Hong Kong, known as a global financial center increasingly embracing cryptocurrencies, could position itself as a pioneer in Asia by allowing spot Bitcoin exchange-traded funds (ETFs) if the United States approves such instruments, industry leaders say .
Hong Kong Set to Become Bitcoin ETF Center as US Approval Nears
Yat Siu, President of Web3 investor Animoca Brands, pointed out that the positive stance of the Hong Kong Securities and Futures Commission (SFC) on digital assets has produced a favorable environment for potential spot Bitcoin ETFs.
Siu suggested that Hong Kong would likely follow suit, taking advantage of the groundwork the United States has already done. City officials may refer to numerous public files and applications in their decision-making process.
Unlike the broader crackdown on crypto in mainland China, Hong Kong has welcomed crypto firms this year, even encouraging cooperation with banks.
The region created a crypto licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services.
Hong Kong SFC CEO Julia Leung stated in November that the regulator was considering spot crypto ETFs and welcomed proposals using innovative technology.
Currently, Hong Kong has listed several futures-based crypto ETFs, including the Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/this-country-is-preparing-to-become-an-etf-center-as-the-countdown-continues-for-bitcoin-etf-approval/