Hong Kong is poised to pave the way for spot crypto ETFs. The financial regulator said today it was ready to start accepting such applications.
Hong Kong Announces Ready to Accept Spot Crypto ETF Applications
In a joint circular published today, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority, the city's de facto central bank, said both agencies are reviewing their current policies for brokers seeking to engage in virtual assets-related activities.
The SFC expressed readiness to accept authorization applications for existing crypto futures ETFs, as well as other funds based on virtual assets, including “virtual asset spot exchange-traded funds (VA spot ETFs).”
Unlike a broader crackdown on cryptocurrency trading and mining in mainland China, Hong Kong has welcomed crypto firms this year. He went so far as to encourage banks to work with them.
“They are very receptive to the crypto industry and will potentially be one of the first to have a spot ETF approved by a more developed financial market,” Jason Chan, a partner at Hong Kong-based law firm Howse Williams, said in a statement.
*This is not investment advice.
