Bitcoin ETF

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<h2 id="key-points">Key Points</h2>
<ul>
 <li>Hong Kong-based Venture Smart Financial Holdings Ltd. (VSFG) has applied to launch a spot Bitcoin exchange-traded fund (ETF).</li>
 <li>The firm is hopeful for a May launch date, with June as a backup plan.</li>
</ul>
<p>Venture Smart Financial Holdings Ltd., a financial services company based in Hong Kong, is planning to launch a spot Bitcoin ETF. The application for the same has been submitted and the company is aiming for a launch as early as May.</p>
<p>Brian Chan, who leads the investment and products division at VSFG, said that the team is optimistic about a May launch, provided everything goes according to plan.</p>
<h2 id="regulatory-hurdles-and-market-readiness">Regulatory Hurdles and Market Readiness</h2>
<p>Chan also mentioned that they are keeping June as a contingency, given the unpredictability of regulatory processes. He added that they are in continuous discussions with the Securities and Futures Commission (SFC) and have started working on their initial feedback.</p>
<p>Hong Kong is leading the way in terms of spot crypto ETFs. In December, the SFC and the Hong Kong Monetary Authority, the city’s de facto central bank, reviewed their existing policy and released two circulars that outlined the requirements for spot crypto ETFs.</p>
<h2 id="impact-on-market-demand">Impact on Market Demand</h2>
<p>Eric Balchunas, a Senior ETF Analyst, shared a report suggesting that the SFC is considering allowing in-kind creations and redemptions for spot Bitcoin ETFs in the second quarter of this year. This could potentially increase assets under management and volume.</p>
<p>Chan expressed excitement about the potential addition of this feature, as it would be exclusive to the Hong Kong market and could lead to higher assets under management. He also pointed out that the approval could benefit not only ETF issuers but also the Hong Kong Stock Exchange and VATPs, creating a win-win situation.</p>
<p>Chan also noted that there are variables to consider, such as the readiness of various service providers, which could introduce a degree of uncertainty.</p>

VSFG Targets May for Groundbreaking Launch of Hong Kong’s First Bitcoin ETF

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