Hong Kong Set to Approve First Spot Bitcoin ETFs, Reports Say

Hong Kong is on the verge of approving the first set of applications for spot-bitcoin exchange-traded funds (ETFs) this week, according to a report by Reuters. The move comes as four entities have submitted applications to launch spot bitcoin ETFs in the region.

If approved, Hong Kong regulators are expected to give the green light to the first set of applications for spot bitcoin ETFs next week. This could potentially pave the way for the products to start trading as early as April, as reported by Reuters, citing sources familiar with the matter.

Hong Kong and Australia are poised to become the first jurisdictions in Asia to offer spot bitcoin ETFs, with Singapore and the UAE not showing immediate plans to do so. The approval process in Hong Kong has been expedited, with regulators fast-tracking the process, according to Reuters.

Among the entities that have applied for spot ETFs in Hong Kong are Harvest Global Investments, a prominent asset-management company in China, and asset manager VSFG in partnership with Value Partners. The Securities and Futures Commission (SFC) has received applications from these companies, as reported by CoinDesk.

The report by Reuters also mentioned three other entities that have submitted applications to launch spot bitcoin ETFs in Hong Kong. These include the Hong Kong units of China Asset Management, Harvest Fund Management, and Bosera Asset Management. However, neither the SFC nor the companies mentioned have responded to requests for comment from CoinDesk.

The potential approval of spot bitcoin ETFs in Hong Kong comes on the heels of similar developments in the United States. Analysts are optimistic about the momentum surrounding Bitcoin ETFs in Asia and beyond, as the cryptocurrency continues to gain mainstream acceptance.

For more information on this developing story, you can visit the original article on CoinDesk’s website [here](https://www.coindesk.com/policy/2024/04/10/hong-kong-likely-to-approve-spot-bitcoin-etfs-next-week-reuters/?utm_medium=referral&utm_source=rss&utm_campaign=headlines).