Hong Kong-based cryptocurrency exchange OSL stated that Hong Kong may approve spot Bitcoin ETFs by the middle of this year.
It was a matter of curiosity when Hong Kong, which took action after the USA collectively approved spot Bitcoin exchange traded fund (ETF) applications, would give the first approval in this field.
The manager of OSL made a statement to the Hong Kong Economic Journal about the issue. Gary TiuHong Kong officials By mid-2024 He expressed that he may approve the application for a spot Bitcoin ETF.
Tiu said OSL is already in close communication with many fund companies and 5 to 10 companies are currently working on a spot Bitcoin ETF he emphasized.
On the other hand, in Hong Kong There are only 2 licensed cryptocurrency exchanges The manager stated that spot Bitcoin ETF operating fees He noted that efforts were made to keep it to a minimum.
Gary Tiu made the following statements regarding the effects of spot Bitcoin ETF approvals on the cryptocurrency ecosystem in the country:
These ETFs offer many important benefits, including promoting regulated markets in cryptocurrencies, creating a model for domestic investor protection, and accelerating integration between regulated cryptocurrency exchanges and traditional financial institutions.
Financial services firm based in Hong Kong Venture Smart Financial Holdings (VSFG) In a recent announcement, In the first quarter of 2024 He stated that they aimed to launch the spot Bitcoin ETF.
According to current data, no agency has yet submitted to the country’s Securities and Exchange Commission (SFC). spot Bitcoin ETF application has not been made.