It’s not all bad news. The financial regulator from Hong Kong is seriously considering amending its regulation of cryptocurrencies. This is to legalize cryptocurrency ETFs. in the territory.
Hong Kong authorities, who already hinted at it just a month ago, reaffirm their willingness to open trading to retail investors and allow cryptocurrency ETFs. In fact, according to an employee of the Securities and Futures Commission (SFC), the latter would consider ” actively “create a regulatory framework that allows exchange-traded funds (ETFs).
“We have come to believe that some of the initial concerns about virtual asset ETFs have become manageable and can be addressed with appropriate safeguards.”
Hong Kong Securities and Futures Commission (SFT) Statement.
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Cryptocurrency ETFs soon to be legalized in Hong Kong?
According to rumors, Julia Leung, deputy executive director and executive director of the SFC’s intermediary division, said during her keynote speech at the Hong Kong Fintech Weekthat the SFC will “is actively seeking to establish a regime that allows ETFs that provide virtual assets with appropriate safeguards for investors.”
However, he reportedly explained that the regulator would initially only accept ETFs that invest in Bitcoin (BTC) and Ethereum (ETC)-related futures contracts traded on the Chicago Mercantile Exchange (CME).
“A wide range and greater number of investment products offering exposure to VAs, including VA-related ETFs offered on various global exchanges, are now available to retail and professional investors and have become increasingly popular. Demand for these products has also increased in Hong Kong.
Statement of the Securities and Futures Commission (SFT) of Hong Kong.
With this umpteenth initiative, Hong Kong is once again demonstrating its willingness to backtrack on its previous legislation on cryptocurrencies. In fact, aware of the market potential, the authorities have been sending signals in favor of the cryptocurrency ecosystem since the start of the 2022 academic year, to the delight of the locals.
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