{"id":10199,"date":"2024-01-29T10:30:00","date_gmt":"2024-01-29T08:30:00","guid":{"rendered":"https:\/\/forklog.com\/en\/hong-kong-seeks-approval-for-spot-bitcoin-etf\/"},"modified":"2024-01-29T10:30:00","modified_gmt":"2024-01-29T08:30:00","slug":"hong-kong-seeks-approval-for-spot-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/hong-kong-seeks-approval-for-spot-bitcoin-etf\/","title":{"rendered":"Hong Kong Seeks Approval for Spot Bitcoin ETF"},"content":{"rendered":"<p>The Hong Kong branch of China&#8217;s asset management firm, Harvest Fund Management, has submitted a proposal to the Securities and Futures Commission (SFC) to launch a spot bitcoin ETF, according to <a href=\"https:\/\/new.qq.com\/rain\/a\/20240129A02R6D00\">Tencent News<\/a>.<\/p>\n<p>The publication notes that the regulator may permit the listing of the product after the Lunar New Year celebrations conclude on February 15.<\/p>\n<p>Sources told Tencent News that the SFC might adopt a strategy similar to that of the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, by approving <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">several applications<\/a> for the instrument at once. Currently, there are no other applicants.<\/p>\n<p>In January, HashKey&#8217;s <span data-descr=\"Chief Operating Officer\" class=\"old_tooltip\">COO<\/span> Livio Weng <a href=\"https:\/\/u1f987.com\/en\/news\/hashkey-identifies-bitcoin-etf-aspirants-in-hong-kong\">noted<\/a> that about a dozen companies in Hong Kong are exploring the possibility of launching spot bitcoin ETFs.<\/p>\n<p>Sources also indicated that the SFC might allow the redemption of ETF shares in cryptocurrency, a stance differing from the SEC, which has approved this process only in cash.<\/p>\n<p>On September 29, Bloomberg, citing informed sources, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-29\/hong-kong-stablecoin-sandbox-attracts-china-s-harvest-global\">reported<\/a> on the collaboration between Harvest, RD Technologies, and VSFG with the Hong Kong Monetary Authority (HKMA) regarding potential stablecoin pilot projects.<\/p>\n<p>In a comment to The Block, Sean Lee, senior advisor and head of the &#8220;stablecoins&#8221; division at VSFG, <a href=\"https:\/\/www.theblock.co\/post\/274776\/harvest-fund-files-spot-bitcoin-etf-application-in-hong-kong-report\">predicted<\/a> the launch of a regulatory sandbox in the first quarter of 2024.<\/p>\n<p>The HKMA is expected to introduce mandatory licensing for stablecoin issuers during 2023-2024. The regulator plans to oversee the management, issuance, and maintenance of token-to-fiat pegs.<\/p>\n<p>Back in November, ForkLog reported that the SFC was considering granting retail investors access to spot bitcoin ETFs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong branch of China&#8217;s asset management firm, Harvest Fund Management, has submitted a proposal to the Securities and Futures Commission (SFC) to launch a spot bitcoin ETF, according to Tencent News. The publication notes that the regulator may permit the listing of the product after the Lunar New Year celebrations conclude on February [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,832,36,807],"class_list":["post-10199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-hong-kong","tag-regulation","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10199"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10198"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}