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VSFG aims to launch ETF by March
Hong Kong-based financial services company Venture Smart Financial Holdings (VSFG) plans to launch a Bitcoin (BTC) spot ETF during the first quarter of this year (January-March). Bloomberg reported.
VSFG will now file an application with Hong Kong’s Securities and Futures Commission, with the goal of reaching approximately 74 billion yen ($500 million) in assets under management by the end of the year. As a simple comparison, BlackRock’s Bitcoin ETF currently has 25,067 BTC in assets under management, which is over $1 billion.
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Last December, Hong Kong’s Securities and Futures Commission (SFC) announced that it was ready to accept applications for a cryptocurrency spot ETF. It also specified requirements for ETFs, such as handling only tokens listed on virtual currency exchanges approved by the SFC.
Additionally, the CEO of virtual currency exchange HashKey said that about 10 companies have started considering the launch of virtual currency spot ETFs in Hong Kong.
If approved, it is likely that trading of Bitcoin and other virtual currency spot ETFs will begin in Hong Kong, following the United States.
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What is Bitcoin ETF?
An Exchange Traded Fund that includes Bitcoin as an investment. An investment trust is a financial product that collects money from investors into a single fund and invests it in stocks, bonds, etc. The system is such that the investment results are distributed according to each investor’s investment amount. Among investment trusts, ETFs are listed on stock exchanges, so they can be bought and sold just like stocks.
Virtual currency glossary
connection:
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks
Is South Korea also considering approval for listing?
Closer to Hong Kong, South Korea is also considering reconsidering its approval to list Bitcoin spot ETFs.
South Korea’s Financial Services Commission warns that domestic securities companies may violate capital market laws if they handle overseas Bitcoin spot ETFs following approval of Bitcoin spot ETFs in the United States. Was.
On the other hand, he also stated, “Regulations for virtual currencies are being developed in Japan, and there are cases in other countries such as the United States, so we will consider further,” leaving room for approval in the future.
In response to a question on the 18th, Song Tae-yoon, chief of staff for policy at the South Korean presidential office, answered, “Are you considering institutionalizing Bitcoin?” We need to make appropriate changes.”
He also stressed that the government has not made a final decision regarding overseas-listed Bitcoin ETF products, adding that it needs to assess the risks this may pose to South Korea.
Since the SEC (Securities and Exchange Commission) approved Bitcoin spot ETFs in the United States, the cumulative trading volume has exceeded approximately 1.9 trillion yen ($13 billion).
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