Hong Kong spot Bitcoin ETF approval draws praise and caution from industry players
Now that the well-anticipated event is over, some industry experts have turned to warning signals for the road ahead.
The much-anticipated approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) in Hong Kong earlier this week represents a significant industry milestone for some experts. However, others warn that greater market forces, such as persistent inflation and geopolitical risk, could overshadow the bullish event.
“We are delighted to witness the historic moment of the launch of Asia’s first Bitcoin spot ETF and the world’s first Ethereum spot ETF,” said Livio Wang, chief operating officer of Hong Kong-based HashKey Group, in a statement. “This will serve as a significant milestone for traditional financial institutions in Hong Kong to enter the market and provide retail users with a more convenient purchasing gateway.”
At the same time, Wang explained that, unlike U.S. spot Bitcoin ETFs, which were approved in January, Hong Kong spot Bitcoin ETFs have several unique features, such as subscription and redemption both via fiat money and via Bitcoin and stablecoins themselves. In addition, Wang spoke highly of Hong Kong regulators approving a spot Ether (ETH) ETF, which has seen greater regulatory hurdles in the U.S.
Go to Source
Author: Zhiyuan Sun
