Foreign media: Harvest submits the first Bitcoin spot ETF application in Hong Kong, expected to be listed after the Spring Festival.

Foreign media cited sources familiar with the matter as saying that Hong Kong-based company Jia Shi Harvest has submitted an application for the first Bitcoin spot ETF in Hong Kong, while also pushing for its stablecoin to enter the regulatory sandbox program, but has not yet received a formal response from the Hong Kong regulatory authorities.

Fidelity Submits First Bitcoin Spot ETF Application in Hong Kong

According to an exclusive report from Tencent News, Fidelity International's Hong Kong subsidiary has submitted an application for a Bitcoin spot ETF to the Securities and Futures Commission (SFC) in Hong Kong, becoming the first institution to do so in Hong Kong. The SFC aims to expedite the process and plans to list the ETF on the Hong Kong Stock Exchange after the Spring Festival.

The report indicates that the SFC may follow the practice in the United States, which involves approving applications from multiple institutions at once. However, as of now, apart from Fidelity International, no other institutions have submitted applications, despite communications with the SFC from institutions like Southern Eastern Asset Management.

Fidelity International has declined to comment, and Tencent News was unable to reach the SFC directly for comment.

Hong Kong Institution VSFG Seeks to Issue Bitcoin Spot ETF, SFC Responds

Hong Kong Fund Professionals: Discrepancy in Scale Compared to the United States

Hong Kong fund professionals point out that even if the SFC in Hong Kong approves applications from multiple institutions at once, the final outcome may be similar to the performance in the U.S., where larger institutions like BlackRock and Fidelity experience faster growth in scale.

Investors from some family offices in Hong Kong express interest in subscribing to the Hong Kong Bitcoin spot ETF, but acknowledge that there may be a difference in scale compared to the United States.

Bloomberg: Fidelity May Engage in Stablecoin Regulatory Sandbox

Bloomberg cites sources familiar with the matter, stating that Fidelity's global investment arm Harvest Global Investments Ltd., financial technology expert RD Technologies, and Venture Smart Financial Holdings Ltd. are in discussions with the Hong Kong Monetary Authority regarding a regulatory sandbox for stablecoins.

The sandbox is intended to convey regulatory expectations, but it is not guaranteed that the stablecoin framework will be finalized by the end of March, nor that all institutions seeking to participate in the trial will be approved.

A spokesperson for the Monetary Authority stated that institutions are preparing to launch the stablecoin sandbox and will announce details at the appropriate time.

Venture Smart Financial disclosed that the sandbox is expected to launch in the first quarter.

Rita Liu, Chief Operating Officer of RD Technologies, mentioned that they are seeking regulatory approval to launch the HKDR stablecoin, which will be used for purposes such as cross-border payments between enterprises.

Fidelity has not responded to Bloomberg's request for comment.