In a significant development for the cryptocurrency market in Hong Kong, Harvest Fund has officially applied to the first-ever Bitcoin (CRYPTO: BTC) spot Exchange Traded Fund (ETF) with the Hong Kong Securities and Futures Commission (SFC).
Why It Matters:
The submission of this application by Harvest Fund is a clear indicator of the growing interest and acceptance of cryptocurrencies in mainstream financial markets.
This initiative follows closely on the heels of the U.S. Securities and Exchange Commission’s approval of the first batch of Bitcoin spot ETFs just two weeks prior, a decision that has seemingly influenced the SFC’s accelerated pace in this domain.
The potential approval of this ETF in Hong Kong could significantly broaden investment opportunities and attract a wider range of investors, including family offices that have previously been hesitant to directly engage in the Bitcoin market due to its complexity and perceived risks.
According to Anndy Lian, an intergovernmental blockchain advisor, the Chinese stock market was one of the worst performers globally in 2023, funds looking for crypto alternatives are a big plus for the crypto industry.
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What’s Next:
The SFC is reportedly eager to expedite the approval process for Hong Kong’s first spot Bitcoin ETF, with plans to list it on the Hong Kong Stock Exchange shortly after the Chinese New Year.
This development could pave the way for multiple institutions to enter the market, mirroring the approach taken in the U.S., where firms like Grayscale, BlackRock Inc. (NYSE:BLK), and Fidelity rapidly grew their ETFs’ sizes.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.