Hong Kong Fund Companies Exploring Spot Crypto ETFs
Livio Weng, COO of HashKey, a licensed crypto exchange in Hong Kong, revealed that approximately ten fund companies in the city are considering launching spot crypto exchange-traded funds (ETFs). In an interview with Caixin, Weng mentioned that these fund managers, including those with Chinese capital backing and others from Asia and Europe, have been in contact with the Securities and Futures Commission (SFC) and have formed teams to design the investment products.
Possible Approval of US Spot Bitcoin ETFs
While not confirmed, it is widely expected that the US Securities and Exchange Commission (SEC) will approve spot bitcoin ETFs on Wednesday, with trading potentially starting the following day.
HashKey’s Potential Participation in Spot Crypto ETFs
HashKey, which obtained a license from the SFC to provide retail crypto trading services, may participate in spot crypto ETFs in Hong Kong by engaging in crypto transactions associated with ETFs and providing custody services.
Hong Kong’s Preparation for Spot Crypto ETFs
Hong Kong is making preparations for spot crypto ETFs, as the SFC and the Hong Kong Monetary Authority announced that they have reviewed their existing policies. Circulars addressing the requirements for spot crypto ETFs have been published by the regulators.
Hot Take: Potential Growth for Crypto ETFs in Hong Kong
The exploration of spot crypto ETFs by fund companies in Hong Kong signifies potential growth for the cryptocurrency market in the city. With regulatory authorities reviewing policies and preparing for these investment products, it shows a positive outlook for the adoption of cryptocurrencies among traditional financial institutions. If approved by the SEC in the US, it could further accelerate the global acceptance and integration of crypto ETFs. Hong Kong’s involvement in this trend positions it as a significant player in the future of cryptocurrency trading and investment.
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