Chinese mainland fund companies are utilizing their Hong Kong subsidiaries to explore spot Bitcoin ETFs, showcasing their interest in this new investment opportunity. According to a report from China’s Securities Times, mainland-based equity funds have applied to launch spot Bitcoin ETFs through their Hong Kong branches.

Harvest Fund Management’s Hong Kong branch is one of the companies awaiting approval from the Securities & Futures Commission (SFC) of Hong Kong since January. Other Chinese public equity funds are also evaluating the feasibility and potential of spot Bitcoin ETF products.

In a similar vein, China Asset Management’s Hong Kong division has partnered with licensed crypto exchange HashKey to advance initiatives related to Web 3.0 in the asset management industry in Hong Kong. Although a specific timeline for spot Bitcoin ETFs in Asia has not been announced, industry experts anticipate that applications could emerge as early as this quarter.

The drive towards spot crypto ETFs gained momentum when the SFC and the Hong Kong Monetary Authority acknowledged the growing interest in launching spot crypto ETFs. While the SFC has permitted licensed crypto providers to offer crypto futures ETFs in the region, regulatory approval for spot ETFs is still pending.

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