Hong Kong’s Securities and Futures Commission (SFC) is reportedly on the verge of approving a spot Bitcoin ETF, following the approval of a similar product by the US Securities and Exchange Commission. Four mainland Chinese and Hong Kong asset managers have submitted their applications for the ETF, including Harvest Fund Management, which is expected to receive approval as early as this month. The approval of a Bitcoin ETF in Hong Kong could have a significant impact on the crypto industry, attracting global investment and driving crypto adoption. It is also seen as an opportunity for offshore Chinese financial institutions to participate in the crypto market. The number of crypto users in Hong Kong is projected to reach 1.68 million by 2028, indicating the potential for billions of dollars to enter the market with the approval of the ETF.
