Venture Smart Financial Holdings Limited, a financial services company, headquartered in Hong Kong, has plans to launch a exchange-traded fund (ETF) based on bitcoin in cash according to information recently published by Bloomberg.
According to the publication, the company plans to launch its Bitcoin ETF in the first quarter of this year. Within the planning, there is a target of US$500 million in assets under management that was established by the end of 2024.
Second as information, Venture Smart Financial stated that it has plans to file an application with the Securities and Exchange Commission to initiate its spot Bitcoin ETF.
It is worth remembering that, in a recent interview with Caixin, Livio Weng, director of operations at HashKey Group, revealed that, currently, there are around ten fund companies that are preparing virtual asset points. The products have already been launched in Hong Kong and approximately eight of them are already at an advanced stage, according to the publication.
Given its recent measures regarding virtual assets, Hong Kong is on track to become the first market in Asia that will allow the listing of spot ETFs.
Hong Kong Establishes Regulatory Framework for Cryptocurrency ETFs
In a strategic move, Hong Kong has made significant progress in regulation of cryptocurrency exchange-traded funds (ETFs). The Hong Kong Securities and Futures Commission (SFC), in collaboration with the city's Monetary Authority, has outlined strict requirements for the launch of these financial products.
The statement issued at the beginning of the month details the conditions under which the SFC will approve ETFs with more than 10% interest in crypto assets. Regulators highlighted the rapid global evolution of the digital asset market and the growing demand for these products in Hong Kong.
