Major Chinese asset manager Harvest files for a spot bitcoin ETF in Hong Kong's first such application.
As the crypto industry matures, Hong Kong is positioning itself to be a leading hub in Asia. This week brought major developments on two crypto-related fronts - spot bitcoin ETFs and stablecoins.
On January 26th, Harvest Fund Management, the Hong Kong arm of a major Chinese asset manager, submitted an application to the Securities and Futures Commission (SFC) for a spot bitcoin exchange-traded fund (ETF). If approved, it would be Hong Kong's first spot cryptocurrency ETF.
There are reports that SFC may follow a similar approach to the U.S. SEC, approving multiple spot ETFs to ensure a level playing field. Harvest is the first applicant, but up to 10 financial institutions have expressed interest in launching spot crypto ETFs this year.
In addition to ETFs, Hong Kong is pushing ahead with stablecoin regulations to support broader adoption. Harvest Global Investments, RD Technologies and Venture Smart Financial Holdings are in discussions with the Hong Kong Monetary Authority (HKMA) regarding potential stablecoin trials.
The trials would demonstrate the potential of programmable money while meeting prudential oversight. The HKMA plans to announce stablecoin sandbox details soon. Ultimately, stablecoin issuers may need to obtain a license if referencing Hong Kong dollars.
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