10 Funds Prepare For Bitcoin And Crypto ETF Launch In Hong Kong
Asset management companies are preparing to launch spot Bitcoin and crypto Exchange-Traded Funds (ETFs) in Hong Kong. Seven to eight companies are in advanced stages of launching these spot crypto ETFs. Hong Kong is the first in Asia to allow the listing of virtual asset spot ETFs. The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have played a pivotal role in this development. The SFC has expressed readiness to entertain applications for the authorization of virtual asset spot ETFs, marking a notable evolution in the regulatory landscape. Hong Kong's financial regulator has set guidelines for approving spot ETFs, embracing both "in-kind" and "cash creates" models. This approach diverges significantly from the US cash-based strategy. Gabor Gurbacs, founder of PointsVille, noted that this development could potentially strengthen the demand for BTC and crypto, attracting more institutional and retail investors. At press time, BTC traded at $45,243.
