Connect with us

Hi, what are you looking for?


Top Chinese Asset Manager Moves to Launch Bitcoin ETF in Hong Kong

The Hong Kong subsidiary of Chinese asset management firm, Harvest Fund Management, applied for a spot Bitcoin ETF on Jan. 26.

This marks the first submission of its kind in Hong Kong, Tencent News reported on Monday.

The Securities and Futures Commission (SFC) is said to be expediting approval for the ETF’s launch, which is expected to be listed on the Hong Kong Stock Exchange. They aim for a launch just after Chinese New Year, which will run from Feb. 10 to Feb. 17 this year.

Harvest Fund Management is primarily a Chinese asset management firm offering services to pension and profit-sharing plans, insurance companies, and enterprises. As of 2021, the fund managed assets worth $121b.

On January 26, Harvest Hong Kong, one of China’s largest fund companies, submitted a Bitcoin spot ETF application to the Hong Kong Securities and Futures Commission. This is the first institution in Hong Kong to submit a Bitcoin spot ETF application.

— Wu Blockchain (@WuBlockchain) January 29, 2024

Harvest and the SFC didn’t return Cryptonews’ request for comment by press time.

This development follows the US SEC’s approval of 11 spot Bitcoin ETFs on Jan. 10, marking a significant milestone for the industry following earlier rejections.

BlackRock’s IBIT, VanEck’s HODL, and Grayscale’s GBTC were among notable approvals.

Hong Kong prepares to embrace spot Bitcoin ETFs

Hong Kong is also prepared to follow the US’ trend. In December, the SFC and the Hong Kong Monetary Authority jointly announced their readiness to accept applications for virtual asset spot ETFs. Additionally, they outlined the expected standard of conduct for intermediaries distributing these funds.

Hong Kong crypto leaders see the SFC favorably paving the way for spot Bitcoin ETFs.

Yat Siu, chairman of web3 investor Animoca Brands, mentioned that the SFC is open to broadening digital asset access and pointed to a spot Bitcoin ETF as a relatively uncontroversial option.

Julia Leung, CEO of Hong Kong’s SFC, has also conveyed the regulator’s intention to evaluate spot Bitcoin ETFs and its willingness to consider proposals.

Furthermore, HashKey Group’s COO Livia Wend said early this month that about ten fund firms are in the process of readying virtual asset spot ETFs for launch in Hong Kong.

He noted that seven or eight of them were in advanced stages of preparation as of Jan. 10.

Crypto oversight intensifies in Hong Kong

Hong Kong already has several futures-based crypto ETFs. These include Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF.

Despite its openness to digital assets, Hong Kong is known for having strict regulations in this area.

Both Hong Kong’s central bank and securities regulator tightened crypto regulations after a major scandal involving crypto exchange JPEX, allegedly affecting more than 2,000 victims last year. A new working group will now monitor local trading platforms.

The post Top Chinese Asset Manager Moves to Launch Bitcoin ETF in Hong Kong appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



With Bitcoin’s (BTC) price quickly re-approaching its all-time high, almost all holders of the digital currency are back in the black. Blockchain market intelligence...


Circle, USDC’s issuer, has struck a partnership deal with Coincheck, one of Japan’s biggest crypto exchanges – with a view to securing the stablecoin’s...


In wake of the Pepe Coin (PEPE)’s 40% price pump on Tuesday, profit-taking Pepe holders are shifting funds to a new crypto token for...


President Biden said Israel has agreed to a cease-fire in the Gaza Strip during the Islamic holy month of Ramadan, but Hamas is not...


Sen. Josh Hawley, R-Mo., is urging global consulting firm McKinsey & Company to hand over ‘comprehensive documentation’ showcasing its past or present contracts with the...


House Foreign Affairs Committee Chairman Michael McCaul, R-Texas, is threatening to hold Secretary of State Antony Blinken in contempt of Congress, accusing him of...

You May Also Like

Financial Advisors


Financial Advisors


Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.