Bitcoin ETF

Bitcoin

Gary

Venture Smart Financial Holdings Limited, a financial services firm based in Hong Kong, is set to introduce its spot Bitcoin exchange-traded fund (ETF) in the city in Q1. 
Brian Chan, the group head of investment and product at Venture Smart Financial, shared in an <a href="https://www.bloomberg.com/news/articles/2024-01-19/hong-kong-firm-targets-spot-bitcoin-btc-etf-launch-in-first-quarter" target="_blank" rel="noreferrer noopener">interview</a> with Bloomberg that the company aims to accumulate up to $500 million in assets under management by the end of 2024, recognizing the immense potential in the market. 
<blockquote class="wp-block-quote"> 
 “It’s a market that has huge potential. Our goal is $500 million in assets under management by the end of this year.” Brian Chan 
</blockquote> 
Hong Kong regulators have thus far approved only three futures <a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noreferrer noopener">Bitcoin ETFs</a>: Samsung Bitcoin Futures, CSOP Bitcoin Futures, and CSOP Ether Futures. In late December 2023, the Securities and Futures Commission (<a href="https://crypto.news/tag/sfc/" target="_blank" rel="noreferrer noopener">SFC</a>) and the Hong Kong Monetary Authority (<a href="https://crypto.news/tag/hkma/" target="_blank" rel="noreferrer noopener">HKMA</a>) jointly announced their readiness to consider applications for the authorization of funds with exposure to cryptocurrencies, including spot ETFs. 
A spokesperson for Samsung Asset Management stated that the company does not rule out the possibility of launching a spot crypto ETF; however, the specific timeframe for filing in the region remains uncertain. 
 You might also like: <a href="https://crypto.news/nearly-10-hedge-funds-are-set-to-launch-spot-crypto-etfs-in-hong-kong-hashkey-says/"> Nearly 10 hedge funds are set to launch spot crypto ETFs in Hong Kong, HashKey says </a> 
Earlier in January, Hong Kong Legislative Council member Johnny Ng <a href="https://crypto.news/hong-kong-lawmaker-advocates-for-swift-adoption-of-spot-bitcoin-etfs-following-us-lead/">urged</a> the city to foster innovation in the crypto space, emphasizing the region’s readiness to lead in Asia by implementing relevant policies and products. Np particularly underscored the importance of establishing Hong Kong as a global hub in the virtual asset sector, emphasizing the industry’s rapid developments and competitive nature. 
As crypto.news <a href="https://crypto.news/hong-kong-signals-willingness-to-greenlight-crypto-spot-etfs/" target="_blank" rel="noreferrer noopener">reported</a>, the SFC’s updated guidelines facilitate both in-kind and in-cash subscription and redemption processes for spot ETFs. Management companies are instructed to transfer cryptocurrencies to the custody accounts of SFC-authorized providers, with valuation relying on an indexing approach using trade volume data from major crypto trading platforms. 
Hong Kong’s decision to greenlight spot Bitcoin ETFs aligns with the U.S. Securities and Exchange Commission’s <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noreferrer noopener">approval</a> of all applications for such funds. However, SEC Chair Gary Gensler clarified in a statement that the agency “did not approve or endorse Bitcoin.” 
 Read more: <a href="https://crypto.news/hong-kong-firm-mulls-tokenizing-3-ton-gold-vault-amid-local-etf-boon/"> Hong Kong firm mulls tokenizing 3-ton gold vault amid local ETF boon </a>

Hong Kong’s Venture Smart Financial to launch spot Bitcoin ETF in Q1

crypto.news

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