Livio Weng, the chief operating officer of HashKey, a Hong Kong-approved crypto exchange, revealed to local media that nearly ten fund firms have shown keen interest to explore possible spot crypto ETFs in the city.
The operations head at HashKey claimed that nearly ten fund firms in Hong Kong have started looking into the unveiling of potential spot crypto exchange-traded funds (ETFs).
Ten Fund Managers Plotting Spot Crypto ETFs in Hong Kong
In an interview, he noted that almost ten fund managers, which includes those with Chinese capital support and others from Europe and Asia, are evaluating the opportunity to unveil spot crypto exchange-traded funds in the city. Approximately 7-8 have had contact with Hong Kong’s Securities and Futures Commission (SFC). Besides, Weng said they have established a team to commence the investment products’ design.
Despite the lack of confirmation, the U.S. Securities and Exchange Commission (SEC) is anticipated to sanction spot Bitcoin exchange-traded funds on Wednesday. Trading is expected to start the next day.
HashKey, which got approval from the Securities and Futures Commission in August to start retail crypto trading, verified that it might take part in potential spot Bitcoin ETFs via two primary aspects. They include offering crypto custody service and participating in crypto transactions linked to exchange-traded funds.
Hong Kong Asserts Readiness for Spot Crypto ETFs
Hong Kong is preparing to clear the path for spot crypto exchange-traded funds. Last month, the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, and the SFC claimed they had evaluated their present policy. They published two notices highlighting the conditions for spot Bitcoin exchange-traded funds.
The unveiling of spot crypto ETFs in Hong Kong will affirm the administrative region’s contention for a global digital assets hub.
Last month, the Securities and Futures Commission revealed that crypto transactions made by spot crypto exchange-traded funds must be executed via approved financial institutions and SFC-approved crypto platforms.
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