Asset manager VSFG, in collaboration with its partner Value Partners, has submitted an application for a spot Bitcoin exchange-traded fund (ETF) to the Securities and Futures Commission (SFC) of Hong Kong. Brian Chan, Head of Investment and Products at VSFG, disclosed this information to CoinDesk on Wednesday.
Earlier this week, a report from Bloomberg Intelligence indicated that the Securities and Futures Commission (SFC) is expected to permit in-kind creations and redemptions for spot Bitcoin ETFs in the second quarter of this year.
In December 2023, less than two weeks after nearly a dozen applicants won approval for spot bitcoin ETFs in the U.S., Hong Kong regulators said they were ready to consider applications for spot crypto ETFs.
In January, Harvest Global Investments, a major asset-management company in China, purportedly became the first to apply for a spot bitcoin exchange-traded fund (ETF) with the SFC. As many as 10 financial institutions have planned to apply to launch bitcoin ETFs in Hong Kong, local reports have previously said.
Venture Smart Financial Holdings, a company based in Hong Kong, has also announced its intention to submit an application for a spot Bitcoin ETF, as reported by Bloomberg.
Regulators in Hong Kong have been striving to relax their oversight of cryptocurrencies in a bid to position the region as a leading global hub for the sector.