Key Points
- Hong Kong SFC urgently updated the list of virtual asset management funds today.
- The move anticipates the announcement of the first batch of Bitcoin ETFs scheduled for April 15.
According to BlockBeats, Hong Kong Securities and Futures Commission (SFC) has urgently updated the list of virtual asset management funds today, April 10.
This move anticipates the announcement of the first batch of Bitcoin ETFs in Hong Kong, which is scheduled for April 15. The SFC initially planned to approve four BTC ETFs, including the following: Harvest Fund, Bosera Funds, and Huatai-PineBridge Fund.
However, Bosera Funds and Huatai-PineBridge Fund were not included in the updated list of virtual asset management funds.
Following the approval of the first batch of Bitcoin ETFs that will take place on April 15, the Hong Kong Stock Exchange (HKEX) would normally require about two weeks to prepare for product listing.
But, due to details communication and planning between the BTC ETF project and the HKEX, it is expected that this process will see completion sooner, in about ten days.
The SFC originally planned to list the Bitcoin ETFs in Hong Kong around April 25 or sometime by the end of the month.
According to the official website of the Hong Kong Securities Regulatory Commission, there are currently 18 funds in Hong Kong that can conduct “currency circle” asset management.
However, Harvest International and China Asset Management are among the first batch of public funds in Hong Kong to enter the “currency circle”.
Investors are looking forward to the move that is planned in Hong Kon because this would bring them the opportunity to make Bitcoin-linked investments.
Hong Kong spot BTC ETFs arrive three months after the US approval
The approval of Hong Kong Bitcoin ETFs comes about three months after the US Securities and Exchange Commission approved the first batch of Bitcoin ETFs in the United States on January 11.
Compared to the BTC ETFs in the US, the local Bitcoin spot ETFs in Hong Kong added Bitcoin spot subscriptions. This means that investors can subscribe to this type of ETF on the Hong Kong Stock Exchange “through legal currency or through compliance.”
The currency circle exchange uses Bitcoin spot to subscribe. This is the main reason for the delay in the launch of the Hong Kong Bitcoin Spot ETF.
Bitcoin ETFs have seen astounding success, and recently, on-chain analytics firm Santiment has noted that the flow of spot Bitcoin exchange-traded funds (ETF) is likely to remain high until the upcoming Bitcoin halving event.
We are now nine days ahead of the next Bitcoin halving.
At the moment of writing this article, Bitcoin is trading just a little under $70k, up by over 4% in the past seven days on CoinMarketCap.
