Hong Kong may launch its first spot ETFs as early as the center of this yr.
In accordance with local media, Gary Tiu, chief government and head of regulatory affairs at OSL, a Hong Kong-licensed cryptocurrency alternate, mentioned the federal government could quickly launch exchange-traded funds.
OSL is in shut contact with many fund corporations, and between 5 and ten corporations are presently exploring such an ETF. Tiu added that about 5 corporations have made progress quicker than others and have the potential to roll out the primary spot crypto ETFs in Hong Kong by the center of this yr.
Tiu additionally acknowledged the necessity to make sure that charges, when the alternate collaborates with fund corporations, should not prohibitively excessive, on condition that there are presently solely two licensed cryptocurrency exchanges within the metropolis, in keeping with the media report.
Hong Kong, which operates a separate authorized system from China, has skilled a wave of protests in recent times emphasizing that distinction, making an attempt to forge a brand new pathway for crypto regulation towards a notoriously censorious Chinese language mainland authorities.
Amid the final course, HashKey, one other licensed cryptocurrency alternate in Hong Kong, said earlier this month that it was in talks with asset managers exploring the potential for launching potential spot cryptocurrency ETFs.
One other licensed cryptocurrency alternate in Hong Kong, said earlier this month that it was in talks with asset managers exploring the potential for launching potential spot cryptocurrency ETFs, plans to introduce Bitcoin spot ETFs already within the Q1 2024.