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Harvest Fund Management’s Hong Kong branch has reportedly applied for a spot Bitcoin exchange-traded fund (ETF) with the Securities and Futures Commission.
According to a report from Tencent News, Harvest Fund Hong Kong has applied for a spot Bitcoin ETF with the Hong Kong Securities Commission (SFC) after local authorities have indicated their intention to give the green light to a spot crypto ETF. At the time of writing, Harvest Fund has not released any public statement on this matter.
The report suggests that the SFC is leaning towards approving ETF listing on the Hong Kong Stock Exchange after the end of the Lunar New Year, which is scheduled to end on February 11. According to Tencent News, the SFC may approve it. It follows the example of the United States in that it approves applications from multiple companies at the same time.
To date, Harvest Fund is the only institution to formally submit an application for a spot Bitcoin ETF, the report notes. Previously, crypto.news reported that Venture Smart Financial Holdings Limited, a Hong Kong-based financial services company, is also preparing to introduce a spot Bitcoin ETF in Hong Kong in the first quarter.
In addition to the Spot Bitcoin ETF, Harvest Global Investments Ltd., a subsidiary of Harvest Funds, is also in talks with the Hong Kong Monetary Authority over a stablecoin pilot program known as the Regulatory Sandbox, Bloomberg reported. This was revealed by a person familiar with the matter. Hong Kong is expected to announce stablecoin regulations by the end of the first quarter.
Harvest Fund Management is one of China’s largest asset management companies, with over $210 billion in assets under management. The financial giant manages many different types of funds, including mutual funds, pension funds, and other investment vehicles.
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