Bitcoin’s price fluctuated a lot, initially surpassing $72,500 before dropping below $70,000 on Tuesday. Investors are averse to risk, and this movement is largely due to the US Consumer Price Index figures that will be released today. Bitcoin recovered slightly from its Tuesday low of $68,200, and was trading above $69400 when we reported.
Similarly, Hong Kong Securities and Futures Commission updated their registry of virtual assets management funds on early April 10, 2019. Tencent News reports that, as of April 15, the SFC plans to release the first four Bitcoin Exchange Traded Funds. This is an important announcement, as it sets the stage for ETFs being launched at Hong Kong Stock Exchange before the end April. The market has reacted calmly to this announcement despite its importance.
Hong Kong to Launch Bitcoin Spot ETFs by End of April
Tencent’s News has confirmed the report. reportHarvest International Asset Management Limited and Huaxia Funds Limited (Hong Kong Limited) have received official approval to manage virtual assets. This marks their entry into Hong Kong’s cryptocurrency market. It is important that the leading mainland China public funds companies have entered Hong Kong. Hong Kong’s virtual assets industry. At the moment, 18 Hong Kong-based funds are authorized to invest in cryptocurrency. Harvest International Fund, Huaxia Fund, and other public funds were some of the very first to enter this market.
Harvest International became the first company to propose a Bitcoin ETF spot in Hong Kong on 26 January. Following this initial submission, both companies have now secured the necessary qualifications to issue cryptocurrency-related fund products, including Bitcoin spot ETFs. The Hong Kong Stock Exchange is now able to offer these products directly to retail investors.
SFC has announced that it will unveil its first Bitcoin-spot ETFs before April 15, which is why updating the list of virtual asset management funds becomes urgent. Huaxia Fund and Value Partners Financial were expected to be included in the initial batch, along with Harvest International. Bosera and Value Partners, however, were not included in the list because they did not have an independent RO qualified for cryptocurrency asset management. According to reports, these funds collaborate with Hashkey Capital VSFG both of which are qualified crypto asset managers.
Huaxia Fund is one applicant who has been putting together a dedicated team and filing their applications in advance of the ETF’s launch. Huaxia Fund’s approval from the SFC in two weeks is a testament to the speed of the development. Hong Kong’s application process to launch a Bitcoin ETF involves close collaboration with 20 different institutions. These include custodians banks. market makers.
Hong Kong Stock Exchange, following the SFC approval, is expected to prepare for approximately two weeks the launch of the ETF. The move, which comes just three months following the launch of the HKSE ETF, opens up crypto to Chinese investors. US SEC’s approval First batch of Bitcoin Spot ETFs to be released on January 11, 2019.
BTC is currently trading for $69,484.
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