The first spot exchange-traded funds (ETFs) could be introduced in Hong Kong as early as the middle of this year.
According to local media, the government may soon introduce exchange-traded funds, citing comments made by Gary Tiu, chief executive and head of regulatory relations at OSL, a cryptocurrency exchange permitted in Hong Kong.
Thanks to OSL’s tight ties to numerous fund companies, five or ten of them are now investigating the possibility of creating an ETF of this kind. By the middle of this year, according to Tiu, five companies could launch the first cryptocurrency exchange-traded funds (ETFs) in Hong Kong, having advanced more quickly than the others.
Given that there are presently only two approved cryptocurrency exchanges in the city, Tiu also recognized the need to make sure that fees—when the exchange works with fund companies—are not unreasonably expensive, as reported by the media.
In recent years, Hong Kong, which has its legal system outside of China, has seen a surge of protests highlighting this difference and trying to create a new route for cryptocurrency regulation in opposition to the government of the notoriously censorious Chinese mainland.
Amidst the overall trend, HashKey, a different authorized cryptocurrency exchange in Hong Kong, announced earlier this month that it was in discussions with asset managers to investigate the prospective introduction of spot cryptocurrency exchange-traded funds (ETFs).
Earlier this month, a different Hong Kong-licensed cryptocurrency exchange announced that it was discussing with asset managers the possibility of introducing spot cryptocurrency exchange-traded funds (ETFs). The exchange intends to offer Bitcoin spot ETFs by the first quarter of 2024.
