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Home»ADOPTION NEWS»Hong Kong Financial Firm VSFG Targets to Launch Spot Bitcoin ETF in Q1: Bloomberg
ADOPTION NEWS

Hong Kong Financial Firm VSFG Targets to Launch Spot Bitcoin ETF in Q1: Bloomberg

By Crypto FlexsJanuary 19, 20243 Mins Read
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Hong Kong Financial Firm VSFG Targets to Launch Spot Bitcoin ETF in Q1: Bloomberg
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Funding • January 19, 2024 3:38 AM EST

Posted 1 minute ago In ~

Venture Smart Financial Holdings Limited, a Hong Kong-based financial services company, plans to launch a spot Bitcoin exchange-traded fund within the first quarter and aims to have $500 million in assets under management by the end of the year. bloomberg.

The company It is claimed that Hong Kong’s first authorized virtual asset manager has yet to apply for an ETF with Hong Kong’s financial regulator, the Securities and Futures Commission.

SFC in December presentation The city is prepared to accept applications for a spot cryptocurrency ETF, along with two circulars addressing the requirements for launching such a product. The region launched a cryptocurrency licensing regime for cryptocurrency trading platforms in June 2023 in a bid to regain its position as Asia’s cryptocurrency hub. Three Cryptocurrency Futures ETFs Already Listed in Hong Kong — Samsung Bitcoin BTC

-2.42%
futures, CSOP Bitcoin futures and CSOP Ether futures.

Earlier this month, Livio Weng, COO of Hong Kong cryptocurrency exchange HashKey, said: 10 fund companies The region is starting to explore options for launching a spot cryptocurrency ETF.

Following approval by the U.S. Securities and Exchange Commission (SEC) on January 10, the U.S. Spot Bitcoin ​​ETF looked like this: Cumulative trading volume over $13 billion until now. However, as the excitement surrounding the approval cooled, the price of Bitcoin fell, trading at around $41,250 at the time of the announcement.

VSFG did not immediately respond to The Block’s request for further comment.


Disclaimer: The Block is an independent media outlet delivering 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. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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