Chinese Financial Giants Set to Launch Bitcoin ETFs in Hong Kong

Chinese financial giants Harvest Fund and Southern Fund are planning to offer units of their Bitcoin ETF products to customers through their branches in Hong Kong.

Chinese Financial Giants Set to Launch Bitcoin ETFs in Hong Kong

Harvest Fund Management and Southern Fund, the respective management companies, have submitted applications for the registration of BTC-ETFs with the Securities and Futures Commission (SFC) via their Hong Kong divisions.

According to experts at Security Times, the approval of these new investment products by the SFC, from such influential institutions collectively managing assets worth $550 billion, could significantly boost the price of Bitcoin. This move is anticipated to attract investors from Hong Kong as well as companies from mainland China, where strict restrictions on transactions with cryptocurrency prevent investment firms from offering crypto asset ETFs.

Although the administrations of Harvest Fund Management, Southern Fund, and the SFC have not disclosed a precise timeline for the launch of Bitcoin ETF products trading in Hong Kong, insiders speculate that the relevant applications might receive approval from the SFC as early as this quarter.

The news underscores the changing situation of Bitcoin in China. Despite past crackdowns on Bitcoin trading and mining, the country is now experiencing a shift in its approach. While mainland China remains cautious, Hong Kong has embraced a more open stance, drawing the interest of Chinese funds.

Earlier, China’s Ministry of Industry and Information Technology (MIIT) implemented a national standard for blockchain technology aimed at regulating the industry’s growth within the country.

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