Hong Kong-based financial services firm Venture Smart Financial Holdings Limited said it plans to launch a Spot Bitcoin exchange-traded fund during the first quarter and set up $500 million in assets under management by the end of the year. Reported. bloomberg.
The company is claim to be Hong Kong's first licensed virtual asset manager has yet to apply for an ETF with the city's financial regulator, the Securities and Futures Commission.
SFC in December announced The city has issued two circulars stating its readiness to accept applications for spot virtual currency ETFs and addressing the requirements for launching such products. The region introduced a crypto licensing regime for crypto trading platforms in June 2023 in hopes of regaining its position as Asia's crypto hub. Three crypto futures ETFs are already listed in Hong Kong: Samsung Bitcoin Futures, CSOP Bitcoin Futures, and CSOP Ether Futures.
Earlier this month, Livio Wen, chief operating officer of Hong Kong cryptocurrency exchange Hashkey, 10 fund companies We are starting to explore the option of launching a spot crypto ETF in this region.
Following the U.S. Securities and Exchange Commission's January 10 approval, the U.S. Spot Bitcoin ETF Cumulative trading volume is over $13 billion so far. However, as enthusiasm surrounding the approval waned, Bitcoin's price fell and was trading around $41,250 at the time of publication.
VSFG did not immediately respond to The Block's request for further comment.
Disclaimer: The Block is an independent media outlet that delivers news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
