Bitcoin spot ETF approvals in Hong Kong expedited by regulatory body

The Hong Kong Securities Regulatory Commission (SFC) has reportedly fast-tracked the approval process for four spot Bitcoin (BTC) exchange-traded funds (ETFs). According to Tencent News, the first batch of spot Bitcoin ETFs is expected to receive approval in Hong Kong by April 15. Sources close to the SFC have revealed that the regulator initially planned to approve only four spot Bitcoin ETFs in the first batch. Recent updates indicate that Boshi Fund and Value Partners Financial are set to join pending regulatory approval, while Harvest International and China Asset Management have already made progress in leading this cryptocurrency investment advancement. Once the SFC approves the initial set of spot Bitcoin ETFs, the Hong Kong Stock Exchange will require approximately two weeks to finalize listing procedures and related arrangements. The impending approval of spot Bitcoin ETFs in Hong Kong presents numerous opportunities for institutional and individual investors, as retail investors will gain access to Bitcoin investments through ETF purchases, potentially leading to a significant shift in the investment landscape. During a keynote speech at the HSBC Global Investment Summit, SFC CEO Julia Leung emphasized the importance of responsible use of innovative technologies such as distributed ledger technology and tokenization to enhance efficiency in the financial industry while safeguarding investor protection. Leung also highlighted efforts to align corporate reporting standards with sustainability disclosure standards and promote informed investment decisions in line with sustainability goals. The expected approval of spot Bitcoin ETFs in Hong Kong would come approximately three months after the Securities and Exchange Commission approved the first batch in the United States. Currently, the top 10 spot Bitcoin ETFs manage approximately $57 billion in assets, with the leading trio representing over 88% of the total. Traditional institutional investors are showing increased interest in cryptocurrency as stock market performance becomes lackluster. In a bid to boost local adoption of Web3, ZA Bank in Hong Kong recently announced plans to offer specialized banking services for stablecoin issuers, including secure custody for fiat reserves to back digital assets. This development was announced on April 5.