Hong Kong’s financial regulator, the Hong Kong Securities and Futures Commission (SFC), is likely to allow launching of spot bitcoin ETFs as soon as this month, according to Bloomberg.
China Asset Management and Harvest Fund Management’s Hong Kong units obtained approval to manage portfolios that invest more than 10% in virtual assets, according to the SFC’s website.
As Hong Kong strides towards becoming a digital-asset center, competing with global cities like Singapore and Dubai, the launch of spot bitcoin ETFs marks a pivotal moment. This could potentially pave way for a massive investor base across China to enter the crypto market.
Spot-crypto ETFs, meanwhile, are in the spotlight after bitcoin funds began trading in the US in January. They have amassed about $58 billion in assets, one of the most successful launches ever for a new fund category. The demand helped lift the price of the largest digital asset above $73000 in mid-March.
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