Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Editor's Pick

Hong Kong Poised to Unveil First Spot Bitcoin ETFs on April 15

Hong Kong’s securities regulator aims to approve the first batch of Spot Bitcoin ETFs on April 15.

However, their availability is expected to commence roughly two weeks after approval, Tencent News reported Wednesday. Financial analysts were quoted as projecting that the first Spot Bitcoin ETF in Hong Kong could reach a size of $20b. This would be smaller than similar products currently available in the US.

The SFC reportedly updated the list of authorized fund companies ahead of the initial approval announcement on April 15. It included Chinese asset managers Harvest Global Investment and China Asset Management on this list.

This gives them the ability to issue crypto-related fund products, including Spot Bitcoin ETFs. Harvest had applied for the ETF on Jan. 26. The ETF sponsors have already begun discussing listing with the Hong Kong Stock Exchange.

Hong Kong Sets Standards for Spot Bitcoin ETF Market


Hong Kong signaled its openness to approving Spot Bitcoin ETFs in December, echoing recent trends in the US. The SFC collaborated with the Hong Kong Monetary Authority (HKMA). And they announced their readiness to accept applications for these virtual asset products.

Further, they established clear guidelines for intermediaries involved in the distribution of these funds.

They emphasized that spot crypto investment products must adhere to the same stringent requirements Hong Kong regulators established for traditional mutual funds and other structured investment products.

The SFC further stipulated that product issuers must demonstrate a history of strong regulatory compliance. Additionally, they must employ at least one qualified staff member with relevant experience in managing virtual assets or similar products.

The regulator also said these products will not be allowed to use leveraged exposure. Additionally, issuers are mandated to collaborate with pre-approved exchanges for all asset trading and acquisition activities.

10 Fund Managers Eye Spot Bitcoin Launch


Hong Kong’s crypto industry leaders view the SFC’s recent actions as a positive step toward the introduction of Spot Bitcoin ETFs. Earlier this year, HashKey Group’s COO Livio Weng disclosed that about 10 fund management companies were actively preparing to launch Spot Bitcoin ETFs in Hong Kong.

While demonstrating a growing openness to digital assets, Hong Kong maintains a reputation for stringent regulations within this sector.

The post Hong Kong Poised to Unveil First Spot Bitcoin ETFs on April 15 appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Stock

    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer: Oracleofomahasays.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Oracleofomahasays.com