CRYPTO NEWS: 'Venture Smart Financial Holdings' A Global Financial Services Platform Headquartered In Hong Kong Starts Plans To Launch A Bitcoin ETF in Hong Kong!
- HK Wealth Management
- Jan 23, 2024
- 1 min read
Credits: Dim Sum Daily / Bloomberg.
Hong Kong, Asias financial hub is now moving forward & embracing technology by aiming to become 'Asias Crypto Hub' too
Leading the way in the SAR in 2024 is Venture Smart Financial Holdings Limited, a Hong Kong-based global financial services firm, is gearing up to introduce its spot bitcoin exchange-traded fund (ETF) in the first quarter of this year, with a target of reaching $500 million in assets under management by the end of the year, as reported by Bloomberg.
Venture Smart Financial Holdings, known as Hong Kong’s first approved virtual asset manager, the firm is yet to submit an ETF application to the Securities and Futures Commission (SFC)
The SFC signalled its readiness to accept applications for spot crypto ETFs in December, unveiling two circulars that outlined the prerequisites for launching such products. The move came following the introduction of Hong Kong’s crypto licensing regime for crypto trading platforms in June 2023, with the aim of reestablishing the city’s standing as Asia’s crypto hub. Hong Kong already hosts three crypto futures ETFs: Samsung Bitcoin Futures, CSOP Bitcoin Futures, and CSOP Ether Futures.
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