Hong Kong is reportedly weighing the potential for permitting spot cryptocurrency exchange-traded funds (ETF).
In a brand new Bloomberg report, Hong Kong’s Securities and Futures Fee CEO Julia Leung outlines what it could take for spot crypto ETFs to be approved within the city-state.
“We welcome proposals utilizing modern expertise that enhances effectivity and buyer expertise. We’re glad to attempt it so long as new dangers are addressed. Our method is constant whatever the asset.”
In line with Bloomberg, Hong Kong at the moment solely permits futures-based crypto ETFs and among the many listed merchandise contains the Samsung Bitcoin Futures Energetic in addition to a Bitcoin (BTC) and Ethereum (ETH) futures ETF issued by CSOP Asset Administration.
The potential for spot crypto ETFs getting accredited in Hong Kong comes at a time when Hong Kong’s ambitions of changing into a number one digital asset hub are in excessive gear, in line with the report.
Earlier this 12 months, Hong Kong rolled out a digital property regulatory framework. On the crypto regulatory framework, Leung stated,
“Hong Kong’s complete digital property regulatory framework follows the precept of ‘similar enterprise, similar dangers, similar guidelines’ and goals to supply strong investor safety and handle key dangers.’ It will allow the business to develop sustainably and assist innovation.”
Studies additionally emerged in June that the Hong Kong Financial Authority had pushed for banks within the city-state to supply their companies to licensed crypto exchanges. It was additionally reported in February that China was supposedly in assist of Hong Kong’s plans to permit each institutional and retail traders to commerce in crypto property.
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