Spot BTC ETF is Coming to Hong Kong
What’s up with crypto in Hong Kong?
The Hong Kong Securities and Futures Commission (SFC) reportedly received its first spot BTC ETF application from Harvest Hong Kong, one of China’s largest fund managers.
What’s the context?
This news follows the approval of the first spot Bitcoin ETF in the United States by the U.S. Securities and Exchange Commission.
How’s the crypto landscape in Hong Kong?
Hong Kong has emerged as one of the leading crypto destinations in Asia, thanks to its regulator’s pro-crypto approach, allowing institutional and retail investors to participate in crypto activities.
What to expect?
If the stats for futures BTC ETFs are anything to go by, the trade volume of spot BTC ETFs if and when approved in HK could reach up to USD74 million on the first day of trading in the city state.
Watch this space for our partnership announcement tomorrow with a premier web3 event taking place in Hong Kong soon.