China's Harvest May Be First Fund Manager to Launch Bitcoin Spot ETF in Hong Kong Later This Month

The international arm of China's Harvest Fund Management Co. could get approval later this month to launch a bitcoin Spot ETF (exchange-traded fund) in Hong Kong.

That's according to Bloomberg. bitcoin-etf-in-april”>report who cited ppeople familiar with the matter, after Reuters bitcoin-etfs-april-sources-say-2024-04-10/”>saying Previously, the first approvals are likely to be announced next week.

<img decoding="async" alt="bitcoin ETF Volumes Remain High, Driving btc Recovery – Millionero Magazine | crypto News | Futures” src=”https://technicalterrence.com/wp-content/uploads/2024/04/China39s-Harvest-May-Be-First-Fund-Manager-to-Launch-Bitcoin.jpg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/04/China39s-Harvest-May-Be-First-Fund-Manager-to-Launch-Bitcoin.jpg" alt="bitcoin ETF Volumes Remain High, Driving btc Recovery – Millionero Magazine | crypto News | Futures”/>

Asset managers authorized to manage virtual asset portfolios

The city's Securities and Futures Commission (SFC) gave Harvest the green light on April 9 to provide fund management services related to virtual assets, Bloomberg said. With this approval, the company will be able to manage portfolios that invest more than 10% in digital assets.

China Asset Management also received such approval on the same day, according to the SFC website. The parent companies of both companies are among China's largest fund managers, each managing more than 1 trillion yuan ($138 billion) in assets.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”6.1349693251534″>

Hong Kong set to approve its first spot bitcoin ETFs in April, sources say https://t.co/F0plGybijY pic.twitter.com/sZnm0UWXH1

-Reuters (@Reuters) twitter.com/Reuters/status/1777982424976175581?ref_src=twsrc%5Etfw”>April 10, 2024

The push for ETF approval is part of an effort to strengthen From Hong Kong its status as a global financial center, after it lost some of its luster following China's harsh crackdown on dissent in the territory.

“The importance of Hong Kong ETFs is far-reaching as they could spark new global investments, as well as drive cryptocurrency adoption to a new level,” Adrian Wang, chief executive of Hong Kong cryptocurrency manager, told Reuters. Kong, Metalpha.

At least four asset managers from mainland China and Hong Kong have filed applications to launch spot bitcoin ETFs, two sources familiar with the process told Bloomberg.

Hong Kong Moves Forward With bitcoin ETF Approval As China Ban Still Stands

Cryptocurrency trading has been banned in mainland China, but Chinese offshore financial institutions have made strides to participate in Hong Kong's growing crypto asset industry.

In 2022, Hong Kong approved its first ETFs for cryptocurrency futures. Since then, the largest CSOP bitcoin Futures ETF has seen seven-fold growth in its assets under management.

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