The Securities and Futures Commission of Hong Kong (SFC) has recently given the green light to three Bitcoin spot ETFs. These ETFs are issued by Harvest Global Investments, China Asset Management, and a collaboration between HashKey and Bosera Asset Management.

This move not only enhances the diversity of the financial landscape but also indicates a growing acceptance and institutionalization of digital currencies.

Bitcoin ETF Launch Process

Cointelegraph reports that the process of integrating these ETFs into the financial market is complex and structured. After receiving initial approval, the Hong Kong Stock Exchange will require approximately two weeks to complete all the necessary listing and regulatory procedures.

This period is crucial to ensure that all regulatory and operational frameworks are ready to support the introduction of these financial products to the market seamlessly.

The significance of the first Bitcoin spot ETFs in Hong Kong is enormous. According to Herbert Sim, the Chief Operating Officer of the crypto exchange Websea, this approval could act as a catalyst for a post-halving Bitcoin rally.

Sim emphasizes that the halving event, which reduces the reward for mining new blocks, is not the only factor traders should consider. The introduction of Bitcoin ETFs in major financial hubs like Hong Kong may drive significant buying activity from large banks in China, potentially boosting the price of Bitcoin.

Different Approaches in the US

On the other side of the world, the situation with crypto ETFs in the US shows a stark contrast. The US Securities and Exchange Commission (SEC) has shown great reluctance to approve spot Ether ETFs.

Jan van Eck, the CEO of the investment firm VanEck, shared in a recent interview that his company's application for a spot Ether ETF is likely to be rejected. VanEck, along with Cathie Wood from ARK Invest, are pioneers in applying for such ETFs in the US, with a decision expected by the end of May.

This caution reflects ongoing regulatory concerns and the careful approach of US authorities towards crypto-based financial products.

Tightening Crypto Crime Controls in the US

In addition to regulatory challenges, the US is also focusing on tightening controls on crypto-related crime. US Deputy Treasury Secretary Adewale Adeyemo, in testimony before the Senate Banking Committee, emphasized the need for stronger enforcement mechanisms.

During a hearing focused on combating illicit finance, terrorism, and sanctions evasion, Adeyemo proposed several reforms aimed at enhancing the US government's ability to oversee international bad practices involving crypto.