Crypto

[NEWS] Major Chinese fund applies for Hong Kong's first Bitcoin spot ETF

2024/08/09 09:15 (Updated 2025/06/04 17:11)
Editors of Iolite
SHARE
  • sns-x-icon
  • sns-facebook-icon
  • sns-line-icon
[NEWS] Major Chinese fund applies for Hong Kong's first Bitcoin spot ETF

First Bitcoin spot ETF applied for in Hong Kong

Harvest Global Investments applied for Hong Kong's first spot Bitcoin ETF on the 26th.

With the Hong Kong Securities and Futures Commission (SFC) showing a positive attitude toward approval, it has long been expected that the application for a spot Bitcoin ETF will be submitted soon.

According to Tencent News, the ETF may be approved for listing on the Hong Kong Stock Exchange as early as the Lunar New Year (February 10-17).

At this time, only Harvest appears to have officially submitted an application for a spot Bitcoin ETF. Harvest is the Hong Kong branch of Harvest Fund Management, a mainland China-based company that ranks among the top 10 asset management companies. The company manages various types of funds, including mutual funds, pension funds, and other investments.

Although cryptocurrency trading is prohibited in China, it has been noted that interest among Chinese citizens remains high. On the other hand, since investment in ETFs is not prohibited, if this is realized, there is a high possibility that Chinese capital will flow into the Bitcoin market. Tencent News reported that "Compared to U.S. spot ETFs, Hong Kong spot ETFs will be more likely to directly purchase Bitcoin in addition to incorporating fiat currency."

Bloomberg also reported that Hong Kong-based asset management company Venture Smart Financial Holdings is also preparing to apply for a Bitcoin spot ETF in Hong Kong in the first quarter.

Stablecoin movement

According to a person familiar with the matter who spoke to Bloomberg, Harvest is in discussions with the HKMA about stablecoins in addition to a Bitcoin spot ETF. Hong Kong is preparing to introduce stablecoin-related regulations as soon as this quarter.

In addition to Harvest, fintech specialists RD Technologies and Venture Smart Financial Holdings are also in discussions with the HKMA about stablecoin sandbox plans.

The HKMA and the Financial Services and Treasury Department began discussions on regulating stablecoins last month. At the time, they said that the "regulatory sandbox will meet the expectations of regulators." The people also said that the next framework is not expected to be completed by March, and that approval is not expected to be given to all companies that want to participate in the pilot.

References:Tencent News,Bloomberg
Image: Shutterstock

Related articles

Hong Kong, 10 funds prepare to launch crypto spot ETF

Hong Kong financial regulator to start accepting applications for crypto spot ETF

SHARE
  • sns-x-icon
  • sns-facebook-icon
  • sns-line-icon
Side Banner
Side Banner
MAGAZINE
Iolite Vol.14

Iolite Vol.14

July 2025 issueReleased on 2025/05/30

Interview Iolite FACE vol.14 Charles Hoskinson, founder and CEO of Cardano/Input Output Global PHOTO & INTERVIEW Mariko Mabuchi Special feature: "Considerations on cryptocurrency-related policies in Japan and the US", "Blockchain guide from Japan", "Huge position liquidation occurs at Hyperliquid! A new, unanticipated crisis in decentralized finance", "Sakana AI, a generative AI startup from Japan that is attracting a lot of attention", "Prepare for a recession: correlation between finance and anomalies" Crypto Journey: "Web 3.0 from the perspective of the 'King of Debate'" Interview with Hiroyuki Special series: Virtual Nishi: "Cryptocurrency market trends and key points for interpreting them" Series: Tech and Future Toshinao Sasaki, etc.

MAGAZINE

Iolite Vol.14

July 2025 issueReleased on 2025/05/30
Interview Iolite FACE vol.14 Charles Hoskinson, founder and CEO of Cardano/Input Output Global PHOTO & INTERVIEW Mariko Mabuchi Special feature: "Considerations on cryptocurrency-related policies in Japan and the US", "Blockchain guide from Japan", "Huge position liquidation occurs at Hyperliquid! A new, unanticipated crisis in decentralized finance", "Sakana AI, a generative AI startup from Japan that is attracting a lot of attention", "Prepare for a recession: correlation between finance and anomalies" Crypto Journey: "Web 3.0 from the perspective of the 'King of Debate'" Interview with Hiroyuki Special series: Virtual Nishi: "Cryptocurrency market trends and key points for interpreting them" Series: Tech and Future Toshinao Sasaki, etc.