Hong Kong-based financial services firm Venture Smart Financial Holdings Limited is planning to launch its spot bitcoin exchange-traded fund within the first quarter, setting a target of $500 million in assets under management by the year-end, according to Bloomberg.

The company, which claims to be Hong Kong's first approved virtual asset manager, has yet to place an ETF application with the Securities and Futures Commission, the city’s financial regulator.  

In December, the SFC announced that the city was ready to accept applications for spot crypto ETFs, along with two circulars that addressed the requirements for launching such products. The region rolled out its crypto licensing regime for crypto trading platforms in June 2023 in hopes of reclaiming its position as Asia’s …