Hong Kong’s Harvest Fund Management Aims for First Spot Bitcoin ETF Post-Lunar New Year

Harvest Fund Management’s Hong Kong branch has reportedly submitted an application for a spot bitcoin exchange-traded fund (ETF) to the local financial regulator, signaling Hong Kong’s preparation for its initial wave of spot cryptocurrency ETFs.

Tencent News disclosed that Harvest seeks to launch the city’s first spot Bitcoin ETF after the upcoming Lunar New Year holiday on Feb. 10. While Harvest and the Securities and Futures Commission have yet to comment, reports earlier this month indicated approximately 10 fund companies exploring potential spot crypto ETFs in Hong Kong. Venture Smart Financial Holdings Ltd. aims to introduce its spot bitcoin ETF within the first quarter, according to Bloomberg.

Concurrently, as Hong Kong intensifies efforts to establish stablecoin rules, firms like Harvest Global Investments, RD Technologies, and VSFG express interest in stablecoin trials, engaging in discussions with the Hong Kong Monetary Authority for potential trials. Sean Lee, senior advisor at VSFG, anticipates the stablecoin sandbox process to commence in Q1, extending through H1 2024, affirming the company’s commitment to establishing Hong Kong as an international virtual asset center.

Clever Robot News Desk 29^th January 2024