The Securities and Futures Commission (SFC) of Hong Kong is requiring all exchanges to be registered and licensed, as well as comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations. They must also maintain records, including the identities of transactors and the amounts involved.
Leaked documents on June 26 revealed that HSBC Hong Kong has already started allowing trading of Bitcoin and Ethereum exchange-traded funds (ETFs) for instruments listed on the Hong Kong Stock Exchange. While this has not been confirmed by the bank, it gives them an advantage over institutions in the United States.
Despite multiple applications, the Securities and Exchange Commission (SEC) has not yet approved a Bitcoin spot ETF. However, BlackRock recently submitted a filing for a Bitcoin spot ETF, generating interest in the crypto market and boosting Bitcoin prices to around $31,000. This development has also helped stabilize Dogecoin prices.
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