The Securities Regulatory Commission of Hong Kong (SFC) is said to be expediting the approval process for four exchange-traded funds (ETFs) focused on spot Bitcoin (BTC). According to Tencent News, the first batch of spot Bitcoin ETFs is expected to receive approval in Hong Kong by April 15. The report, citing sources close to the SFC, states that the regulator initially planned to approve only four spot Bitcoin ETFs in the first batch. Recent announcements suggest that while Boshi Fund and Value Partners Financial are awaiting regulatory approval, 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 take approximately two weeks to finalize listing procedures and related arrangements. The upcoming approval of spot Bitcoin ETFs in Hong Kong opens up numerous opportunities for both institutional and individual investors. With retail investors gaining access to Bitcoin investments through ETF purchases, the investment landscape is on the verge of a significant transformation. During a keynote speech at the HSBC Global Investment Summit, SFC CEO Julia Leung stressed the importance of responsible use of innovative technologies like distributed ledger technology and tokenization to enhance efficiency in the financial industry while ensuring investor protection. Leung also highlighted efforts to align corporate reporting standards with sustainability disclosure standards and promote informed investment decisions that align with sustainability goals. It is worth noting that the approval of spot Bitcoin ETFs in Hong Kong is expected to come approximately three months after the approval of the first batch in the United States by the Securities and Exchange Commission. Currently, the top 10 spot Bitcoin ETFs manage approximately $57 billion in assets, with the top three accounting for over 88% of the total. Traditional institutional investors are showing increased interest in cryptocurrency as stock market performance remains lackluster. In a bid to boost local adoption of Web3, Hong Kong’s ZA Bank recently announced plans for specialized banking services for stablecoin issuers, including secure custody for fiat reserves to collateralize digital assets.
Bitcoin spot ETF approvals in Hong Kong expedited by regulator