According to Reuters, which cited two people with knowledge of the situation, Hong Kong regulators are expected to approve the first round of applications for spot bitcoin exchange-traded funds (ETF) next week, opening the door for the products to begin trading as early as April.
Singapore and the UAE are not currently reflecting immediacy, therefore Australia and Hong Kong are the two countries that could be the first in Asia to provide spot bitcoin ETFs.
According to Reuters, which cited one of the persons, Hong Kong’s regulators have expedited the clearance procedure.
The Securities and Futures Commission (SFC) has received an application for a spot ETF from Harvest Global Investments, a significant asset management firm in China, asset manager VSFG, and Value Partners.
Four organisations have applied to start the debut bitcoin exchange-traded funds (ETFs), according to a Reuters report. China Asset Management, Harvest Fund Management, and Bosera Asset Management’s Hong Kong branches were identified as three of them. A request for comment from CoinDesk was not immediately answered by the SFC or the three companies mentioned.