Chinese Companies Managing 1 Trillion Yuan in Hong Kong to See Approval for Bitcoin Spot ETF Applications Next Week

Inbitcoin news, Bitcoin Spot ETF, China, crypto news, Featured, Investing

Many Chinese companies in Hong Kong, actively managing funds in very big amounts, are currently engaged in the preparation for the launch of Bitcoin spot ETF products by next week.

In 2023, Hong Kong, a special administrative region of China, emerged as a crypto-friendly jurisdiction, facilitating fully legal crypto-trading activities governed by meticulously defined regulations and statutes. This stands in stark contrast to mainland China, where crypto trading has been categorically prohibited since December 2021.

As per reports, the financial regulatory bodies of Hong Kong will approve Bitcoin spot ETF applications of Chinese fund manager companies by next week.

Sources confirmed that the process to green signal BTC ETF grabbed a better level of pace among the authorities.

Adrian Wang, who leads Metalpha, a company in Hong Kong managing crypto assets, highlighted how Hong Kong’s ETFs could have a big impact. He said they might bring in more investments from around the world and make more people use crypto.

Currently, at least 4 Chinese companies from Mainland China & Hong Kong are in queue to get approval for their Bitcoin spot ETF product.

The companies behind these firms are among the biggest investment companies in China. Every company manages over 1 trillion yuan (worth nearly $138 billion) in assets. However Bitcoin & crypto trading is fully prohibited in mainland China, but still Chinese financial institutions outside the country are very interested in working on crypto assets in Hong Kong.

Also, the latest reports confirmed that a pro-crypto political party in South Korea won the parliamentary election. Before the election, they promised that they would allow citizens to invest money in Bitcoin via foreign based Bitcoin spot ETF products.

Bitcoin proponents believe that such events are going to have a very big positive impact on the trade price of Bitcoin, as institutional money inflow in the Bitcoin market will surge rapidly.