Venture Smart Financial to Launch Bitcoin Spot ETF in Hong Kong
Hong Kong-based Venture Smart Financial Holdings Limited (VSFG) plans to launch its own Bitcoin Spot ETF in the first quarter of 2024.
VSFG, which touts itself as the first approved virtual asset manager in Hong Kong, aims to achieve $500 million in assets under management by the end of the year with its ETF.
While VSFG has not yet filed an ETF application with the Hong Kong SFC, the city recently announced its willingness to accept applications for such products, marking a significant step in the region’s regulatory evolution.
Hong Kong: A Growing Framework for Crypto ETFs
In December, the Securities and Futures Commission (SFC) stated that Hong Kong is now open to receiving applications to create and launch Bitcoin Spot ETFs. According to Livio Weng, the Chief Operating Officer of HashKey exchange, around ten fund companies in Hong Kong are considering launching their own Bitcoin Spot ETFs.
This initiative is part of a crypto licensing framework established in June 2023, aimed at reaffirming Hong Kong’s position as a major crypto hub in Asia.
To date, three crypto futures ETFs are already listed in Hong Kong: Samsung Bitcoin Futures ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF. The introduction of VSFG’s Bitcoin Spot ETF could mark a significant new milestone in the expansion of crypto financial products in the region.
