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A notable development has occurred in the cryptocurrency market, which has caused great optimism due to spot Bitcoin ETF applications. Industry leaders believe that Hong Kong, which became a crypto-friendly financial center last year, could be one of the earliest pioneers in Asia to allow such investment funds if the US approves spot Bitcoin ETF applications.
Green Light for Crypto ETF Services
Yat Siu, the chairman of Web3 investor Animoca Brands, stated in an interview that the Hong Kong Securities and Futures Commission’s encouraging attitude towards crypto assets has laid a good foundation for potential spot Bitcoin ETF services. He mentioned:
“If you look at what the SFC said about a month ago, they are open to expanding access to crypto assets. And frankly, I can say that the spot Bitcoin ETF is relatively uncontroversial at the end of the day.”
The US is nearing the approval of its first spot Bitcoin ETF with numerous filings that comply with the SEC’s product creation and development demands. Siu continued his remarks by stating that Hong Kong authorities have many public applications and practices to reference:
“I guess Hong Kong will follow this, especially since the US has already done most of the work.”
Hong Kong and the Crypto Market
In contrast to its neighbor China’s extensive pressure on the cryptocurrency market and mining, Hong Kong has taken significant steps for crypto companies this year, even encouraging banks to work with crypto firms. In October 2022, Hong Kong officials released a series of policy statements about crypto assets to strengthen its position as a global financial center. In June, Hong Kong officially initiated crypto licensing regulations for cryptocurrency exchange platforms, allowing licensed exchanges to offer individual trading services.
Julia Leung, the executive director of the Hong Kong SFC, announced in November that the regulatory body is evaluating spot crypto ETF products as it welcomes proposals that use innovative technology to enhance efficiency and customer experience. Hong Kong has currently listed several futures-based crypto ETF funds: Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF.
Glenn Woo, APAC Sales Director of Web3 infrastructure firm Blockdaemon, shared his positive thoughts again in an interview this month. Despite some concerns from traditional asset managers, he said the spirit is definitely there and continued:
“There is an appetite there. I’m not sure if it will be launched next year or the following year, but the appetite will increase after the US first approves the ETFs.”
