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The increasing adoption of cryptocurrencies in Hong Kong and its recognition as a global financial center could potentially elevate its pioneering position in Asia, especially if the US allows spot Bitcoin exchange-traded funds (ETFs).
Yat Siu, Chairman of Animoca Brands, noted that the positive approach of the Hong Kong Securities and Futures Commission (SFC) towards digital assets has created a suitable environment for potential spot Bitcoin ETFs. Siu suggested that Hong Kong could take a similar step, drawing inspiration from the initiatives already undertaken by the US.
Contrary to the pressures on crypto in mainland China, this country has welcomed crypto companies this year and even encouraged cooperation with banks. The region supported virtual asset trading platforms by establishing a crypto licensing regime that allows licensed exchanges to offer retail trading services.
Hong Kong SFC CEO Julia Leung said in November that the regulator is assessing spot crypto ETFs and has a positive approach to proposals using innovative technology.
Hong Kong currently has listed a few futures-based crypto ETFs like the Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF.