Hong Kong to Become the Next Crypto ETF Hub as BTC ETF Anticipation Continues in US
Hong Kong is poised to become a leading hub for cryptocurrency exchange-traded funds (ETFs), particularly spot Bitcoin (BTC) ETFs, as anticipation grows for the approval of such ETFs in the United States.
Industry leaders believe that Hong Kong’s Securities and Futures Commission (SFC), which has shown a positive stance towards digital assets, sets a favorable stage for the introduction of spot Bitcoin ETFs.
Yat Siu, chairman of web3 investor Animoca Brands, said the SFC is open to widening access to digital assets, claiming that a spot Bitcoin ETF would be relatively uncontroversial.
Siu also noted that Hong Kong could take reference from the extensive public filings and applications related to ETFs in the United States, which has made significant progress in this area.
Hong Kong stands out from its neighboring mainland China, which has implemented stricter regulations on cryptocurrency trading and mining.
In contrast, Hong Kong has embraced crypto firms and encouraged collaboration between banks and the crypto industry.
In 2022, the authorities in Hong Kong released policy statements to strengthen the city’s position as a global financial center, and in June, the crypto licensing regime for virtual asset trading platforms was officially launched.
Back in November, Julia Leung, CEO of Hong Kong’s SFC, expressed the regulator’s interest in assessing spot crypto ETFs and its openness to proposals that utilize innovative technology to enhance efficiency and customer experience.
Currently, Hong Kong has listed several futures-based crypto ETFs, and industry experts like Glenn Woo, Head of Sales of APAC at Blockdaemon, believe that the appetite for spot bitcoin ETFs is growing in Hong Kong.
While there is
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