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Hong Kong regulator fast-tracks Bitcoin spot ETF approvals
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2024-04-10 06:04:20
Amaka Nwaokocha14 hours agoHong Kong regulator fast-tracks Bitcoin spot ETF approvalsAfter the approval of the Securities Regulatory Commission of Hong Kong, the Hong Kong Stock Exchange needs two weeks to finalize Bitcoin ETF listings.2274 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Securities Regulatory Commission of Hong Kong (SFC) has reportedly expedited the approval process for four spot Bitcoin (BTC) exchange-traded funds (ETFs).
According to local news outlet Tencent News, the first batch of spot Bitcoin ETFs is set to be approved in the region by April 15.
The report cites multiple sources close to the Hong Kong Securities and Futures Commission, stating that the Hong Kong 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 poised to join pending regulatory approval, Harvest International and China Asset Management have already made progress in leading this cryptocurrency investment advancement.
After the Securities and Futures Commission of Hong Kong greenlights the initial set of spot Bitcoin ETFs, the Hong Kong Stock Exchange will require approximately two weeks to finalize listing procedures and related arrangements.
The upcoming endorsement of spot Bitcoin ETFs in Hong Kong heralds numerous prospects for institutional and individual investors. As retail investors are granted entry to Bitcoin investments via ETF purchases, the investment landscape stands on the brink of a significant shift.
Julia Leung, CEO of the SFC, emphasized the need for responsible use of innovative technologies like distributed ledger technology and tokenization to improve efficiency in the financial industry while ensuring investor protection during a keynote speech at the HSBC Global Investment Summit.
Additionally, Leung highlighted efforts to align corporate reporting standards with sustainability disclosure standards and promote informed investment decisions aligned with sustainability goals.
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The anticipated approval of spot Bitcoin ETFs in Hong Kong would happen about three months after the Securities and Exchange Commission approved the first batch in the United States.
Currently, the top 10 spot Bitcoin ETFs manage roughly $57 billion in assets, with the leading trio representing more than 88% of the total.
Traditional institutional investors show greater interest in cryptocurrency as stock market performance becomes lackluster.
To boost local Web3 adoption, Hong Kong’s ZA Bank recently planned specialized banking for stablecoin issuers, offering secure custody for fiat reserves to collateralize digital assets, announced on April 5.
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