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Hong Kong could approve spot Bitcoin ETF very soon

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Hong Kong’s Securities and Futures Commission (SFC), an independent statutory body charged with regulating the securities and futures markets, is likely to approve Spot Bitcoin Exchange-Traded Funds (ETFs), according to a Reuters report from April 10.

Hong Kong SFC is likely to approve Spot Bitcoin ETFs as early as April, according to a Reuters report. The significance of Hong Kong’s likely BTC ETF approval could be far-reaching as it implies infusion of global capital into Bitcoin. Bitcoin price rallied to a high of $71,300 on Thursday amidst positive developments in the ecosystem.

Hong Kong SFC’s approval is key to market participants since it is likely to promote the influx of global capital into Bitcoin. Two sources told Reuters that at least four mainland China and Hong Kong asset managers have submitted applications to launch Spot Bitcoin ETFs. April 2024 is an important month for crypto traders since Bitcoin’s halving event is slated to occur on April 19.

 

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