Venture Smart Financial Holdings plans to launch spot Bitcoin ETF in the first quarter
Posted: January 19, 2024 6:59 AM Updated: January 19, 2024 6:59 AM
Edit and fact check date: January 19, 2024, 6:59 a.m.
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Venture Smart Financial Holdings plans to launch a spot Bitcoin ETF in Hong Kong within the first quarter of 2024.
Venture Smart Financial Holdings, a Hong Kong-based financial services company, plans to launch a physical Bitcoin exchange-traded fund (ETF) within the first quarter, with the goal of reaching $500 million in assets under management by the end of this year. no see.
The company, which has established itself as Hong Kong’s first accredited virtual asset manager, has yet to submit an ETF application to Hong Kong’s financial regulator, the Securities and Futures Commission (SFC). However, we plan to begin the application process to begin ETF operations in the near future.
Last December, the SFC announced the local implementation of a cryptocurrency licensing regime for trading platforms set for June 2023, with the aim of re-establishing Hong Kong spot cryptocurrencies, with two circulars outlining the prerequisites for such products to be launched. announced that it is ready to accept applications for ETFs. Hong Kong is the cryptocurrency hub of Asia.
Currently, there are three cryptocurrency futures ETFs listed in Hong Kong: Samsung Bitcoin Futures, CSOP Bitcoin Futures, and CSOP Ether Futures. Despite their presence in the market, these ETFs hold relatively modest assets, totaling around $50 million.
Spot Crypto ETF Gains Momentum in Asia
Spot cryptocurrency ETFs have received more attention since the launch of several spot Bitcoin ETFs in the United States, including issuers such as BlackRock and Fidelity Investments. Subsequently, several Asian jurisdictions issued statements regarding the introduction of comparable products into local markets.
Today, South Korea’s Blue House asked financial regulators to reevaluate the possibility of approving a domestic spot Bitcoin ETF following a recent recommendation from the Financial Services Commission, noting that promoting foreign-listed Bitcoin spot ETFs could be perceived as We warned domestic companies that there was. It is a violation of capital market regulations.
Recently, the Monetary Authority of Singapore (MAS) stated that spot Bitcoin ETFs are not approved to be offered to local retail investors. Likewise, Thailand’s Securities and Exchange Commission (SEC) has stated that it does not intend to sanction local companies for introducing such ETFs.
With more companies expressing readiness to launch spot cryptocurrency ETFs, Hong Kong could emerge as Asia’s next hub to attract investors and re-establish its reputation in the cryptocurrency sector.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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