Hong Kong's SFC Moves Quickly to Process Bitcoin ETF Requests from Asset Managers Approved by the SEC

This week, four Bitcoin ETF issuers, including major players like BlackRock and Fidelity, received approval from the US Securities and Exchange Commission, and they hold licenses for asset management in Hong Kong. SEC Sources from popular Hong Kong publication “Ming Pao” report that among these issuers, one is already fully operational as an ETF provider. BlackRock With the SEC approving spot Bitcoin ETFs, traditional financial firms gain a pathway to invest in Bitcoin through these financial instruments, which in turn escalates market awareness and demand. Given Bitcoin's capped supply, this surge in demand could lead to an increase in its market value.

After the approval Although Hong Kong was quick to allow the creation of spot ETFs, the actual rollout of these products may see a slight delay in comparison to the United States, according to market predictions regarding overall product launches.

Consequently, the Hong Kong Securities and Futures Commission (SFC) has expressed its willingness to fast-track the evaluation of spot Bitcoin ETF applications in Hong Kong, provided these products gain prior approval from the SEC.

Alongside the Hong Kong Monetary Authority, the SFC signaled its readiness in late December 2023 to start accepting applications for virtual currency spot ETFs. Currently, Hong Kong is home to only three virtual currency futures ETFs.

The launch of Bitcoin spot ETFs in the United States is anticipated to spur growth in the virtual currency sector. It is expected that the SFC will take into account the latest sector developments and may adjust policies regarding spot ETFs introduced earlier. released a statement Exchanges are essential to the effective functioning of ETFs, maintaining liquidity, transparency, and operational efficiency.

Recently, a virtual asset trading platform in Hong Kong announced that roughly ten fund companies are preparing to launch virtual asset spot ETFs, with about seven to eight of them already in the advanced stages of development.

Crucial Role of Hong Kong Exchanges

These new issuers are likely to choose licensed exchanges to manage the underlying assets, providing trading, clearing, and related services. HashKey has been selected by several issuers to deliver the necessary infrastructure and, in some cases, assist in navigating the application process. trading of ETFs .

The changing landscape of spot Bitcoin ETFs, characterized by regulatory approvals, global market trends, and institutional involvement, highlights the complex interaction between different jurisdictions, supporting the wider acceptance of digital assets. HashKey Exchange Securities and Exchange Commission Hong Kong US Securities and Exchange Commission

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Alisa, a passionate journalist at the Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the broad scope of Web3. With her sharp insight into emerging trends and technologies, she provides thorough coverage to inform and connect with readers in the constantly changing world of digital finance.