Hong Kong regulator fast-tracks Bitcoin spot ETF approvals

Hong Kong's Securities Regulatory Commission (SFC) has reportedly accelerated the approval process for four bitcoin (BTC) exchange-traded funds (ETFs).

According to local news outlet, Tencent News, the first spot Bitcoin ETFs are set to be approved in the region on April 15.

The report cited multiple sources close to the Hong Kong Securities and Futures Commission as saying that the Hong Kong regulator planned to approve only four positions of Bitcoin ETFs in the first batch.

Recent announcements suggest that Boshi Fund and Value Partners Financial are preparing to join pending regulatory approval, while Harvest International and China Asset Management have made progress in leading this cryptocurrency investment boom.

Recent announcements indicate that Boshi Fund and Value Partners Financial are on the verge of merging pending regulatory approval. Meanwhile, Harvest International and China Asset Management have already made great strides in gaining acceptance.

The Hong Kong Stock Exchange will require approximately two weeks to complete the listing procedures and related arrangements after the Securities and Futures Commission of Hong Kong activates the first spot collection Bitcoin ETF.

The upcoming spot Bitcoin ETF support in Hong Kong heralds a lot of promise for institutional and individual investors. As retail investors move into Bitcoin investments through AFF purchases, the investment landscape stands on the brink of significant change.

Speaking at the HSBC Global Investment Summit, SFC CEO Julia Ling emphasized the need for responsible use of innovative technologies such as distributed ledger technology and tokenization to improve efficiency in the financial industry while ensuring investor protection.

Leung also highlighted efforts to align corporate reporting standards with sustainability disclosure requirements and promote informed investment decisions aligned with sustainability goals.

Related: Dfinity Launches Web3 Accelerator Platform on Internet Computing

The expected approval of spot Bitcoin ETFs in Hong Kong comes about three months after the Securities and Exchange Commission (SEC) approved the first batch in the US.

Currently, the top 10 Bitcoin ETFs manage approximately $57 billion in assets, with the top three representing more than 88% of the total.

Traditional institutional investors show more interest in cryptocurrency as the stock market performs poorly.

To boost domestic Web3 adoption, Hong Kong's Zea Bank recently plans to launch a special banking service for stablecoin issuers that can be used as a fiat reserve to secure digital assets.

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