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Hong Kong-based Harvest Fund Management Applies to Launch a Spot Bitcoin ETF

Regulation: Hong Kong-based Harvest Fund Management Applies to Launch a Spot Bitcoin ETF

Harvest Hong Kong, a subsidiary of investment firm Harvest Fund Management (HFM), recently applied to list a spot bitcoin-ETF. This was reported by journalist Colin Wu, citing local media.

The application has been submitted to the Securities and Futures Commission of Hong Kong (SFC) for approval of the new product. If the decision is positive, HFM intends to start trading after February 10.

It is worth noting that Harvest Fund Management is one of the leading investment funds in #China, managing about $200 billion in assets.

This development comes shortly after the US Securities and Exchange Commission (SEC) authorized the creation of a spot bitcoin ETF.

Earlier this month, Livio Weng, chief operating officer of Hong Kong-based crypto exchange #HashKey, said about 10 companies are currently exploring the possibility of launching cryptocurrency ETFs in Hong Kong.

In December, Hong Kong's regulator announced that it was ready to accept applications for crypto exchange-traded funds. The regulator also outlined specific requirements for such products, including the need to work with assets listed on SFC-approved exchanges.

In addition to Harvest Hong Kong, another Hong Kong-based company, Venture Smart Financial Holdings (VSFG), plans to launch a #bitcoin ETF in the first quarter of 2024. In addition, Gary Tiu, CEO of OSL Crypto Exchange, predicts that the listing of exchange-traded funds in the region is likely to happen around mid-2024.

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