According to reports, some of China’s biggest asset management companies are using Hong Kong-based subsidiaries to enter the Bitcoin ETF markets.
JUST IN: 🇨🇳 $284 billion China Southern Fund has reportedly applied to launch spot #Bitcoin ETF via Hong Kong
You can't stop an idea whose time has come 🙌 pic.twitter.com/rnHOuRoY7V
— Bitcoin Magazine (@BitcoinMagazine) April 8, 2024
Securities Times published a report on Monday. financial The applications of giants such as Harvest Fund, Southern Fund and Southern Fund were submitted via their Hong Kong-based subsidiaries and they are currently awaiting approval from the regulatory authorities. This move shows a growing interest from institutions despite China’s past hostility to Bitcoin.
Harvest Fund is responsible for over $230 billion of assets while Southern Fund has over $280. The approval of Bitcoin ETFs by such powerful institutions would be a significant validation of Bitcoin to both Chinese investors and regulators.
This news also shows the changing landscape for Bitcoin in China. The country has seen a change despite its past crackdowns on Bitcoin mining and trading. Hong Kong is more open than the mainland and has attracted Chinese money.
Hong Kong-based subsidiaries can be used by major funds to gain Bitcoin exposure in an ethical manner. It is a loophole that allows Chinese firms to get involved in Bitcoin’s booming asset class.
The industry insiders predict that Bitcoin will reach a milestone. Hong Kong’s Bitcoin ETFs may launch in Q2 of 2018.
The financial leaders have a clear desire to satisfy the growing demand from investors for Bitcoin. Bitcoin ETFs are a way for retail and institutional investors to gain access to Bitcoin.
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Source: bitcoinmagazine.com