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Whereas 13 Bitcoin spot ETFs await approval from the US SEC, the Chief Working Officer of HashKey Group, Livio Weng, has revealed that about ten fund corporations are at the moment making ready to launch Digital Asset Spot Trade-Traded Funds in Hong Kong.
Weng mentioned that seven or eight of the recognized fund corporations are already within the superior phases of launching these spot crypto ETFs, native media reported.
This revelation comes because the area positions itself as a frontrunner in Asia by changing into the primary market to allow the itemizing of digital asset spot ETFs.
The transfer follows the issuance of a round in December 2023 by the Hong Kong Securities and Futures Fee (SFC) and the Hong Kong Financial Authority (HKMA), saying their readiness to entertain functions for the authorization of digital asset spot ETFs.
The regulatory atmosphere has advanced since 2018, when the SFC initially adopted a “professional-investors solely” regulatory strategy for the crypto market.
Hong Kong’s stance on digital belongings has witnessed a notable shift, with the regulators easing restrictions and broadening investor participation. In October, the SFC up to date its rule e-book to allow a wider vary of buyers to interact in spot-crypto and ETF investing.
Regulators Working to Permit Retail Buyers to Purchase Spot ETFs
SFC Chief Govt Officer Julia Leung additional affirmed this development, stating that the regulator is progressing in direction of permitting retail buyers to purchase spot crypto ETFs.
She emphasised the regulator’s openness to progressive applied sciences that improve effectivity and buyer expertise, supplied related dangers are adequately addressed.
The joint assertion issued by the SFC and HKMA highlighted the fast evolution of the digital asset panorama, extending its attain into mainstream finance.
The SFC expressed its willingness to just accept functions for the authorization of different funds with publicity to digital belongings, together with VA Spot ETFs.