Venture Smart Financial Holdings is gearing up to release a spot Bitcoin ETF by the beginning of next year.

Positioning itself as the first approved virtual asset manager in Hong Kong, the firm has yet to file an application for its ETF with the Securities and Futures Commission (SFC) but plans to kick off the process shortly.

This comes amidst new regulations implemented in June 2023, which now allow the SFC to take applications for spot crypto ETFs and provide detailed guidelines for launching such products, as part of efforts to restore Hong Kong's status as a leading cryptocurrency hub in Asia.

In December, the SFC announced the city’s readiness Currently, the market includes three cryptocurrency futures ETFs: Samsung Bitcoin Futures, CSOP Bitcoin Futures, and CSOP Ether Futures, though their total assets hover around $50 million, a relatively modest figure for the industry.

The interest in spot cryptocurrency ETFs surged after the debut of multiple offerings in the U.S., featuring prominent issuers like BlackRock and Fidelity Investments. Following this, several Asian territories expressed intentions to explore similar initiatives. Hong Kong Recently, South Korea's Presidential Office urged its financial watchdog to revisit approval for a domestic spot Bitcoin ETF, in light of recent warnings from the Financial Services Commission about potential regulatory violations for firms dealing with foreign-listed spot ETFs.

Spot Crypto ETFs Gain Momentum in Asia 

The Monetary Authority of Singapore (MAS) has communicated that spot Bitcoin ETFs are currently off-limits for local retail investors. Similarly, the Securities and Exchange Commission of Thailand has confirmed it will not approve such products from local firms. the launch As the appetite for spot cryptocurrency ETFs grows among various enterprises, Hong Kong has the potential to establish itself as the next key player in Asia’s investment landscape, rejuvenating interest in the cryptocurrency market. Securities and Exchange Commission advises that information on this page should not be considered legal, tax, investment, financial, or any other form of guidance. Always invest only what you can afford to lose and consult financial experts if you have any uncertainties. For detailed insights, consider reviewing the terms and conditions and support pages provided by the issuer or advertiser. MetaversePost is committed to delivering accurate and neutral information, though market dynamics can shift unpredictably. Alisa, a passionate journalist for Cryptocurrencylistings, focuses on areas like cryptocurrency, zero-knowledge proofs, investments, and the vast expanse of Web3. With a sharp sense for emerging trends and advancements, she offers readers in-depth reporting that keeps them informed about the fast-changing digital finance arena.

Gate Dubai has successfully obtained a full operational license from VARA, enhancing its compliant presence in the Middle East region.

Bitlayer's BitVM Bridge has integrated with Monad Testnet, facilitating seamless BTC bridging across different ecosystems for users. not authorized OpenAI has introduced new features for ChatGPT, broadening its search and shopping functionalities.

Shardeum is empowering validators and has unveiled its roadmap for an autoscaling mainnet.