{"id":572205,"date":"2024-01-30T00:00:33","date_gmt":"2024-01-30T00:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=572205"},"modified":"2024-06-11T08:01:35","modified_gmt":"2024-06-11T08:01:35","slug":"this-banking-giant-files-for-bitcoin-etf-application-in-hong-kong","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/this-banking-giant-files-for-bitcoin-etf-application-in-hong-kong\/","title":{"rendered":"This Banking Giant Files For Bitcoin ETF Application In Hong Kong"},"content":{"rendered":"

Following the recent approval of spot Bitcoin ETF<\/a> (Exchange-Traded Funds) in the US and guidelines from Hong Kong\u2019s Securities and Futures Commission (SFC) published in December of 2023, there has been increasing speculation about the launch of a spot Bitcoin ETF in Hong Kong this year. In a recent development, the first spot Bitcoin ETF application has been filed to the SFC for approval.<\/p>\n

Related Reading: BlackRock\u2019s IBIT Maintains Lead In Bitcoin ETF Market, Crosses $2 Billion In Inflows<\/a><\/div>\n

Chinese Financial Giant Takes The Lead<\/h2>\n

Earlier this month, Venture Smart Financial Holdings Ltd. (VSFG) expressed its plans<\/a> to apply for a spot Bitcoin ETF with the SFC to be launched this quarter. Similarly, asset management firms like Samsung Asset Management have shown their interest in exploring the possibility in the future.<\/p>\n

\u00a0A report from Tencent News revealed<\/a> that Harvest Fund Management sent the first-ever spot Bitcoin ETF application in Hong Kong to the SFC on January 26, with the possibility of approval coming after the Lunar New Year at the earliest.<\/p>\n

According to the news site, Hong Kong\u2019s SFC wants to accelerate the approval of the first ETF after the US Securities and Exchange Commission<\/a> (SEC) authorized the listing of the spot crypto products this month. The regulator\u2019s plan includes listing the first ETF on the Hong Kong Stock Exchange after the Spring Festival.<\/p>\n

Additionally, the report highlights the possibility of the SFC taking the same route as the US SEC and approving all applications simultaneously.<\/p>\n

How Will Hong Kong\u2019s Spot ETFs Compare To The US?<\/h2>\n

Regarding the performance of the investment products after the approval<\/a>, a Hong Kong fund professional told Tencent News that \u201cjudging from the performance of the U.S. Bitcoin spot ETF, even if the Hong Kong Securities and Futures Commission approves multiple institutions at once, it may end up performing about the same as the U.S. market.\u201d<\/p>\n

However, some family office investor managers in Hong Kong suggested to the news site that \u201cthere may be some gap between the scale of Hong Kong spot ETF subscriptions and the United States.\u201d The investor managers added that there\u2019s real interest in subscribing to spot ETFs in Hong Kong, opposite to the \u201ccomplexity of investment categories and operations\u201d that stopped them from investing in the Bitcoin market before.<\/p>\n

Moreover, the news sites reported that \u201ccompared with spot ETFs in the United States, in addition to accepting legal currency subscriptions, Hong Kong’s spot ETFs may also increase the possibility of direct Bitcoin subscriptions.\u201d<\/p>\n

Despite the interest and plans previously suggested by other investment and asset management firms, no organization has applied for a Spot Bitcoin ETF yet. Harvest Fund Management and the SFC haven\u2019t issued further comment.<\/p>\n

Related Reading: XRP ETF Key Requirements For Spot XRP ETF Approval Revealed Amidst 4500% Price Surge Target<\/a><\/div>\n

\"BTC,<\/p>\n

Bitcoin is trading at $43,006.2 in the hourly chart. Source: BTCUSDT on TradingView.com<\/a><\/pre>\n
Featured image from Unsplash.com, Chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Following the recent approval of spot Bitcoin ETF (Exchange-Traded Funds) in the US and guidelines from Hong Kong\u2019s Securities and Futures Commission (SFC) published in December of 2023, there has been increasing speculation about the launch of a spot Bitcoin ETF in Hong Kong this year. In a recent development, the first spot Bitcoin ETF application has been filed to the SFC for approval. Related Reading: BlackRock\u2019s IBIT Maintains Lead In Bitcoin ETF Market, Crosses $2 Billion In Inflows Chinese Financial Giant Takes The Lead Earlier this month, Venture Smart Financial Holdings Ltd. (VSFG) expressed its plans to apply for a spot Bitcoin ETF with the SFC to be launched this quarter. Similarly, asset management firms like Samsung Asset Management have shown their interest in exploring the possibility in the future. \u00a0A report from Tencent News revealed that Harvest Fund Management sent the first-ever spot Bitcoin ETF application in Hong Kong to the SFC on January 26, with the possibility of approval coming after the Lunar New Year at the earliest. According to the news site, Hong Kong\u2019s SFC wants to accelerate the approval of the first ETF after the US Securities and Exchange Commission (SEC) authorized the listing of the spot crypto products this month. The regulator\u2019s plan includes listing the first ETF on the Hong Kong Stock Exchange after the Spring Festival. Additionally, the report highlights the possibility of the SFC taking the same route as the US SEC and approving all applications simultaneously. How Will Hong Kong\u2019s Spot ETFs Compare To The US? Regarding the performance of the investment products after the approval, a Hong Kong fund professional told Tencent News that \u201cjudging from the performance of the U.S. Bitcoin spot ETF, even if the Hong Kong Securities and Futures Commission approves multiple institutions at once, it may end up performing about the same as the U.S. market.\u201d However, some family office investor managers in Hong Kong suggested to the news site that \u201cthere may be some gap between the scale of Hong Kong spot ETF subscriptions and the United States.\u201d The investor managers added that there\u2019s real interest in subscribing to spot ETFs in Hong Kong, opposite to the \u201ccomplexity of investment categories and operations\u201d that stopped them from investing in the Bitcoin market before. Moreover, the news sites reported that \u201ccompared with spot ETFs in the United States, in addition to accepting legal currency subscriptions, Hong Kong’s spot ETFs may also increase the possibility of direct Bitcoin subscriptions.\u201d Despite the interest and plans previously suggested by other investment and asset management firms, no organization has applied for a Spot Bitcoin ETF yet. Harvest Fund Management and the SFC haven\u2019t issued further comment. Related Reading: XRP ETF Key Requirements For Spot XRP ETF Approval Revealed Amidst 4500% Price Surge Target Bitcoin is trading at $43,006.2 in the hourly chart. Source: BTCUSDT on TradingView.com Featured image from Unsplash.com, Chart from Tradingview.com<\/p>\n","protected":false},"author":614,"featured_media":572209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[583,707,1119,86857,78790,15226,84647,91187],"class_list":["post-572205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-hong-kong","tag-bitcoin-regulation-hong-kong","tag-btc","tag-btc-etf","tag-btcusdt","tag-hong-kong-sfc","tag-spot-bitcoin-etf","tag-spot-btc-etf"],"acf":[],"yoast_head":"\nBitcoin ETF Application In Hong Kong Filed By Banking Giant<\/title>\n<meta name=\"description\" content=\"After several firms showed interest in launching a spot Bitcoin ETF in Hong Kong, this financial giant sent the first application to the SFC.\" \/>\n<meta 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.","url":"https:\/\/wncen.com\/author\/rubmargarcia\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Banking Giant Files For Bitcoin ETF Application In Hong Kong","url":"http:\/\/wncen.com\/news\/this-banking-giant-files-for-bitcoin-etf-application-in-hong-kong\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/this-banking-giant-files-for-bitcoin-etf-application-in-hong-kong\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/thought-catalog-I0TDRP0fj6Y-unsplash.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/thought-catalog-I0TDRP0fj6Y-unsplash.jpeg?fit=1920%2C1439"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Rubmar Garcia"}],"creator":["Rubmar Garcia"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin hong kong","bitcoin regulation hong kong","btc","btc etf","btcusdt","hong kong sfc","spot bitcoin etf","spot btc etf"],"dateCreated":"2024-01-30T00:00:33Z","datePublished":"2024-01-30T00:00:33Z","dateModified":"2024-06-11T08:01:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Banking Giant Files For Bitcoin ETF Application In Hong Kong\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/this-banking-giant-files-for-bitcoin-etf-application-in-hong-kong\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/this-banking-giant-files-for-bitcoin-etf-application-in-hong-kong\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/thought-catalog-I0TDRP0fj6Y-unsplash.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/thought-catalog-I0TDRP0fj6Y-unsplash.jpeg?fit=1920%2C1439\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Rubmar Garcia\"}],\"creator\":[\"Rubmar Garcia\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin hong kong\",\"bitcoin regulation hong kong\",\"btc\",\"btc etf\",\"btcusdt\",\"hong kong sfc\",\"spot bitcoin etf\",\"spot btc etf\"],\"dateCreated\":\"2024-01-30T00:00:33Z\",\"datePublished\":\"2024-01-30T00:00:33Z\",\"dateModified\":\"2024-06-11T08:01:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/thought-catalog-I0TDRP0fj6Y-unsplash.jpeg?fit=1920%2C1439","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/572205"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/614"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=572205"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/572205\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/572209"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=572205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=572205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=572205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}