According to Bloomberg, Venture Smart Financial Holdings Ltd. (VSFG), a Hong Kong financial services company, plans to submit an application to the Securities and Futures Commission of Hong Kong with the aim of launching a Bitcoin ETF in the first quarter. Brian Chan, Head of Investment and Product Group at VSFG, stated that this is a market with tremendous potential and their goal is to reach $500 million in assets under management by the end of this year.
According to its website, VSFG offers traditional and digital wealth management services and is one of the first virtual asset management companies approved by the Securities and Futures Commission in Hong Kong.
Last month, the Securities and Futures Commission of Hong Kong released guidelines for the approval of spot cryptocurrency funds and currently allows futures-based cryptocurrency ETFs to be listed. The three futures-based ETFs currently listed include the “Samsung Bitcoin Futures Active ETF” launched by Samsung Asset Management (Hong Kong) Limited, as well as the “CSOP Bitcoin Futures ETF” and “CSOP Ethereum Futures ETF” launched by CSOP Asset Management.
Furthermore, Bloomberg also reported that Samsung Asset Management stated that they do not “rule out the possibility of exploring the launch of spot ETFs”, while CSOP Asset Management did not respond to requests for comment.
The Securities and Futures Commission stated that apart from the guidelines issued in December, they will not make any comments. Based on the history of traditional ETFs, the approval process for such products may take several weeks to months.
Serra Wei, CEO of digital asset custody company Aegis Custody, stated that the company is in discussions with four asset management companies regarding the listing of spot cryptocurrency investment products in Hong Kong. Wei also noted that the regulatory requirements in Hong Kong may result in higher fees for issuers compared to the low management fees of many new US Bitcoin spot ETFs.
Rebecca Sin, an ETF analyst at Bloomberg Intelligence, stated that CSOP Asset Management may have a leading position in the competition for digital asset spot ETFs in the Asia-Pacific region. She pointed out that among the current futures-based digital asset ETFs in Hong Kong, CSOP’s products account for the majority of managed funds.
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