Pandoraland

Nothing to Hide

Hong Kong-Based Asset Manager VSFG and Value Partners Apply for Spot Bitcoin ETF

Ukraine seizes $19,500 from crypto wallet dedicated to supporting Russian forces

Hong Kong-Based Asset Manager VSFG and Value Partners Apply for Spot Bitcoin ETF

Asset manager VSFG, together with its partner, Value Partners, have applied for a spot-bitcoin exchange-traded fund (ETF) with Hong Kong’s Securities and Futures Commission (SFC), its Head of Investment & Products Brian Chan told CoinDesk on Wednesday.

Earlier this week, a report from Bloomberg Intelligence said the SFC is likely to allow in-kind creations and redemptions for spot bitcoin ETFs in the second quarter of this year.

In December 2023, less than two weeks after nearly a dozen applicants won approval for spot bitcoin ETFs in the U.S., Hong Kong regulators said they were ready to consider applications for spot crypto ETFs.

In January, Harvest Global Investments, a major asset-management company in China, purportedly became the first to apply for a spot bitcoin exchange-traded fund (ETF) with the SFC. As many as 10 financial institutions have planned to apply to launch bitcoin ETFs in Hong Kong, local reports have previously said.

Hong Kong firm Venture Smart Financial Holdings has also said it will file a spot bitcoin ETF application, according to Bloomberg.

Hong Kong’s regulators have been attempting to loosen their grip on crypto in an attempt to become a global hub for the sector.

Read More: Bitcoin ETFs in and Around Asia After U.S. Approvals? Analysts Are Optimistic About Momentum