Key Takeaways
- Hong Kong's SFC added Harvest International Asset Management and China Asset Management to its approved virtual asset funds, enabling them to issue Bitcoin ETFs on the Hong Kong Stock Exchange;
- Hong Kong's first Bitcoin ETFs are set to be announced by April 15, with the Exchange then taking around two weeks for listing preparations;
- This update aligns with global trends, like the US SEC's approval of Bitcoin ETFs earlier this year.
Hong Kong's Securities and Futures Commission (SFC) has updated its list of approved virtual asset management funds to include Harvest International Asset Management and China Asset Management (Hong Kong) Co., Ltd.
Being on the list allows these funds to issue currency-related products, such as spot Bitcoin (BTC) exchange-traded funds (ETFs), through the Hong Kong Stock Exchange.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is an Automated Market Maker in Crypto? (Animated)
According to Tencent, a local news outlet, the SFC urgently updated the list on April 10 because it plans to announce Hong Kong's first batch of spot Bitcoin ETFs by April 15.
The Hong Kong Exchange will then take approximately two weeks to prepare for product listing and other matters.
In addition to Harvest International and China Asset Management, Boshi Fund and Value Partners Financial have also submitted their applications for the ETF; however, the firms have not been added to the list as they don't meet certain regulatory requirements.
This update paves the way for retail investors to access crypto investments through regulated channels - an important moment for Hong Kong's financial evolution and its approach to the future of virtual asset management.
The approval of spot Bitcoin ETFs in Hong Kong follows the US SEC's nod earlier this year, which showcases a growing global trend of integrating crypto into mainstream financial systems.
