Hong Kong Eyes Bitcoin ETF Debut As Trading Volume Continues To Surge

In a flurry of innovations witnessed across the Chinese crypto landscape, a Hong Kong-based financial services company recently announced plans to seek approval for a spot Bitcoin ETF launch within the nation. If approved, the country is poised to emerge as the second significant powerhouse to commence Bitcoin ETF trading, following the U.S.

Notably, Venture Smart Financial Holdings Ltd. is the financial firm that eyes the first spot Bitcoin ETF in China. As per a report, the firm recently lodged an application with the country’s financial regulator, sparking immense curiosity across the Chinese trading landscape.

China Follows Bitcoin ETF Popularity Surge

With market data showcasing an immense surge in the rising popularity of spot Bitcoin ETFs post-inception, powerhouses across the globe are looking to jack up their trading landscape simultaneously. Aligning with this, the Hong Kong-based financial firm VSFG aims to join the ETF race, propelling market optimism throughout the country.

Notably, the firm is setting its sights on lodging an application with the SFC ( Securities and Futures Commission) for a spot Bitcoin ETF launch shortly. This follows the regulatory body’s most recent stance on crypto, issuing guidelines for spot crypto fund approvals for the first time in December last year.

Meanwhile, the financial product has vast potential, stated Brian Chan, the company’s group head of investments and products. Following this, the firm aims to attain $500 million in assets under management until the year ends.

Furthermore, with market charts highlighting the U.S. spot Bitcoin ETFs trading data, the volume noted a 34% jump since yesterday, hinting that the popularity continues to surge. Coinciding with this, VSFG appears to be planning a Bitcoin ETF launch within the nation, mirroring the ETFs’ popularity growth spurt.

Also Read: Mark Zuckerberg’s Meta Intensifies AI Race With OpenAI

Hong Kong’s Stance On Crypto

Intriguingly, Hong Kong currently permits three futures-based crypto ETFs within the nation. These are CSOP Bitcoin Futures, CSOP Ether Futures, and Samsung Bitcoin Futures. With a collective $50 million worth of assets, these ETFs appear to be advancing gradually. Samsung Asset Management, on the other hand, stated that the firm does not entirely eliminate the possibility of launching a spot ETF. Whereas, CSOP Asset Management did not comment at all.

Meanwhile, the SFC stated that the regulatory body had no additional guidelines beyond the ones already issued in December. If anything, the SFC claims that the approval process might take weeks to months following the traditional approval process.

Also Read: Grayscale’s GBTC Records $580 Mln Net Outflow On Day 5