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- Harvest Hong Kong has utilized for a spot Bitcoin ETF launch on January 26.
- Hong Kong’s SFC promotes Bitcoin ETFs and intends to launch the primary Spot Bitcoin ETF after the Spring Pageant.
- The regulators could imitate the US SEC by approving functions filed by a number of corporations.
Bitcoin ETFs have been largely garnering consideration since their launch on January 11, with increasingly more ETF issuers stepping ahead. Current reviews unearthed that certainly one of China’s largest fund corporations, Harvest Hong Kong, utilized for a Spot Bitcoin ETF launch on January 26.
In line with the report, Harvest Hong Kong, the primary firm to file for a spot Bitcoin ETF in Hong Kong, awaits the Securities and Futures Fee’s (SFC) approval. One other determine to publicize the information was the Chinese language reporter Colin Wu, who shared an X submit on the matter through his official account, Wu Blockchain.
The report additionally hinted on the SFC’s enthusiasm for selling exchange-traded funds (ETFs). The regulators intend to hurry up the ETF approval procedures in a bid to launch the inaugural Spot Bitcoin ETF in Hong Kong after the Spring Pageant.
Hong Kong’s SFC reportedly intends to align with the US Securities and Alternate Fee’s methods for ETF approvals. Earlier this month, the US SEC authorised the ETF functions filed by nearly 11 monetary giants. Equally, as per the report, Hong Kong could undertake such an strategy, approving the functions of a number of corporations. Nonetheless, as of now, there aren’t any different corporations than Harvest Hong Kong within the line.
The report additionally sheds mild on the expansion of the US ETF market since January 11. As per information, 27 spot Bitcoin ETFs exist within the nation, out of which Grayscale holds a big place with its $20.2 billion market share. Different main gamers embrace BlackRock, Constancy, and Proshare.
Reportedly, trade specialists in Hong Kong are divided over the notion of imitating the US. Some commented that the transfer would lead to comparable development for trade giants. Nonetheless, others supported subscribing to native spot ETFs, contemplating the notable variations in crypto within the US and China.
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