After the spot BTC ETF approval in the U.S., Hong Kong looks to follow, as 10 financial institutions in the country intend to file to launch BTC ETFs.
The Hong Kong Securities and Futures Commission (SFC) reportedly received its first spot Bitcoin (BTC) exchange-traded fund (ETF) application just weeks after the U.S. Securities and Exchange Commission approved the first spot BTC ETF in the United States.
Harvest Hong Kong — one of China’s largest fund managers — submitted a spot Bitcoin ETF application to the Hong Kong SFC on Jan. 26, reported Tencent News. The report added that the regulatory body is actively working to expedite the process for approval of ETFs in the country to launch the first Hong Kong spot Bitcoin ETF after the Chinese New Year on Feb. 10.
According to the report, the Hong Kong regulatory body may follow a similar approach to the U.S. SEC and approve multiple spot ETFs to ensure a level playing field. While Harvest Fund might be the first applicant to file for a spot BTC ETF, it may not be the only one. Several regional financial institutions have signaled their interest in launching a spot BTC ETF in 2024.
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Source: https://cointelegraph.com/news/hong-kong-sfc-receives-first-spot-bitcoin-etf-application