Gary Tiu, the executive director of the OSL exchange, told a local media outlet that Hong Kong could see the launch of its first spot Bitcoin ETF by the middle of the year. This development is believed to be the result of discussions between OSL and several local fund companies.
In an interview published in the Hong Kong Economic Journal, Tiu confirmed that 5 of the 10 companies with whom OSL talks are currently studying creating a spot Bitcoin ETF. Tiu noted that one of the main discussions was about fees: there are only two exchanges authorized in Hong Kong, which greatly reduces the possibilities.
Tiu confirmed the information to The Block, adding that the creation of Bitcoin ETFs, was a milestone for Hong Kong :
“These ETFs provide several crucial benefits, including promoting orderly markets for the underlying digital assets, establishing a model for local investor protection, and accelerating integration between regulated digital asset platforms and traditional financial institutions. »
The long-awaited spot bitcoin ETF approval earlier today in the US will likely have a bigger impact on crypto development in Asia, co-founder of Hong Kong-based crypto venture capital firm Animoca Brands, Yat Siu told The Block in an interview Wednesday. pic.twitter.com/jsG5P4cHbJ
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This news comes one month after the HashKey exchange, also licensed in Hong Kong, announced that it was in talks with asset managers regarding a possible Bitcoin ETF. The Hong Kong SFC (Secrutities and Futures Commission) has published two reports addressing its requirements for Bitcoin ETFs. These reports indicate that the city is actively preparing to ease the way for ETFs.
The regulatory context of the locality is very welcoming for cryptos, unlike its Chinese neighbor. In October 2022, for example, the Hong Kong authorities published a series of political declarations on cryptos, to strengthen its position as a global financial center.
Sources: The Block, Hong Kong Economic Journal
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