Venture Smart Financial Holdings Will Launch Spot Bitcoin ETF in Q1
Venture Smart Financial Holdings plans to launch its spot Bitcoin ETF in Hong Kong within the first quarter of 2024.
Hong Kong-based financial services firm Venture Smart Financial Holdings is planning to launch its spot Bitcoin exchange-traded fund (ETF) within the first quarter, with the goal of reaching $500 million in assets under management by the end of the year.
The company, positioning itself as Hong Kong’s first approved virtual asset manager, has not yet submitted an ETF application to the Securities and Futures Commission (SFC), the city’s financial regulator. However, it intends to initiate the application process to commence its ETF operations in the near future.
In December, the SFC announced the city’s readiness to receive applications for spot crypto ETFs, accompanied by two circulars outlining the prerequisites for launching such products, following the region’s implementation of a cryptocurrency licensing regime for trading platforms set in June 2023, aiming to reestablish Hong Kong as Asia’s cryptocurrency hub.
Currently, three cryptocurrency futures ETFs are listed in Hong Kong, namely Samsung Bitcoin Futures, CSOP Bitcoin Futures, and CSOP Ether Futures. Despite their presence in the market, these ETFs collectively hold relatively modest assets, amounting to approximately $50 million.
Spot Crypto ETFs Gain Momentum in Asia
Spot cryptocurrency ETFs gained increased attention following the launch of several spot Bitcoin ETFs in the United States, involving issuers such as BlackRock and Fidelity Investments. Subsequently, several Asian jurisdictions issued statements regarding the introduction of comparable products within their local markets.
Today, South Korea’s Office of the President has called upon the financial regulator to reassess the potential approval of a domestic spot Bitcoin ETF, following recent advisory from the Financial Services Commission, cautioning local firms that facilitating foreign-listed bitcoin spot ETFs could be perceived as a breach of capital market regulations.
Recently, the Monetary Authority of Singapore (MAS) conveyed that spot Bitcoin ETFs are not authorized for offering to local retail investors. Similarly, Thailand’s Securities and Exchange Commission (SEC) stated that it has no intentions to sanction local firms to introduce such ETFs.
As more companies express readiness to launch spot cryptocurrency ETFs, Hong Kong could emerge as the next hub in Asia to attract investors and regain prominence in the cryptocurrency sector.
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