HomeBitcoinHong Kong company seeks approval for Bitcoin ETF in mainland China

Hong Kong company seeks approval for Bitcoin ETF in mainland China

-


Harvest CEO Looks to Make Bitcoin ETF Accessible to Mainland Chinese Investors

Harvest CEO Looks to Make Bitcoin ETF Accessible to Mainland Chinese Investors

The CEO of Harvest, a company that issues a spot Bitcoin exchange-traded fund (ETF) in Hong Kong, is exploring ways to make its Bitcoin ETF accessible to mainland Chinese investors. Han Tongli is considering offering Harvest’s Bitcoin and Ether ETFs through Hong Kong’s ETF Connect framework, as reported by the South China Morning Post on May 9.

ETF Connect, launched in 2022 and approved by the China Securities Regulatory Commission and the Securities and Futures Commission, aims to promote interaction and integration between Hong Kong and mainland China, offer diverse asset allocation choices, and enhance liquidity.

Han Tongli stated that if everything goes smoothly in the next two years, Harvest may apply for its ETFs to be included in ETF Connect. The inclusion of Bitcoin and Ether ETFs in the program could potentially have a significant bullish impact on cryptocurrency markets, given China’s large investor pool. However, it remains to be seen whether the Chinese government will embrace this opportunity, as they have historically taken a restrictive stance on cryptocurrencies like Bitcoin.

Despite the launch of Bitcoin and Ether futures-based ETFs in Hong Kong in 2022, they have not been included in Stock Connect, according to SCMP. The potential for Hong Kong to offer mainland Chinese investors access to a Bitcoin ETF has been a topic of interest, especially considering the size disparity between the Hong Kong and mainland Chinese ETF markets.

Industry analysts have expressed skepticism about the market impact of the ETF launch in Hong Kong, noting that the local market is much smaller compared to the United States and mainland China. Some Hong Kong-based subsidiaries of mainland Chinese companies reportedly have significantly more assets in the mainland Chinese market than in the local one.

The move to make Harvest’s Bitcoin ETF accessible to mainland Chinese investors could have far-reaching implications for the cryptocurrency market, but it ultimately depends on the willingness of the Chinese government to embrace this opportunity.

LATEST POSTS

Binance.US is ‘Ready’ as SEC Lawsuit Progresses

Binance.US Prepared to Face SEC Lawsuit, Vows to Continue Legal Battle Binance.US Ready to Face SEC in Legal Battle Crypto exchange Binance.US is gearing up for...

Maincard.io Debuts on TON Blockchain, Transforming the World of Sports Betting

Maincard.io Launches on TON Blockchain: Revolutionizing Web3 Sports Fantasy Gaming Maincard.io, the leading Web3 sports fantasy card game, has made a groundbreaking move by officially...

Bitfarms’ June Bitcoin mining output increases by 21% compared to previous month, reaching 189 bitcoins

Bitfarms Mining Operations Thrive Amid Hostile Takeover Battle Bitfarms, a leading cryptocurrency mining company, is facing a hostile takeover attempt from Riot Platforms as it...

The enduring positive correlation between bitcoin and stocks

Cryptocurrency Outlook and Expert Insights: Bitcoin Stability, Ethereum Gains, and Political Influence Bitcoin (BTC-USD) has been on a rollercoaster ride in recent months, but it...

Most Popular