A multinational asset management giant has reportedly filed the first application for a spot Bitcoin (BTC) exchange-traded fund (ETF) in Hong Kong.
Harvest Fund Management has filed an application with Hong Kong’s Securities and Futures Commission (SFC), according to a recent report from Chinese media outlet Tencent News.
Tencent also said the regulator hopes to speed up the approval process and list the ETF on the Hong Kong Stock Exchange in the coming months.
The SFC published the requirements for spot crypto ETFs in December.
According to the report, the SFC is inclined to follow in the footsteps of the US Securities and Exchange Commission (SEC) and approve multiple Bitcoin ETFs at once. However, the Hong Kong regulator has not yet received any applications for a BTC ETF from other institutions.
The movement in Hong Kong has manifested itself following the recent approval of spot Bitcoin ETFs in the US.
On January 10, the SEC gave the green light to all 11 spot BTC ETFs under consideration. Applicants worked with the regulator for months to refine their proposals.
The SEC approved the launch of the country’s first Bitcoin futures ETFs in October 2021, but had rejected all previous spot Bitcoin ETF applications until the batch of approvals earlier this month.
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