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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/anticipation-for-multiple-spot-bitcoin-etf-approvals-in-hong-kong/" data-wpel-link="internal">Anticipation for Multiple Spot Bitcoin ETF Approvals in Hong Kong</a><br></p>
<p style="text-align: justify">Chinese asset management company Harvest Fund Management’s Hong Kong branch reportedly applied to the Hong Kong Securities and Futures Commission (SFC) for a spot <a href="https://en.coin-turk.com/bitcoin-faces-downward-pressure-as-fed-continues-tight-monetary-policy-according-to-expert/" data-wpel-link="internal">Bitcoin</a> exchange-traded fund (ETF) last Friday. The Hong Kong regulator is expected to soon approve the region’s first crypto-based spot ETFs.</p> 
<h2 style="text-align: justify" id="strong-multiple-spot-bitcoin-etf-approvals-expected-in-hong-kong-strong"><strong>Multiple Spot Bitcoin ETF Approvals Expected in Hong Kong</strong></h2> 
<p style="text-align: justify">According to Tencent News, the Hong Kong branch of Harvest Fund Management submitted a spot Bitcoin ETF application to the SFC. Approval for such an ETF in the region is expected after the Lunar New Year holiday, which fell on February 10th.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-308507" src="https://coin-turk.com/wp-content/uploads/2024/01/Hong-Kong-Bitcoin-ETF.jpeg" alt="" width="1280" height="720"></p> 
<p style="text-align: justify">Earlier this month, Livio Weng, the CEO of Hong Kong’s first licensed cryptocurrency exchange HashKey, reported that about 10 fund companies are preparing to launch potential crypto-based spot ETFs in the city. Venture Smart Financial (VSFG), based in Hong Kong, also increased expectations by stating to Bloomberg that they aim to open a spot Bitcoin ETF for trading within the first quarter.</p> 
<h2 style="text-align: justify" id="strong-interest-in-stablecoins-increasing-strong"><strong>Interest in Stablecoins Increasing</strong></h2> 
<p style="text-align: justify">Meanwhile, Bloomberg reported that with Hong Kong accelerating its efforts to implement stablecoin regulations, many companies including Harvest Global Investments, RD Technologies, and VSFG are showing interest in stablecoin-related trials. According to sources close to the matter, these companies are in discussions with the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, about potential stablecoin trials.</p> 
<p style="text-align: justify">Sean Lee, a senior advisor and stablecoin president at VSFG, told The Block that the company expects to start the stablecoin sandbox process in the first quarter of this year and that it will likely continue until the first half of the year. Lee stated, “VSFG is committed to supporting Hong Kong as an international digital asset hub, and our special section IDA will apply to participate in the sandbox process with our consortium partners to demonstrate the potential of programmable digital currency while meeting prudential requirements.”</p> 
<p style="text-align: justify">A spokesperson for HKMA told The Block that the sandbox process is aimed at FRX issuers who are genuinely interested in issuing fiat-based stablecoins (FRS) in Hong Kong and have a reasonable plan for it. The spokesperson added, “HKMA is preparing for the launch of the sandbox process and will disclose the relevant details in due course.”</p> 
<p style="text-align: justify">In December 2023, HKMA, together with the Financial Services and the Treasury Bureau, published a consultation paper stating that a stablecoin issuer would need to obtain a license from the competent authorities if it issues a stablecoin pegged to the value of one or more fiat currencies in Hong Kong. Eddie Yue, the CEO of HKMA, had stated at the time that stablecoins could become an interface between traditional <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">finance</a> and the virtual asset market.</p> 
<p style="text-align: justify">In a statement made in December, Yue said, “In a scenario where stablecoins become one of the preferred payment options by the general public, we should expect more integration between the digital payment ecosystem and the real economy, and whether the stablecoin is truly ‘stable’ will become even more important.”</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/anticipation-for-multiple-spot-bitcoin-etf-approvals-in-hong-kong/" data-wpel-link="internal">Anticipation for Multiple Spot Bitcoin ETF Approvals in Hong Kong</a></h5>

Anticipation for Multiple Spot Bitcoin ETF Approvals in Hong Kong

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