China’s Tencent Finance reported yesterday, citing sources, that the Hong Kong Securities and Futures Commission (SFC) plans to announce the first batch of Bitcoin spot ETFs in Hong Kong on the 15th, and does not rule out the possibility of approving Ethereum spot ETFs.
The four-day 2024 Hong Kong Web3 Carnival came to a close on April 9th. According to the South China Morning Post, industry leaders who attended the event held a very optimistic view on the future of Bitcoin. Many participants predicted that the SFC would approve Bitcoin spot ETF applications this month.
Tencent Finance reported yesterday that the SFC updated the list of virtual asset management funds on its official website on April 10th. This is because they plan to announce the first batch of Bitcoin spot ETFs in Hong Kong on the 15th. The report mentioned that the SFC updated the list by adding CSOP Asset Management and Huaxia Fund. These public funds have added virtual asset management businesses on top of their traditional asset management businesses, indicating that they have the qualifications to issue cryptocurrency funds.
The slowest listing will be by the end of April. Tencent Finance cited sources as saying that the first batch of approved ETFs is expected to include CSOP Asset Management, Huaxia Fund, Bosera Fund, and Wisdom Financial. However, Bosera Fund and Wisdom Financial are currently not on the list of operators approved to operate virtual asset management businesses. The reason is that these two funds do not have independent Responsible Officers (RO) for virtual asset management in Hong Kong, but instead cooperate with local licensed institutions HashKey Capital and VSFG.
According to the process in Hong Kong, after the SFC approves the first batch of Bitcoin spot ETFs on the 15th, the Hong Kong Stock Exchange will need about two weeks to prepare for product listing. However, detailed communication has already taken place between the entire Bitcoin spot ETF project and the Hong Kong Stock Exchange, and it is expected to be completed in about ten days.
The SFC originally planned to list the Bitcoin spot ETF in Hong Kong around the 25th of this month, at the latest by the end of April. The solution for submitting the Bitcoin spot ETF in Hong Kong this time involves at least 20 cooperating institutions, including Bitcoin custodians and market makers, as well as institutions holding comprehensive accounts for virtual asset transactions. If strict adherence to the Hong Kong application process and regular communication path is followed, it is unlikely that any institution in Hong Kong can complete all the application materials in about half a month.
Reuters also reported today that Hong Kong may launch a Bitcoin spot ETF this month, and the first approved list may be announced next week.
In addition, the South China Morning Post also mentioned at the Hong Kong Web3 Carnival that there is a possibility of approving Ethereum spot ETFs. However, there is currently no official confirmation indicating that the relevant ETFs will be approved. But if approved, Hong Kong will be ahead of the United States and become the first to approve Ethereum spot ETFs, as some Bitcoin ETF issuers in the United States are expected to have their Ethereum spot ETF applications rejected by the U.S. Securities and Exchange Commission (SEC) this week.
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