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Hong Kong’s financial landscape is poised for a significant shift as asset manager VSFG, in collaboration with Value Partners, gears up to launch a spot-bitcoin ETF, signaling a growing interest in cryptocurrency investments within the region. Brian Chan of VSFG shared this development with CoinDesk, highlighting a strategic move that follows Bloomberg Intelligence’s forecast of the Securities and Futures Commission (SFC) favoring in-kind creations and redemptions for such ETFs in the upcoming quarter. This initiative comes on the heels of the U.S. green-lighting nearly a dozen spot bitcoin ETF applicants in December 2023, prompting Hong Kong’s SFC to open its doors to similar applications.
The momentum gained further traction with Harvest Global Investments, a leading asset-management firm in China, applying for a spot bitcoin ETF, setting a precedent for other financial institutions. According to reports, around 10 entities are poised to submit their applications, showcasing Hong Kong’s ambition to soften its regulatory stance and cement its position as a global cryptocurrency hub. This move by VSFG and its counterparts marks a pivotal moment in the city’s financial evolution, underscoring a significant shift towards embracing digital currency investments.
