Hong Kong Considering Crypto ETFs as Part of Effort To Become Leading Digital Asset Hub: Report
Hong Kong is reportedly weighing the possibility of allowing spot cryptocurrency exchange-traded funds (ETF).
In a new Bloomberg report, Hong Kong’s Securities and Futures Commission CEO Julia Leung outlines what it would take for spot crypto ETFs to be authorized in the city-state.
“We welcome proposals using innovative technology that boosts efficiency and customer experience. We’re happy to try it as long as new risks are addressed. Our approach is consistent regardless of the asset.”
According to Bloomberg, Hong Kong currently only allows futures-based crypto ETFs and among the listed products includes the Samsung Bitcoin Futures Active as well as a Bitcoin (BTC) and Ethereum (ETH) futures ETF issued by CSOP Asset Management.
The possibility of spot crypto ETFs getting approved in Hong Kong comes at a time when Hong Kong’s ambitions of becoming a leading digital asset hub are in high gear, according to the report.
Earlier this year, Hong Kong rolled out a virtual assets regulatory framework. On the crypto regulatory framework, Leung said,
“Hong Kong’s comprehensive virtual assets regulatory framework follows the principle of ‘same business, same risks, same rules’ and aims to provide robust investor protection and manage key risks.’ This will enable the industry to develop sustainably and support innovation.”
Reports also emerged in June that the Hong Kong Monetary Authority had pushed for banks in the city-state to offer their services to licensed crypto exchanges. It was also reported in February that China was supposedly in support of Hong Kong’s plans to allow both institutional and retail investors to trade in crypto assets.
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Author: Mark Emem
