’s actual value, rather than its derivatives.
Sources claim that the SFC is expected to announce on April 15 its first batch of approved spot bitcoin ETFs. After the approval, funds may then apply to list on the Hong Kong Stock Exchange. Listing is anticipated to take ten days.
Hong Kong has taken a proactive approach to enhancing the appeal of its city as a global destination. financial hub. This also builds upon the city’s Bitcoin-friendly position, which included granting Hashkey retail trading rights last year.
This news follows the huge success that spot bitcoin ETFs have had in the United States since their approval in January. These funds attracted more than $12 billion of inflows. Hong Kong’s approval of spot bitcoin-based ETFs as the first Asian jurisdiction paves the way for other markets.
The demand for Bitcoin products that are accessible to both retail and institutional investors has grown rapidly. Hong Kong has cemented its place as Asia’s Bitcoin hub by leveraging its regulatory structure to cater to this growing appetite.
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Source: bitcoinmagazine.com