Just In: Hong Kong set to introduce four spot Bitcoin ETFs this April

The Securities Regulatory Commission of Hong Kong (SFC) is reportedly speeding up the approval of the very first batch of spot Bitcoin exchange-traded funds (ETFs). According to local news agency Tencent News, the SFC will approve four such ETFs by April 15. This is a big step in the world’s crypto investing landscape, and today, it provides institutional and individual investors with Bitcoin investment via ETFs.

Major players in the industry, like Boshi Fund Value Partners Financial, which awaits regulatory approval, Harvest International, and China Asset Management, have also made progress in this new investment vehicle. The SFC approval gives the Hong Kong Stock Exchange two weeks to finish listing processes and associated arrangements. This is an indication of crypto acceptance and new technologies entering the financial market.

SFC CEO advocates for tech in finance

SFC CEO Julia Leung pointed out that new technologies, including distributed tokenization and ledger technology, can help boost financial industry efficiency while protecting investors. Her remarks, delivered as a keynote speaker at the HSBC Global Investment Summit, reflected the regulator’s fascination with fostering technical innovation within a controlled and safe environment.

Beyond technological advancement, Leung similarly cited the SFC’s alignment of corporate reporting standards with sustainability disclosure standards. This method allows informed decision-making consistent with sustainability targets and shows the regulator’s resolve to make responsible investments in the changing industry of the place.

Hong Kong ready for first spot Bitcoin ETFs

The anticipated approval of spot Bitcoin ETFs in Hong Kong comes 3 weeks after the United States Securities Exchange Commission authorized its 1st batch of the Securities. This particular point demonstrates the increasing worldwide interest in crypto investments as conventional institutional investors seek options amid a poor stock market performance. At this point, the top ten ranked Bitcoin ETFs hold assets that total about $57 billion worldwide; the top three ETFs hold over 88% of these assets.

Hong Kong uses an entirely different approach to crypto compared to ETFs. For instance, ZA Bank just announced it would launch banking services for stablecoin issuers, including fiat reserve custody. This particular initiative, announced on April 5, is an element of a bigger effort to boost local Web3 usage and shows Hong Kong’s readiness to embrace digital asset innovations.

Source: https://new.qq.com/rain/a/20240410A00WH800