• 12-Jun-2024

Hong Kong Considers Allowing Spot Crypto ETFs Amid Efforts To Foster Digital-Asset Hub

Grand News Network | November 6, 2023

As part of its push to establish an Asia-Pacific digital asset hub, Hong Kong is contemplating the approval of exchange-traded funds (ETFs) that directly invest in cryptocurrencies. This move comes amid the ongoing investigation into the JPEX scandal.

The city is considering granting retail investors access to these spot ETFs, provided all regulatory concerns are addressed, reported Bloomberg. This was stated by Securities and Futures Commission (SFC) CEO Julia Leung.

Leung pointed out that the SFC is open to proposals using innovative technology that enhances efficiency and customer experience. She stated that they are willing to test the waters as long as new risks are managed effectively.

The cryptocurrency sector views ETFs as a means to mainstream digital assets, as they are readily accessible to a wide range of investors. Bitcoin (CRYPTO: BTC) has seen a 110% surge this year, partially due to expectations that companies like BlackRock Inc. will soon receive permission to launch the first U.S. spot ETFs for the token.

See Also: Bitcoin ATM Installations Witness Biggest Drop In History, Despite Bull Run ...

Full story available on Benzinga.com

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