[NEWS] Ten funds prepare to launch cryptocurrency spot ETF in Hong Kong

It has been reported that about 10 funds are preparing to launch cryptocurrency spot ETFs in Hong Kong. Local media Caixin reported on the 10th.

In light of the SEC's (US Securities and Exchange Commission) approval of the listing of Bitcoin spot ETFs, Livio Weng, COO of cryptocurrency exchange HashKey, gave an exclusive interview to Caixin.

According to Weng, 10 companies, including fund managers backed by Chinese capital and fund managers from Asia and Europe, are considering introducing cryptocurrency spot ETFs in Hong Kong.

Seven or eight of the 10 companies are already in discussions with the SFC (Hong Kong Securities and Futures Commission) and have formed teams to start designing investment products. It is also said that in addition to Bitcoin spot ETFs, other cryptocurrency spot ETFs may be offered.

Hong Kong is preparing to pave the way for cryptocurrency spot ETFs. Last December, the SFC and Hong Kong's central bank, the HKMA, announced their review of existing practices and released two documents addressing the requirements for crypto spot ETFs.

According to the documents, the SFC noted that crypto trading through crypto spot ETFs should be conducted through crypto platform licensed by the SFC or licensed financial institutions. The HKMA expressed its willingness to approve applications for crypto spot ETFs using this approach.

SFC CEO Julia Leung stressed that "Hong Kong regulators need to be open to innovative technologies that improve efficiency and customer experience," with appropriate risk management measures in place.

Hong Kong already allows crypto futures ETFs, such as the Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF, to be traded through the Hong Kong branch of Swiss-based UBS Bank.

If Hong Kong approves the listing of crypto spot ETFs, it will be at the forefront of the Web 3.0 market in Asia. The possibility that the Hong Kong government's plan to make Hong Kong a blockchain hub may be further accelerated.

Reference:Report
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