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- 1 The Securities and Futures Commission of Hong-Kong received its first application for the Bitcoin spot ETF on Jan 29.
- 2 The regulatory institution received the application as it clarified in its circular released in the last quarter of 2023, that it is ready to accept the applications.
- 3 In the last two months of 2023, Bitcoin price enjoyed an immense positivity and was constantly trying to achieve a milestone of $49k.
Harvest International became the first institution to file for a Bitcoin spot ETF application with Hong-Kong Securities and Futures Commission. The application by the firm was submitted on January 29 2024.
The Hong-Kong SEC has already notified in its circular dated December 22, 2023, that it is prepared to accept applications for virtual asset spot ETFs. In the past few years, the region has shown major improvement in terms of easing laws for the crypto industry.
However, dozens of market watchers and market analysts believe that Hong-Kong is on the right path that will make it a crypto hub in the coming years. Notably, China has maintained its stance on crypto and has imposed a ban on the usage and other activities related to cryptocurrencies.
Despite immense regulatory pressure on the crypto from the US regulatory authority, the Bitcoin spot ETF was approved by the Securities and Exchange Commission on January 10, 2024.
Following the approval of spot ETF, a sudden surge in the crypto adoption was seen in some European Union nations. Harvest Fund Management is one of the leading asset managers based somewhere in China.
There are several companies of Hong-Kong that are actively working in the crypto space are OKEX a cryptocurrency exchange, 100x, Crypto(dot)com one of the leading crypto based firm functioning on a global scale, Parallel and Pulsar Trading Capital including several others.
Crypto Market Overview Post ETF Approval
Before the approval of spot ETF, Bitcoin and several other crypto tokens of the market were constantly flourishing, however, the market response was underwhelming.
In the last two months of 2023, the BTC price chart displayed immense positivity and was constantly trying to achieve a milestone of $49k. However, it failed and the price took a quick reversal from the boundary of $48k.
When writing about the leader of the crypto market, Bitcoin was trading at $43,464 with an intraday growth of 3.26% and in the weekly time frame, its price recorded a 11.47% uptick.
The market capitalization of the whole crypto industry grew more than 2.85% in the past 24 hours, and was $1.67 Trillion as of writing. Despite any major improvement in terms of price, a major spike in crypto adoption was seen in Europe following the approval of spot ETF.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
