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CDS Crypto News Spot Crypto ETFs Under Examination by Hong Kong Regulators

Crypto News

Spot Crypto ETFs Under Examination by Hong Kong Regulators

The announcement from the SFC and HKMA coincides with growing anticipation surrounding the imminent approval of a Bitcoin ETF by the U.S. SEC.

Ecem EFE22/12/20231 Mins read408

Crypto News- Hong Kong’s regulatory bodies, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA), have recently declared their preparedness to entertain applications for spot crypto exchange-traded funds (ETFs), indicating a noteworthy departure from their previous stance in 2018, which restricted crypto investments exclusively to “professional-investors only.”

Spot Crypto ETFs Under Examination by Hong Kong Regulators

The regulatory landscape in Hong Kong has undergone a transformation, mirroring the dynamic nature of the virtual asset market. In the current year, the SFC amended its regulations in October to broaden investor participation in spot-crypto and ETF ventures. The shift towards endorsing retail exposure to digital assets was underscored in a recent statement by SFC Chief Executive Officer Julia Leung. Leung conveyed the regulator’s willingness to permit retail investors to engage in spot crypto ETFs, also expressing a welcome to proposals leveraging innovative technology for improved efficiency and customer experience, provided that potential risks are adequately addressed.

In a joint statement, the SFC and HKMA recognized the swift evolution of the virtual asset landscape, with cryptocurrencies progressively integrating into the broader financial system. The SFC is now accepting applications for the authorization of various funds, explicitly mentioning virtual asset spot exchange-traded funds (VA spot ETFs).

This announcement reflects a more inclusive approach to crypto investments in Hong Kong, aligning with the global trend of assimilating digital assets into traditional financial markets, all while maintaining a steadfast focus on risk management and regulatory oversight.

Sources:coindesk

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Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.