Hong Kong Ready To Accept Proposals For Crypto Spot ETFs
The post Hong Kong Ready To Accept Proposals For Crypto Spot ETFs appeared on BitcoinEthereumNews.com.
While considering the custody arrangements, the Securities and Futures Commission (SFC) insists that the fund’s trustee or custodian can delegate its crypto custody function solely to an SFC-licensed VATP or entities that meet crypto custody standards set forth by the HKMA. Hong Kong has stated that it is ready to receive applications from traditional financial firms interested in exploring the emerging economy by developing exchange-traded funds (ETFs) that track spot-based cryptos. The nation already permits futures-based crypto ETFs and has approved listing ETFs like the Samsung Bitcoin Futures Active, CSOP Ether Futures, and CSOP Bitcoin Futures. The crypto-friendly country is now ready to open its borders to welcome spot ETFs for retail investors. Hong Kong Is Ready For Crypto Spot ETFs The nation’s financial regulators, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) shared this news in a joint circular published on December 22. Based on the financial regulators, the Asian nation has managed to review its “professional investors only” regulation, established in 2018 to accommodate different investment options for retail investors, including digital assets. Related:Bitcoin ETFs: BlackRock and Other Firms Choose Cash Redemptions The joint statement reads: “The policy has been updated in light of the latest market developments, where the SFC has authorized VA futures ETFs and is prepared to accept applications for the authorization of other funds with exposure to virtual assets, including virtual asset spot exchange-traded funds (VA spot ETFs).” The watchdogs said they got increased requests from intermediaries about the possible distribution of investment products with exposure to virtual assets. Nevertheless, with the recent update, these firms can now submit applications for offering spot Ethereum (ETH), Bitcoin (BTC), or other digital asset funds for retail investors. Related:JPEX Announces Partnership with Hong Kong-listed Company, Synertone Hong Kong Imposes Strict Guidelines For…
Filed under: News - @ December 23, 2023 12:16 am