The SFC Hong Kong is reportedly in favor of fast-tracking Hong Kong spot Bitcoin approvals along the same lines as those in the US while incentivizing Hong Kong crypto investors.
A local news report in Hong Kong claimed that the Securities and Futures Commission (SFC) could soon approve spot Bitcoin ETFs. The Hong Kong spot Bitcoin ETFs have been a trendy subject in the region in recent months. If the SFC Hong Kong indeed approves the ETFs, further boosters for the crypto sector could occur. Hong Kong crypto investors will then have another avenue to invest in Bitcoin.
The news report said the SFC Hong Kong could pass the approvals by April 15. After that, the Hong Kong Stock Exchange will likely need a couple of weeks to list the ETFs. The SFC also released a circular at the end of 2023, announcing its support for the ETFs.
Moreover, Julia Leung, the CEO of the SFC, has also spoken about their forward stance on ETFs. She welcomed proposals for the ETFs as long as applicants also addressed their associated risk.
While speaking at a public event, Leung stated, “The city is weighing retail-investor access to such spot ETFs providing regulatory concerns are met.” However, the SFC’s quick response in just a few months will probably be a pleasant surprise for the Hong Kong crypto sector.
Hong Kong, as a crypto hub, sees regular positive developments in the space. Recently, ZA Bank launched its services for stablecoin issuers. On the other hand, regulators also launched a wholesale central bank digital currency (CBDC) project. Apart from the government, private players are also active in Hong Kong in the CBDC space.
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