The Crypto Roundup: 25 December 2023 | CryptoCompare.com

Hong Kong has recently shown an increased openness to crypto. This shift positions the city as a potential early adopter of spot bitcoin exchange-traded funds (ETFs) in Asia, especially if the U.S. moves forward with similar approvals, as per industry experts.

Yat Siu, chairman of web3 investor Animoca Brands, in a discussion with The Block, emphasized Hong Kong’s Securities and Futures Commission’s (SFC) positive approach towards digital assets. He noted that the SFC’s recent statements about widening access to digital assets could set the stage for the introduction of spot bitcoin ETFs in Hong Kong. The U.S. is gradually progressing towards the approval of its first spot bitcoin ETF; Siu anticipates that Hong Kong might follow the U.S.’s lead.

Contrasting with mainland China’s stringent stance on cryptocurrency, Hong Kong has been more welcoming to crypto firms this year. In October 2022, Hong Kong authorities released policy statements to reinforce its status as a global financial hub, including the initiation of a crypto licensing regime in June, allowing licensed exchanges to offer retail trading services.

Julia Leung, CEO of Hong Kong’s SFC, mentioned in November that the regulator is considering spot crypto ETFs, indicating a readiness to embrace innovative financial technologies. Hong Kong has already listed several futures-based crypto ETFs, signaling its growing involvement in the crypto space.

Glenn Woo, Head of Sales of APAC at Blockdaemon, shared his optimism in an interview with The Block earlier this month. Woo, with his extensive experience in Hong Kong’s traditional financial sector, expressed that there is a noticeable appetite for such financial products. He indicated uncertainty about the exact timeline for their launch, suggesting it could be either the next year or the year after. However, he was confident that this interest would increase following the U.S.’s approval of spot Bitcoin ETFs.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/dec/25/