A multinational asset administration large has reportedly submitted the primary software for a spot Bitcoin (BTC) exchange-traded fund (ETF) in Hong Kong.
Harvest Fund Administration utilized to the Securities and Futures Fee (SFC) of Hong Kong, based on a current report from the Chinese language media outlet Tencent News.
Tencent additionally reviews that the regulator hopes to hurry up the approval course of and have the ETF listed on the Hong Kong Inventory Trade within the subsequent couple of months.
The SFC published spot crypto ETF necessities in December.
In keeping with the report, the SFC is inclined to comply with within the footsteps of the U.S. Securities and Trade Fee (SEC) and approve a number of Bitcoin ETFs directly. Nevertheless, the Hong Kong regulator has but to obtain purposes for a BTC ETF from different establishments.
The motion in Hong Kong has materialized after the current approval of spot Bitcoin ETFs within the US.
On January tenth, the SEC greenlit all 11 spot BTC ETFs that had been into consideration. Candidates labored with the regulator for months to refine their proposals.
The SEC permitted the launch of the nation’s first Bitcoin futures ETFs in October 2021 however had denied all earlier spot Bitcoin ETF purposes till the set of approvals earlier this month.
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