Hong Kong finance firm VSFG aims for spot bitcoin ETF launch in Q1: Bloomberg
Quick Take
- Hong Kong published spot bitcoin ETF requirements for licensed firms last month.
Hong Kong-based financial services firm Venture Smart Financial Holdings Limited is planning to launch its spot bitcoin exchange-traded fund within the first quarter, setting a target of $500 million in assets under management by the year-end, according to Bloomberg.
The company, which claims to be Hong Kong's first approved virtual asset manager, has yet to place an ETF application with the Securities and Futures Commission, the city’s financial regulator.
In December, the SFC announced that the city was ready to accept applications for spot crypto ETFs, along with two circulars that addressed the requirements for launching such products. The region rolled out its crypto licensing regime for crypto trading platforms in June 2023 in hopes of reclaiming its position as Asia’s crypto hub. Three crypto futures ETFs are already listed in Hong Kong — Samsung Bitcoin 
BTC
-3.38%
Futures, CSOP Bitcoin Futures and CSOP Ether Futures.
Earlier this month, Livio Weng, chief operating officer of Hong Kong crypto exchange HashKey, said that around ten fund companies in the region have started to explore the option to launch spot crypto ETFs.
RELATED INDICES
Following the U.S. Securities and Exchange Commission’s Jan. 10 approval, the U.S. spot bitcoin ETFs have seen over $13 billion in cumulative trading volume so far. However, the price of bitcoin slipped as the enthusiasm surrounding the approval withered, trading around $41,250 as of publication time.
VSFG did not immediately respond to The Block’s request for further comments.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
