Hong Kong has applied to launch a spot Bitcoin ETF

The Hong Kong division of the Chinese asset manager Harvest Fund Management has sent a proposal to the Securities and Futures Commission (SFC) to launch a spot bitcoin ETF. This is reported by Tencent News.

Hong Kong has applied to launch a spot Bitcoin ETF

According to the publication, the regulator may allow the listing of the product after the end of the Lunar New Year celebration (February 15). Tencent News interlocutors reported that the SFC may follow the same tactics as the SEC, which approved several applications for the launch of the tool at once. There are currently no other applicants.

In January, HashKey co-founder Livio Wen noted that about a dozen companies in Hong Kong are exploring the possibility of launching spot bitcoin ETFs.

On September 29, Bloomberg, citing informed interlocutors, reported on the interaction of Harvest, RD Technologies and VSFG with the Monetary Authority of Hong Kong (HKMA) regarding potential stablecoin pilot projects.

In a comment for The Block, Sean Lee, senior advisor and head of the VSFG Stable Coins division, predicted the launch of a regulatory sandbox in the first quarter of 2024.

The HKMA is expected to introduce mandatory licensing for issuers of "stable coins" during 2023-2024. The regulator plans to oversee the management, issuance and preservation of the binding of tokens to fiat.

Source: Forklog

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