Bitcoin

Spot

Hong Kong will allow retail access to exchange-traded funds (ETFs) that invest directly into cryptocurrencies. The Securities and Futures Commission (SFC) is prepared to authorise funds with direct exposure to virtual assets, including spot virtual asset ETFs, according to a circular jointly issued by the securities regulator and the Hong Kong Monetary Authority.
Spot crypto investment products should meet the same requirements Hong Kong regulators have for mutual funds and other structured investment products, the circular stated.
Product issuers should also have a “good track record of regulatory compliance,” the SFC added, and employ “at least one competent staff member with relevant experience in the management of [virtual assets] or related products.” The regulators will also establish a list of permitted tokens that funds are allowed to hold, which are also available for spot trading on Hong Kong-approved crypto exchanges.
After announcing in October last year the city’s goal to become a global virtual-asset hub, Hong Kong authorities have put in place a new regulatory regime for centralised exchanges, which allows licensed platforms to accept retail investors. Only two companies have so far received licences, as nine other firms await approval of their applications.

Hong Kong to Allow Crypto Assets ETFs, and not limited to Bitcoin

TokenInsight

Other articles published on Dec 27, 2023

Hong Kong Government Takes Steps to Regulate Stablecoins

Bitcoin ETF Readies For Jan 15 Trading Launch As Approval Decision Looms, Price Targets $200,000

Is This Chinese College Kid Crypto Royalty? $6 Million Mine Raises Security Concerns

Spot ETF Boom: Here’s Why Cathie Wood Sees Bitcoin as a Market Powerhouse

Binance reintroduces USDC trading pairs after one-year break

Cardano Price Prediction Hints Last Pullback Before $ADA Hit $0.75

Join our free newsletter for daily crypto updates!