- Spot Bitcoin ETFs continue to garner traction globally.
- Hong Kong is reportedly keen on approving the funds soon.
- After approval, the Hong Kong stock exchange will require two weeks to prepare for listing.
Hong Kong is keen on becoming Asia’s first city to allow the trading of spot Bitcoin exchange-traded funds (ETFs) this month, with first approvals slated for as early as “next week.”
The potential approval of Hong Kong spot Bitcoin ETFs could come about three months after the U.S. Securities and Exchange Commission (SEC) approved the first batch of similar funds on January 11. Since their launch, the top 10 U.S.-listed Bitcoin ETFs have amassed a staggering $57 billion in assets under management (AUM).
Hong Kong Spot Bitcoin ETFs
According to a Wednesday report by Tencent News, the Hong Kong Securities and Futures Commission (SFC) “urgently updated” the list of digital asset management funds in the early morning of April 10 to announce the first batch of spot Bitcoin ETFs on April 15.
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While the SFC initially planned to approve four Bitcoin ETFs in the first batch, the upcoming announcement could launch a dozen products, including public funds Harvest International and China Asset Management.
The report stated that Hong Kong’s plan to introduce Bitcoin ETFs in the country would require the participation of at least 20 corporate institutions, among them crypto custodians, market makers, and user account management companies.
If the SFC approves the first batch on April 15, the Hong Kong Stock Exchange will need about two weeks to prepare for listing and finalize other pertinent matters.
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Stating that the SFC is keen on seeing the funds listed not later than April, the report cautioned that it was unlikely for Bitcoin ETF funds to fulfill all application materials “in about half a month” if Hong Kong’s application process and regular communication channels are “strictly” followed.
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