MEMETOON

The first Bitcoin (BTC) spot exchange-traded fund (ETF) application has been received from the Hong Kong Securities and Futures Commission (SFC).According to the Coin Telegraph on the 29th (local time), Harvest Hong Kong, one of the largest asset management companies in the country, submitted an application for BTC spot ETF to Hong Kong SFC on the 26th. SFC said, &#34;After the Lunar New Year, we are rapidly proceeding with the approval process with the aim of launching it.&#34; The industry believes that SFC is likely to approve BTC spot ETFs as it has taken a similar position to the U.S. Securities and Exchange Commission (SEC) on virtual asset products.It was not confirmed whether other management companies&#39; applications were submitted to SFC. According to the industry, about 10 local management companies are currently preparing to launch BTC in-kind ETFs. Venture Smart Financial Holdings said it aims to launch a spot ETF in the first quarter of this year. Existing management companies that previously launched virtual asset futures ETF products in Hong Kong are expected to join the ranks of BTC spot ETF applications. The possibility of Samsung Asset Management&#39;s application for a spot ETF, which launched BTC futures ETFs in Hong Kong last year, is also raised. According to CoinTellgraph, Samsung Asset Management said, &#34;We will not say that there is no possibility of launching a spot ETF.&#34;Hong Kong is emerging as a virtual asset hub in Asia due to a regulatory environment that is friendly to virtual assets. Last year, the Hong Kong authorities announced regulations that allow institutional and retail investors to participate in virtual asset transactions. SFC also announced that it would accept applications for not only virtual asset futures ETFs but also spot ETFs before the US SEC approves the BTC spot ETF.Source: https://www.sedaily.com/NewsView/2D4A9XEO0TTwitter Link: https://twitter.com/memetoonk/status/1752260699429253157

"Hong Kong's First Bitcoin Spot ETF Application Receives…"Goals to Launch After Lunar New Year"

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