jakiro
Author: Xie Zhaoqing, Tencent Finance “First Line”
The Hong Kong Securities Regulatory Commission has finally taken a more substantial step in digital currency.
In the early morning of April 10, the Hong Kong Securities Regulatory Commission updated the list of funds for virtual asset management funds on the official website, and added the Castrol International Asset Management Company (referred to as Castrol International) and Huaxia Fund (Hong Kong) Co., Ltd. (referred to as Huaxia Fund), Huaxia Fund,That is, on the original traditional asset management business of these public funds, virtual asset management business has been added.
This means that the mainland public fund company has finally “killed” the virtual asset industry in Hong Kong and has the qualification to issue fund products about currency circle.
According to the official website of the Hong Kong Securities Regulatory Commission, there are now 18 funds in Hong Kong that can carry out “currency circle” asset management.However, Castrol International and Huaxia Fund belonged to the first batch of public funds in Hong Kong to enter the “currency circle”.
Tencent Finance’s “First Line” was learned on January 26 this year that Castrol International was the first fund to submit Bitcoin spot ETF in Hong Kong.
In the past three months, Castrol International finally added the qualifications of the “currency circle” asset management.This means that public funds including Castrol International and Huaxia Fund are eligible to issue fund products related to the “currency circle”, such as Bitcoin spot ETF.Retail investors can purchase related products through the Hong Kong Stock Exchange.
Tencent Finance’s “First Line” was exclusively informed from different sources that the Hong Kong Securities Regulatory Commission urgently updated the list of virtual asset management funds in the early morning of April 10 because its plans to rush to announce the first batch of Bitcoin spot ETFs in Hong Kong on April 15th.List.
Tencent Finance’s “First Line” learned from different sources that the Hong Kong Securities Regulatory Commission originally planned the first batch of four Bitcoin spot ETFs. In addition to Castrol International, there were Huaxia Fund, Botai Fund and Huili Finance.
However, the Boshi Fund and Huili Finance have not yet appeared in the list of virtual asset management funds updated by the Hong Kong Securities Regulatory Commission in the early morning of April 10.Tencent Finance’s “First Line” was informed that the two funds themselves did not independently meet RO (remarks, Hong Kong licensing responsible persons), which are in cooperation with the currency circle institution Harshkey Capital and VSFG.Data from the Hong Kong Securities Regulatory Commission show that Harshkey Capital and VSFG are already qualified currency circle asset management agencies.
Tencent Finance’s “First Line” also learned that some Bitcoin spot ETF applicants, including Huaxia Fund, temporarily set up a team more than a month ago and only submitted in the second week of March.Huaxia Fund is “over -speed” and has been approved by the Hong Kong Securities Regulatory Commission in two weeks.Tencent Finance’s “First Line” was informed that Huaxia Fund had dug RO from a small Bitcoin futures institution.As of press time, it has not been able to contact the Huaxia Fund for comment.
Tencent Finance’s “First Line” was informed that the plan to submit the spot ETF of Bitcoin in Hong Kong needs to meet at least 20 cooperation agencies, including Bitcoin Custodian Bank and the city’s businessmen, and institutions holding comprehensive accounts of virtual asset transactions.If it is strictly abide by the Hong Kong application process and conventional communication paths, it is unlikely that any institution in Hong Kong can complete all application materials in about half a month.
According to the Hong Kong process, after the Hong Kong Securities Regulatory Commission approved the first batch of Bitcoin spot ETFs on April 15th, the Hong Kong Stock Exchange needed about 2 weeks to prepare the product to be launched, but the entire Bitcoin spot ETF project was early and the Hong Kong Stock Exchange earlierI have done detailed communication and plans, and it is expected to be completed for about 10 days.Tencent Finance’s “First Line” was informed that the Hong Kong Securities Regulatory Commission originally planned to be around April 25, and at the latest no more than the end of April, it was launched in Hong Kong’s Bitcoin spot ETF.
This is worth looking forward to for ordinary investors, that is, they can invest in Bitcoin linked by purchasing this class of ETFs, which is equivalent to opening up the channel for retail investors to invest in the currency circle.
The approval of the Hong Kong Bitcoin spot ETF has been about three months since the US Securities Regulatory Commission’s approval of the first batch of US Bitcoin spot ETFs on January 11.Public data shows that the asset management scale of the top 10 Bitcoin spot ETFs in the United States is about 57 billion US dollars (including GBTC), and the top 3 major accounts for more than 88%.
Data show that the GBTC of GrayScale Bitcoin Trust is US $ 23.1 billion. GBTC converted from a previous closed fund to Bitcoin spot ETF when the US Securities Regulatory Commission approved ETF. At that time, the scale was close to $ 30 billion.
Following GBTC, Bitcoin spot ETF (IBIT) issued by large global public funds Black, and FBTC issued by Fidelity Fund, has a management scale of US $ 17.2 billion and $ 9.9 billion, respectively.Tencent Finance’s “First Line” was informed that the Hong Kong Securities Regulatory Commission once hoped that Hong Kong would also come out of a similar market, that is, the Bitcoin spot ETF that was hoped to be in the Bitcoin asset management could marked the IBIT of Berlaide.
Some interested investors in Hong Kong institutional institutional have analyzed Tencent Finance’s “First Line”, and now Bitcoin is now in a rising market. When the Hong Kong stock market is not active, Bitcoin spot ETFs are the hopes of many traditional institutional investors to configure configuration.assets.However, compared with the United States, Hong Kong’s Bitcoin spot ETF may be about one -tenth of the United States, that is, the Bitcoin spot ETF of Castrol International may reach a scale of about 2 billion US dollars.
It is understood that the Hong Kong Securities Regulatory Commission has been catching up and accelerating after criticizing the United States.
Compared with the US Bitcoin spot ETF to purchase with fiat currency, the local Bitcoin spot ETF in Hong Kong has added Bitcoin spot purchases. Investors can subscribe for this class of this class by fiat currency to the Hong Kong Stock Exchange.The currency circle transaction is subscribed for Bitcoin spot.This is the main reason that affects Hong Kong’s Bitcoin spot ETF.
Public information shows that there are only Hashkey and OSL licensed virtual asset exchanges in Hong Kong.This means that if investors want to subscribe for this class of ETFs with Bitcoin spot, they can only pass the two exchanges above without other choices.
Tencent Finance’s “First Line” was informed that on January 26, Castrol International submitted a Bitcoin spot ETF application in Hong Kong as the first institution.At that time, the two local compliant currency circle exchanges in Hong Kong never understood the relevant processes, and even inside the internal technology and processes of ETF.This has also delayed the process of the entire project.
More importantly, although the two exchanges have never fully disclosed their specific local user data, some investors told Tencent Finance’s “First Line” that compared with the United States’ Coinbase or Binance and other platforms, Hong Kong is now.Some of the two exchanges are not at all.However, as the head exchange of the currency circle, both Coinbase and Binance have temporarily abandon the plan to submit the application in Hong Kong.
