Venture Smart Financial Holdings Ltd., a Hong Kong-based financial services firm, has submitted its application for a spot bitcoin exchange-traded fund — and aims to launch the ETF as early as May.

Brian Chan, group head of investment and products of VSFG, told The Block on Thursday that the team is hoping for a May launch “if all goes smoothly.”

“But we're also keeping June in our sights just to be on the safe side,” Chan said. “It's tough to pin down an exact date with regulatory processes, but we're in active discussions with the SFC. We've hit the ground running with their initial feedback and are working together closely.”

Hong Kong is paving the way for spot crypto ETFs, with the Securities and Futures Commission and the Hong Kong Monetary Authority, its de facto central bank, …