Gary Tiu, managing director and head of regulatory affairs at Hong Kong-licensed cryptocurrency exchange OSL, said the special administrative region could potentially see the issuance of its first spot cryptocurrency exchange-traded funds by mid-year. Local media.
Hong Kong Economic Journal reported On Monday, Tiu said OSL was in close communication with many fund companies, with five to 10 firms currently working on such ETFs. Tiu added that about five companies have advanced faster than others and are likely to launch Hong Kong’s first spot cryptocurrency ETF by mid-year.
According to media reports, Tiu also acknowledged the pressure of working with exchanges and fund companies to ensure that fees are not too high, given that there are currently only two licensed cryptocurrency exchanges in the city.
Tiu confirmed the details in a press release with The Block on Monday, saying the introduction of a spot cryptocurrency ETF is a pivotal development in the city’s cryptocurrency space. He added, “These ETFs offer a number of important benefits, including promoting orderly markets for underlying digital assets, building a model to protect local investors, and accelerating integration between regulated digital asset platforms and traditional financial institutions.”
The OSL executive’s comments come after HashKey, another licensed cryptocurrency exchange in Hong Kong, said earlier this month: Negotiated with asset management company We are exploring the launch of a potential spot cryptocurrency ETF. HashKey COO Livio Weng said about 10 fund companies have begun exploring the launch of such ETFs in the city.
Last week, Hong Kong-based financial services company Venture Smart Financial Holdings Ltd. Plans to potentially launch Spot Bitcoin ETF issued within the first quarter bloomberg. It aims to grow the potential ETF to reach $500 million in assets under management by the end of this year.
getty ready
Hong Kong Preparing to pave the way For spot cryptocurrency ETFs, we are working with the Securities and Futures Commission and the Hong Kong Monetary Authority, Hong Kong’s de facto central bank. Announced in December Both organizations reviewed their existing policies. Regulators announced two things. circular Addressing your needs for a spot crypto ETF.
In its December circular, the SFC noted that cryptocurrency transactions made with spot cryptocurrency ETFs must be conducted through an SFC-licensed cryptocurrency platform or an approved financial institution.
Hong Kong has currently listed several futures-based cryptocurrency ETFs, including the Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF.
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