Harvest Global Investments is a major asset management company in China. According to separate reports from Tencent news and Bloomberg, the company has applied for an exchange-traded funds (ETFs) that will hold spot bitcoins and it’s in talks with regulators about the stablecoin sandbox in Hong Kong.

Harvest Global has not responded to a comment request. The SFC refused to comment.

Hong Kong regulators announced that they are ready to accept applications for crypto spot ETFs in December 2023. This is less than two weeks following the approval of nearly a dozen applicants for spot-bitcoin exchange traded funds (ETFs) in the U.S.

Bloomberg reported in the beginning of this month that Venture Smart Financial Holdings is also a Hong Kong company which has said it plans to file an application for a bitcoin spot ETF and hopes to begin trading in the first quarter.

Bloomberg, citing sources familiar with the issue, reported that Venture Smart Financial is in talks with the Hong Kong Monetary Authority about the planned stablecoin sandbox.

A spokesperson for the HKMA said that “the sandbox is designed for stablecoin issuers with a fiat reference who have a real interest and a realistic plan to issue FRS in Hong Kong.” The HKMA will be announcing details of the sandbox launch in due time.

CoinDesk’s request for a comment to the HKMA (the central bank that is involved in the stablecoin effort of the region) was not immediately responded.

Hong Kong regulators have published proposals to supervise stablecoin issuers via a license regime. Feedback is requested by the end February.

Bitcoin ETFs Around Asia and the U.S. Approvals? Analysts are optimistic about Momentum

UPDATED (Jan. 29, 10:00 UTC): Added responses from HKMA and SFC.

Sheldon Reback is the editor.