Cryptocurrency market spot to be launched specifically in the USA Bitcoin Continues to look forward to ETF news. However, the exciting news about ETFs came from the Hong Kong Stock Exchange.
In a recent announcement, Hong Kong regulators said they are willing to welcome applications for spot crypto ETFs. The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) issued a joint statement acknowledging the transformation of the virtual asset landscape since 2018.
It is important to remember that the SFC adopts a regulatory approach aimed solely at professional investors. The change comes as part of Hong Kong’s further loosening of its stance on cryptocurrencies this year. In October, the SFC changed the rulebook for cryptocurrencies, allowing more investors to participate in spot crypto and investments.
Currently, the two regulatory bodies have confirmed that they are ready to receive applications for the authorization of funds exposed to virtual assets, with explicit reference to virtual asset spot exchange-traded funds (VA spot ETFs).
Following this announcement, the Hong Kong Stock Exchange welcomed the notification and announced Hong Kong as the first market in Asia to allow listing of crypto spot ETFs. Chinese journalist Colin Wu drew attention to this development in a recent tweet.
The Hong Kong Stock Exchange said it welcomes the announcement by the Hong Kong Securities and Futures Commission, making Hong Kong the first market in Asia to allow the listing of virtual asset spot ETFs, strengthening Hong Kong’s position as the leading digital asset center in… https ://t.co/jXyGdJ6uGg
NEWS CONTINUES BELOW— Wu Blockchain (@WuBlockchain) December 22, 2023
In particular, Luo Boren, Head of Securities Product Development of the Hong Kong Stock Exchange, confirmed that the exchange is ready to seize this opportunity. Boren has committed to working closely with issuers and all stakeholders to integrate innovative technology into the Hong Kong ETF market.
Boren also highlighted Hong Kong’s pioneering role as the first market in Asia to allow listing of virtual asset spot ETFs. He noted that this development not only further solidifies Hong Kong’s position as the leading digital asset hub in the region, but also makes an active contribution to Hong Kong’s continued progress as the ETF market of choice in Asia.