The profitable US launch of spot bitcoin ETFs is anticipated to assist transfer Hong Kong regulators nearer to authorising comparable cryptocurrency funds to function within the metropolis.
Spot cryptocurrency ETFs allow traders to achieve publicity to digital belongings with out instantly shopping for any crypto tokens.
These funds “give the crypto trade extra legitimacy and likewise opens up extra collaboration alternatives with mainstream finance”, mentioned RJ Ke, a researcher with ethereum scaling start-up Taiko. “Hong Kong is more likely to speed up bitcoin ETF functions within the coming months.”
US regulator SEC authorises spot bitcoin ETFs in cryptocurrency breakthrough
US regulator SEC authorises spot bitcoin ETFs in cryptocurrency breakthrough
Hong Kong must launch spot digital asset ETFs as quickly as potential to “make sure that town stays aggressive within the world cryptocurrency market and strengthen its place as a world monetary centre”, mentioned Mao Shixing, also referred to as “Discus Fish”, who’s the co-founder and chief government of digital asset custody options supplier Cobo.
Mao mentioned the US approvals may impression different jurisdictions as a result of “the SEC is among the most influential and respected monetary regulators on this planet”, including that the company’s initiatives “usually function essential references for monetary regulators in different international locations and areas”.
“Nevertheless, every nation and area has its personal unbiased stance and regulatory targets,” he mentioned.
Hong Kong to push retail entry to identify cryptocurrency exchange-traded funds
Hong Kong to push retail entry to identify cryptocurrency exchange-traded funds
Echoing the Cobo head’s view, Donald Day, chief working officer at digital asset platform VDX, mentioned the SEC’s choice would make its friends “critically contemplate whether or not comparable ETFs could be permissible and fascinating”.
Day identified that the SFC’s assertion in December about being ready to authorise such funds has “in precept opened a pathway for issuers to launch spot crypto ETFs in Hong Kong”.
Mainland China, nonetheless, is unlikely to comply with go well with.
Beijing to draft nationwide Web3 growth plan amid strict cryptocurrency ban
Beijing to draft nationwide Web3 growth plan amid strict cryptocurrency ban
The Chinese language authorities banned banks from dealing with bitcoin in 2013 and compelled cryptocurrency exchanges to maneuver offshore in 2017. In 2021, the nation’s regulators reiterated the state’s prohibition on all monetary establishments from participating in crypto-related actions.
China’s state media not too long ago emphasised the dangers concerned in spot cryptocurrency ETFs.
The US approval of spot bitcoin ETFs “would make the cryptocurrency market much more frantic, offering fertile floor for unlawful transactions resembling cash laundering”, in response to a report by the Worldwide Monetary Information, a newspaper underneath the Individuals’s Day by day, which cited Shanghai Jiao Tong College assistant professor Li Nan.
