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It’s no surprise that the conference ended in Hong Kong. Enthusiastic investors have closely watched the city’s recent embrace of cryptocurrencies, from hosting the Web3 event to the much-hyped approval of Asia’s first 6-spot Bitcoin and Ether ETF.
Hong Kong, a special administrative region of China, has the freedom to set its own policies, but some cryptocurrency investors see Hong Kong’s ETF approval as an implicit message about the mainland’s support for cryptocurrencies, according to a report from the Korea conference. China Morning Post.
In fact, Bitcoin Magazine co-founder and conference organizer David Bailey reportedly estimated that half of the conference attendees were from mainland China. Perhaps it was hoped to further develop ties between Hong Kong’s cryptocurrency economy and the mainland, which has banned cryptocurrencies. In 2021, cryptocurrency activity is still here.
“I think the ETF is sort of an acknowledgment that Bitcoin is going to continue to exist,” Bailey told SCMP. Bailey also applauded spot subscriptions, which allow users to buy Hong Kong’s ETFs with Bitcoin and Ethereum, calling the feature “very important.” Qualified investors outside Hong Kong can purchase ETFs, but mainlanders are still prohibited from purchasing stocks.
Hong Kong’s spot Bitcoin ETF currently holds less than $200 million in AUM, while the spot Ether ETF has about $28 million in assets under management, according to data from SoSoValue.
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