Hong Kong Set to Approve Its First Spot Bitcoin ETFs in April

Spot bitcoin exchange-traded funds could be launched in Hong Kong this month with the first approvals likely to be announced next week, two people familiar with the matter said.

That timeline would make Hong Kong Asia's first city to offer the popular ETFs and is much faster than industry expectations of launches sometime this year.

Regulators have sped up the approval process, according to one of the people.

"The significance of Hong Kong ETFs is far-reaching as it could bring in fresh global investment as well as pushing crypto adoption to a new height," said Adrian Wang, CEO of Metalpha, a Hong Kong-based crypto wealth manager.

The U.S. launched the first U.S.-listed ETFs to track spot bitcoin in January, drawing roughly $12 billion in net inflows, data from BitMEX Research shows.

At least four mainland Chinese and Hong Kong asset managers have submitted applications to launch the ETFs, the two sources said.

The Hong Kong units of China Asset Management, Harvest Fund Management and Bosera Asset Management are among the applicants, according to the two people and a third source.

Hong Kong-based Value Partners has also said it is exploring launching a spot bitcoin ETF. It has not disclosed if it has submitted an application.

(Source: Reuters)