• Harvest Hong Kong is the primary monetary establishment in Hong Kong to use for a Spot Bitcoin ETF.
• Native information shops have urged that the Hong Kong Monetary Companies Fee (FSC) may announce a choice inside weeks.
• The US not too long ago authorized 11 ETFs, together with BlackRock, Constancy, and Grayscale.

Harvest Hong Kong, one among China's largest fund firms, has utilized for a spot Bitcoin alternate traded fund (ETF).

In accordance with a report by Tencent Information, the corporate filed an ETF utility with the Hong Kong Securities and Futures Fee (FSC) on January 26, 2024. Harvest Fund is the primary establishment to submit a proposal to record a Bitcoin Spot ETF in Hong Kong. The information media identified.

The report stated regulators might announce a choice on ETFs after the Lunar New Yr vacation. Nonetheless, market specialists say the SFC might take a cue from the US Securities and Change Fee (SEC) and contemplate approving a number of ETFs without delay.

Eyespot ETF for institutional buyers

Earlier this month, the SEC authorized 11 spot Bitcoin ETFs, and the approval comes after a decade of market expectations. The SEC's courtroom defeat towards Grayscale paved the way in which for remaining approvals that included BlackRock, Constancy Investments and Bitwise.

Analysts be aware that the ETF has carried out fairly properly amidst the heavy outflows of Grayscale into GBTC.

Hong Kong is reportedly contemplating approving its first spot Bitcoin ETF, with the outlook in distinction to South Korea. Following the SEC's choice, the Monetary Companies Fee of Korea (FSC) issued a warning to monetary establishments and securities firms relating to spot ETF buying and selling.

However the nation's highest authorities had been about to intervene. calls on FSC to rethink its place Concerning the issuance of spot Bitcoin ETF in Japan.