The Hong Kong Securities and Futures Commission (SFC) has approved a local cryptocurrency exchange’s ETF application.
Despite Chinese pressure, Hong Kong has given the green light to these two cryptocurrencies
Hong Kong exchange CSOP Asset Management has received approval to list Bitcoin and Ethereum exchange-traded funds (ETFs). According to the announcement, the proceedings will begin on December 16. On October 31, the Hong Kong government published a crypto policy that allows individual investors to legally invest in cryptocurrencies. It also gives the green light to exchange-traded funds (ETFs) shortly after approval.
Meanwhile, simultaneously with the sense, the SFC has opened applications for respective ETF providers. CSOP was one of the first to apply to offer Bitcoin and Ethereum ETFs. According to a December 13 update, the SFC has approved the CSOP’s ETF application. As a result, the CSOP Bitcoin Futures ETF (3066.HK) and the CSOP Ethereum Futures ETF (3068.HK) will be listed for trading on the Hong Kong Stock Exchange on December 16.
The country’s perspective on cryptocurrencies
Hong Kong has recently become the first city in China to take a positive stance on crypto. The October 19 proposal by Hong Kong official John Lee enabled the region to establish a regulatory agency with the power to regulate and license cryptocurrency providers. The government’s crypto policy statement, released on Oct. 31, paves the way for individual investments.
The government is also exploring various pilot projects that maximize the technological advantages of virtual assets. Work continues on NFT issuance and CBDC e-HKD for Hong Kong Fintech Week 2022. Meanwhile, the Hong Kong government’s crypto policy released on Oct. 31 received support from the SBF. The former CEO appreciated the “optimistic relationship of policy makers to the market”. He added that he wished the plan would come in last year.
Hong Kong positioned as the most crypto-ready country in 2022
Forex Suggest’s new report reveals Hong Kong’s position as the country most prepared for crypto adoption. The US and Switzerland lagged behind in adoption despite having a larger infrastructure.
On the other hand, CoinATMRadar data shows that the US is home to 88% of global ATM installations. In contrast, Hong Kong has installed 146 ATMs, representing only 0.4% of its worldwide ATMs. Due to the smaller footprint, Hong Kong residents are never more than 4.3 miles (7 kilometers) away from a crypto ATM. News about the country cryptocoin.comYou can access it from this page.
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