Summary
The Hong Kong arm of Harvest Fund Management has applied for a spot Bitcoin exchange-traded fund (ETF) with the local financial regulator. This comes as around 10 fund companies in Hong Kong are reportedly looking into launching potential spot cryptocurrency ETFs. Additionally, several companies, including Harvest Global Investments, RD Technologies, and Venture Smart Financial Holdings, have shown interest in stablecoin-related trials and are in discussions with the Hong Kong Monetary Authority about potential stablecoin trials. The HKMA is preparing for the launch of a stablecoin sandbox and will announce relevant details in due course.
Key Points
1. The Hong Kong arm of Harvest Fund Management has submitted an application for a spot bitcoin exchange-traded fund (ETF) to the local financial regulator, signaling Hong Kong’s readiness for its first batch of spot cryptocurrency ETFs.
2. Several companies, including Harvest Global Investments, RD Technologies, and Venture Smart Financial Holdings Ltd., have shown interest in stablecoin-related trials in Hong Kong. They are in discussions with the Hong Kong Monetary Authority about potential stablecoin trials.
3. Hong Kong’s regulatory authority, the Securities and Futures Commission, has not yet responded to Harvest’s application for a spot Bitcoin ETF. However, the city aims to launch its first spot bitcoin ETF after the Lunar New Year holiday, which falls on February 10 this year.