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Hong Kong Asset Managers Exploring Crypto ETFs: Is Asia Moving Faster On Digital Assets Than The US?

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As U.S.-based crypto market participants eagerly await the decision by the U.S. Securities and Exchange Commission (SEC) for the approval of 13 Bitcoin spot exchange-traded Funds (ETFs), approximately 10 fund companies in Hong Kong are preparing virtual asset spot ETFs.

Livio Weng, COO of HashKey Group, said seven or eight of them are already in advanced stages.

This initiative in Hong Kong follows the joint announcement by the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) in December 2023.

The regulators declared their readiness to accept applications for the authorization of virtual asset spot ETFs.

This move would position Hong Kong as the first market in Asia to open doors for the listing of such ETFs.

Also Read: SEC’s Hacked Tweet On Bitcoin ETFs Causes Massive Trader Losses, Over $220M Liquidated

Hong Kong’s Regulatory Shift Towards Crypto ETFs: The background to this emerging trend in Hong Kong lies in the regulators’ shift in policy towards virtual asset spot ETFs.

In December 2023, both the SFC and HKMA, acting as the city’s central banking authority, reviewed and adjusted their existing policies.

They published two circulars that outlined the specific requirements for spot crypto ETFs, signaling a significant step towards embracing cryptocurrency in the region’s financial markets.

The speed of developments in Hong Kong contrasts with the ongoing wait for the SEC’s decision in the U.S., where the approval of spot Bitcoin ETFs eluded fund managers for years.

Hong Kong’s potential dash into crypto ETFs may be a pivotal moment for Asia’s financial markets. But it also adds an interesting dimension to the global discourse on the integration of virtual assets into mainstream financial products.


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