Dear Readers,
We all know that Hong Kong, Singapore and Dubai are considered to be the Crypto Hubs in the World.
There are various developments in the Crypto eco systems worldwide. Following to the 11 BTC ETFs approval in United States, various efforts are on the way to introduce Crypto ETFs in various countries.
Following the BTC ETF approval, Johnny Ng, a member of Hong Kong’s Legislative Council stressed the need to do the approval of local Bitcoin spot ETFs in Hong Kong also. He said in a tweet that he strongly believe that Hong Kong need to take the lead in the field of virtual assets and the development of the entire industry through innovative policies.
It is being said that Hong Kong's Securities Regulatory Commission is the nodal agency in Kong Kong under which the cryptos are being monitored- is speeding up its approval procedure for the Bitcoin ETFs.
It is also being learnt from the sources that the Kong Kong Stock Exchange would be preparing to list the Bitcoin ETF after the formal approval after the Spring Festival in Hong Kong. The Spring Lantern Festival takes place on the last day of the Chinese New Year celebrations, usually end of February or early in March. We could witness all the colourful lanterns of various shapes and sizes everywhere in Hong Kong. This festival is by February 10 this year.
Now Hong Kong is getting ready to approve its 1st BTC ETF Application.
It is said that the Harvest Fund Management of Hongkong, one of the Chinese leading fund companies has reportedly submitted an application for a spot Bitcoin ETF approval before the Securities and Futures Commission of Hong Kong.
Earlier this month, Mr. Livio Weng, the COO of Hong Kong crypto exchange HashKey, said that around 10 Fund Companies have already started looking into launching potential spot crypto ETFs in Hongkong. This also includes Hong Kong-based Venture Smart Financial Holdings Ltd. (VSFG) also. This is expected to complete the procedure in the 1st quarter.
This is being considered as a major move in the crypto sector in the region and would would be sending positive waves to other nearby countries and globally as well.
All these efforts would strengthen further on the participation process of Bitcoin in terms of attracting investments from various groups.
