China’s Major Firms Officially Launch Unexpected Bitcoin Spot ETF

The Hong Kong branches of Harvest Fund and Southern Fund, two asset management firms based in China, have submitted applications to introduce spot Bitcoin ETFs in the Hong Kong area of China.

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These companies oversee assets worth over $200 billion combined. As reported by Bitcoin Magazine, the applications were filed today, as per the state-owned Securities Times.

Hong Kong Asset Managers Pursue Spot Bitcoin ETFs

Cryptocurrency Restrictions in Mainland China: Due to stringent regulations on cryptocurrency trading and mining in mainland China, asset managers are unable to offer ETFs there. This development comes after earlier speculation regarding Harvest Fund’s Hong Kong branch filing for a spot Bitcoin ETF in January.

Anticipated Launch of Spot Bitcoin ETFs: Crypto investors have eagerly anticipated the introduction of spot Bitcoin ETFs in the Hong Kong market. Last year, the Hong Kong Monetary Authority and the Securities and Futures Commission announced their acceptance of applications for crypto-based ETFs. The launch of these funds will grant Hong Kong investors exposure to Bitcoin.

Harvest Fund Management’s Crypto ETF Launch: Harvest Fund Management’s Hong Kong branch has taken a significant step in the region’s cryptocurrency investment landscape by launching a crypto ETF with maturity in 2022.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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