Reports suggest that Hong Kong’s Securities and Futures Commission is on the verge of greenlighting the region’s first spot Bitcoin exchange-traded fund (ETF), marking a significant milestone for the city’s crypto market.

According to sources close to the Hong Kong Securities and Futures Commission, the approval for the first batch of spot Bitcoin ETFs is anticipated to occur by April 15, as reported by Tencent News. Initially, the regulator planned to approve four spot Bitcoin ETFs in the initial batch, but recent developments indicate that at least two applications failed to meet Hong Kong’s criteria for crypto asset management.

While the exact timing and recipients of the approval remain uncertain, various Hong Kong-based companies and proxies from mainland China have expressed their intent to launch spot crypto exchange-traded funds. Notable entities such as China Southern Fund, Harvest Fund, Jiashi Fund, Huaxia Fund, and Southern Fund have submitted applications through their Hong Kong subsidiaries and await regulatory clearance.

Upon approval from the Securities and Futures Commission of Hong Kong, the Hong Kong Stock Exchange will require approximately two weeks to finalize product listings and address related matters.

The potential approval of spot Bitcoin ETFs in Hong Kong follows three months after the U.S. Securities and Exchange Commission’s green light for the first batch of such ETFs in the United States. To date, the top 10 spot Bitcoin ETFs have collectively amassed around $57 billion under management, with the top three accounting for more than 88% of the total assets.