Large Chinese fund files for spot Bitcoin ETF in Hong Kong

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Harvest Fund Administration’s Hong Kong department has reportedly filed for a spot Bitcoin exchange-traded fund (ETF) with the Securities and Futures Fee.

In response to a Tencent Information report, Harvest Fund Hong Kong has filed for a spot Bitcoin ETF with the Hong Kong Securities Regulatory Fee (SFC), because the native authorities have signaled their willingness to greenlight spot crypto ETFs. As of press time, Harvest Fund made no public statements on the matter.

The report means that the SFC is leaning in direction of approving the ETF for itemizing on the Hong Kong Inventory Alternate submit the conclusion of the Chinese language New 12 months, slated to finish on Feb. 11. In response to Tencent Information, there’s a risk that the SFC would possibly observe the U.S. in the way in which of approving purposes from a number of corporations concurrently.

As of now, Harvest Fund stands because the unique establishment to have formally submitted an utility for a spot Bitcoin ETF, the report notes. Earlier, crypto.information reported that Enterprise Sensible Monetary Holdings Restricted, a monetary providers agency based mostly in Hong Kong, can also be gearing as much as introduce its spot Bitcoin ETF within the metropolis in Q1.

Past spot Bitcoin ETFs, Harvest Fund’s subsidiary, Harvest International Investments Ltd., can also be in discussions with the Hong Kong Financial Authority about deliberate stablecoin trials often known as regulatory sandboxes, Bloomberg has learned, citing individuals aware of the matter. It’s anticipated that Hong Kong will unveil its guidelines for stablecoins by the tip of Q1.

Harvest Fund Administration is among the largest asset administration companies in China, with over $210 billion in property beneath administration. The monetary large manages numerous sorts of funds, together with mutual funds, pension funds, and different funding automobiles.

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