Hong Kong institution VSFG seeks to launch Bitcoin spot ETF, SFC responds

Huobi is a well-known cryptocurrency exchange platform.

Hong Kong Version Bitcoin Spot ETF?

According to Bloomberg, Venture Smart Financial Holdings Limited, based in Hong Kong, plans to launch a Bitcoin spot ETF in the first quarter.

Brian Chan, Head of Investments and Products at VSFG, stated:

This is a market with huge potential, and our goal is to reach $500 million in assets by the end of this year.

According to their Twitter profile, VSFG claims to be the first licensed virtual asset management company in Hong Kong, but they have not yet submitted an ETF application to the Hong Kong Securities and Futures Commission (SFC).

Three Cryptocurrency Futures ETFs in Hong Kong

So far, the regulatory authorities in Hong Kong have only approved three cryptocurrency futures ETFs:

• Samsung Bitcoin Futures ETF

• Southern Star Easton Bitcoin Futures ETF

• Southern Star Easton Ethereum Futures ETF

A spokesperson for Samsung Asset Management stated that they do not rule out the possibility of launching a cryptocurrency spot ETF, but the specific timing of the application is uncertain.

Hong Kong SFC: No Comment, Following the Joint Statement

In late December last year, the SFC issued a joint statement stating that they are ready to accept virtual asset spot ETFs, and the executives of the Hong Kong Stock Exchange also commented on this news, stating that the exchange is ready to embrace the ETF investment opportunity.

The SFC stated that they will follow the guidance issued in December last year to decide whether to approve the ETF, and they will not comment further on this matter. The approval process is expected to take several weeks or even months.

Livio Weng, CEO of HashKey, a Hong Kong-based cryptocurrency exchange, recently revealed that about 10 fund companies in Hong Kong have begun exploring the possibility of launching cryptocurrency spot ETFs.

The Block reached out to VSFG for comment but did not receive a response.

First in Asia? Hong Kong SFC: Ready to Accept Virtual Asset Spot ETF Products