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China’s Harvest Fund Management Co.’s international arm may gain approval later this month to launch a spot Bitcoin ETF (exchange-traded fund) in Hong Kong.
That’s according to a Bloomberg report that cited people familiar with the matter, after Reuters said earlier that the first approvals are likely to be announced in the next week.
Asset Managers Allowed To Manage Virtual Asset Portfolios
The city’s Securities & Futures Commission (SFC) gave Harvest the go-ahead on Apr. 9 to provide virtual-asset related fund management services, Bloomberg said. With this approval, the company is allowed to manage portfolios that invest over 10% in digital assets.
China Asset Management also received such approval on the same day, according to the SFC’s website. Both of these firms’ parent companies are among the biggest fund managers in China, and each manage more than 1 trillion yuan ($138 billion) in assets.
Hong Kong set to approve its first spot bitcoin ETFs in April, sources say https://t.co/F0plGybijY pic.twitter.com/sZnm0UWXH1
— Reuters (@Reuters) April 10, 2024
The push for ETF approvals is part of an effort to bolster Hong Kong’s status as a global financial hub, after it lost some of its shine following China’s swingeing crackdown on dissent in the territory.
“The significance of Hong Kong ETFs is far-reaching as it could bring in fresh global investment as well as pushing crypto adoption to a new height,” Adrian Wang, CEO of Hong Kong crypto wealth manager Metalpha, told Reuters.
At least four mainland Chinese and Hong Kong asset managers have filed applications to launch spot Bitcoin ETFs, two sources familiar with the process told Bloomberg.
Hong Kong Presses Forward With Bitcoin ETF Approvals While China Ban Still Stands
Cryptocurrency trading has been banned in mainland China, but offshore Chinese financial institutions have been making strides to participate in Hong Kong’s growing crypto asset industry.
In 2022, Hong Kong approved its first ETFs for crypto futures. Since then, the CSOP Bitcoin Futures ETF, which is the biggest, has experienced 7x growth in its assets under management.
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