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Harvest Fund Seeks Approval for Bitcoin ETF in Hong Kong

Harvest Fund Seeks Approval for Bitcoin ETF in Hong Kong After Lunar New Year Holidays

Harvest Fund Management, a major Chinese asset manager, has submitted an application for a Bitcoin spot ETF in Hong Kong. The aim is to launch the city’s first Bitcoin spot ETF after the Lunar New Year holidays.

Harvest Fund on the Verge of Launching Its Bitcoin ETF?

On January 26, the Hong Kong branch of Harvest Fund Management, a leading Chinese asset manager, officially filed an application with the local financial regulator for a Bitcoin spot ETF.

This filing comes as Hong Kong prepares to welcome its first series of spot cryptocurrency ETFs. Harvest’s goal is to launch this ETF after the Lunar New Year holidays.

Earlier this month, Livio Weng, Chief Operating Officer at HashKey, a Hong Kong-based crypto exchange, revealed that about ten Hong Kong fund management companies were interested in creating exchange-traded funds (ETFs).

Among these companies is Venture Smart Financial Holdings Ltd. (VSFG), which announced its plan to market its own Bitcoin spot ETF during the first quarter of the year.

Growing Interest in Stablecoins

Alongside the ETF application, there is also growing interest in stablecoins in Hong Kong. Several companies, including Harvest Global Investments, RD Technologies, and Venture Smart Financial Holdings Ltd. (VSFG), are in discussions with the Hong Kong Monetary Authority regarding potential stablecoin trials.

These discussions are part of the city’s efforts to establish rules around stablecoins, with the aim of starting sandbox trials in the first quarter of 2024. It also reflects Hong Kong’s ambition to position itself as an international hub for virtual assets.

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