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Hong Kong Prepares for Spot Crypto ETF!! Gary Tiu, CEO of licensed cryptocurrency exchange OSL, said Hong Kong could potentially see the launch of its first spot crypto exchange-traded funds (ETFs) in the middle of this year.
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The Hong Kong Economic Journal reported on Monday that Tiu said OSL is in close contact with many fund companies and that as many as 5 to 10 companies are currently working on an ETF.
Tiu added that about five of the companies are progressing faster than the others and that there is a possibility that Hong Kong could launch its first spot crypto ETFs in the middle of this year.
According to the media report, Tiu also acknowledged the pressure on the exchange to ensure that fees are not too high in its collaboration with fund companies, given that there are only two licensed cryptocurrency exchanges in the city.
Hong Kong Prepares for Spot Crypto ETF
Tiu said on Monday that the introduction of spot crypto ETFs would be a significant development for the crypto space in the city.
He also added: “These ETFs offer a number of important benefits, including encouraging regular markets for underlying digital assets, establishing a model for local investor protection, and accelerating the integration between regulated digital asset platforms and traditional financial institutions.”
The OSL executive’s comments come after another licensed cryptocurrency exchange in Hong Kong, HashKey, said earlier this month that it is in talks with asset managers to explore the launch of potential spot crypto ETFs.
HashKey’s chief operating officer, Livio Weng, revealed that about 10 fund companies have begun to explore the launch of such ETFs in the city.
Last week, Hong Kong-based financial services company Venture Smart Financial Holdings Ltd announced plans to launch a potential spot Bitcoin ETF in the first quarter, according to Bloomberg. The ETF is also expected to reach $500 million in assets under management by the end of this year.