© Reuters.
HONG KONG – Venture Smart Financial Holdings Ltd. has achieved a major milestone in the cryptocurrency market by filing an application to establish Hong Kong’s first spot Bitcoin exchange-traded fund (ETF). The company aims to attract $500 million in assets under management by the end of 2024, in line with new guidance released by the Securities and Futures Commission (SFC) in December.
The move comes as the SFC opened the door to cryptocurrency ETFs, three futures-based cryptocurrency ETFs already operating in Hong Kong, collectively managing $50 million in AUM. The announcement indicates a growing interest in cryptocurrency investment products in the region, with Samsung Asset Management also exploring the possibility of offering a spot ETF.
As of now, the regulator has not issued any further updates since the release of the new guidelines.
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