Harvest Fund Management Applies for Bitcoin ETF in Hong Kong
The Hong Kong arm of Harvest Fund Management, a major Chinese asset manager, has reportedly submitted an application for a spot bitcoin exchange-traded fund (ETF) to the local financial regulator. This move indicates that Hong Kong is preparing for its first batch of spot cryptocurrency ETFs. Harvest has submitted its application to the Securities and Futures Commission and is hoping to launch the city’s first spot Bitcoin ETF after the Lunar New Year holiday. Other companies, including Venture Smart Financial Holdings Ltd., have also expressed interest in launching spot crypto ETFs in Hong Kong.
Growing Interest in Stablecoins in Hong Kong
As Hong Kong introduces stablecoin rules, several companies have shown interest in stablecoin-related trials. Harvest Global Investments, RD Technologies, and Venture Smart Financial Holdings Ltd. are all in discussions with the Hong Kong Monetary Authority (HKMA) about potential stablecoin trials. The companies are expected to be part of the stablecoin sandbox process, which is set to begin in the first quarter. The HKMA spokesperson announced that the sandbox arrangement is intended for fiat-reference stablecoin (FRS) issuers who have a genuine interest in issuing FRS in Hong Kong.
HKMA Prepares for Stablecoin Sandbox Launch
The HKMA is preparing for the launch of the stablecoin sandbox and will announce relevant details in due course. A stablecoin issuer would be required to obtain a license from the authorities if it issues a stablecoin that references the value of one or more fiat currencies in Hong Kong. Eddie Yue, Chief Executive of the HKMA, stated that stablecoins could become the interface between traditional finance and the virtual asset market and emphasized the importance of stability in stablecoins.
Analyst comment
Positive news: Harvest Fund Management Applies for Bitcoin ETF in Hong Kong
Market prediction: The launch of the first spot Bitcoin ETF in Hong Kong after the Lunar New Year holiday is likely to generate excitement and attract more investors to the cryptocurrency market, potentially leading to an increase in Bitcoin’s value.
Positive news: Growing Interest in Stablecoins in Hong Kong
Market prediction: The introduction of stablecoin rules and the participation of major companies in stablecoin trials indicates a growing acceptance and adoption of stablecoins in Hong Kong. This could lead to increased usage and demand for stablecoins in the market.
Positive news: HKMA Prepares for Stablecoin Sandbox Launch
Market prediction: The preparation for the stablecoin sandbox launch by HKMA signifies regulatory support and openness towards stablecoin innovation. This could create a positive environment for stablecoin issuers, potentially attracting more companies to launch stablecoins in Hong Kong and fostering the growth of the stablecoin market.
