The Hong Kong Financial Authority published the requirements for the launch of a Spot BTC ETF by authorized companies about 1 month ago (December 22, 2023) and in the last few hours VSFG (Venture Smart Financial Holdings Limited) took the first step forward.
According to Bloomberg, the financial company just mentioned could launch its new Spot BTC ETF in the first quarter of 2024, with a goal of $500 million in assets under management by the end of the year.
Livio Weng, operating director of cex HashKey, in recent weeks had stated that there are already around ten funds that are exploring the possibility of launching new ETFs, including Citigroup, HSBC, JPMorgan Chase, Standard Chartered, China Asset Management Corporation, China Securities Fund Management and others.
The possibility of having Spot BTC ETFs approved in Hong Kong is also relatively high, although the SFC* is a very rigorous obstacle to overcome and which may require a long time to evaluate applications in depth.
* SFC is the Securities and Futures Commission, an independent government body responsible for regulating and supervising Hong Kong's financial markets.
Meanwhile, in the US, Bitcoin is already the second largest US “commodity” ETF, surpassing silver and closing in on gold.
It is presumable that this "success" could encourage the SFC to approve ETFs which are demonstrating enormous interest from institutional investors in cryptocurrencies.
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