Bitcoin ETF

Bitcoin

<ul class="list-ic vertical">
 <li>1 <a>Julia Leung, the CEO of Hong Kong SFC, spoke about Bitcoin and Blockchain technology.&nbsp;&nbsp;</a></li>
 <li>2 <a>The fintech ecosystem relies on distributed ledger technology to shape the bright future of finance.</a></li>
 <li>3 <a>Hong Kong and Saudi regulators are planning for cross-listing of ETFs.&nbsp;&nbsp;</a></li>
</ul>
In her June 5 speech, Hong Kong Securities and Futures Commission’s (SFC) CEO, Julia Leung focused on developing a fintech ecosystem. According to Leung, the digital revolution has reshaped the fintech ecosystem.&nbsp;
While carrying out an in-depth discussion on distributed ledger technology (DLT), the CEO also predicted Bitcoin‘s endurance and blockchain technology continuity.&nbsp;&nbsp;
<h2 class="wp-block-heading" id="strong-blockchain-shaping-the-future-of-finance-strong">Blockchain Shaping the Future of Finance&nbsp;</h2>
In the speech, Leung uncovered the numerous useful applications of DLT in global finance, especially in terms of the secure transfer of real-world assets. The digital revolution moved the traditional financial infrastructure and transactions onto the blockchain.
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 Julia Leung, CEO of Hong Kong SFC, said: It is a fact that 15 years on, Bitcoin has survived multiple cycles of boom and bust, clearly showing its staying power as an alternative asset. More clearly, its underlying technology, distributed ledger technology, is here to stay. Read…— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1798541982287135158?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 6, 2024</a>
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Here, the CEO raised the following question: Could the delivery of all financial services on the chain change the future of finance?&nbsp;
DLT is mainly used in Virtual Assets like <a href="https://www.thecoinrepublic.com/2024/01/26/tesla-held-onto-its-bitcoin-btc-holdings-in-q4-2023/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) </a>and Ether (ETH), and BTC has survived for 15 years, which highlights its strength as an alternative asset.&nbsp;&nbsp;&nbsp;
At press time, BTC hovered at $70,955.56 after a 0.02% drop intraday, with $1,398,431,918,583 in the market cap. On the other hand, ETH was trading at $3,851.42 after a surge of 1.48% in a day with a market cap of $462,696,591,704.&nbsp;
Moreover, ETH and altcoins are being used as a mode of payment, whereas blockchain technology plays a vital role in reshaping the future of finance. Furthermore, Hong Kong has emerged as the fintech hub for traders and investors.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h3 class="wp-block-heading" id="strong-hong-kong-s-spot-etfs-status-strong">Hong Kong’s Spot ETFs Status</h3>
Hong Kong’s SFC approved spot Bitcoin ETF and Ethereum ETFs for six ETF providers, including ChinaAMC, Bosera HashKey, and Harvest.&nbsp;&nbsp;&nbsp;
On the very first day, the ETFs generated a total turnover of over $112 Million, which is far below when compared to the first day of US trading. China AMC’s spot Bitcoin ETF was also introduced with $121 Million, the biggest among the three issuers.&nbsp;
Moreover, many crypto exchange providers, including OKX. Gate.io and VAEXC Limited, have recently withdrawn their Hong Kong Virtual Asset Service Provider (VASP) license application.&nbsp;&nbsp;&nbsp;&nbsp;
<h3 class="wp-block-heading" id="strong-hong-kong-and-saudi-regulators-on-cross-listing-of-etfs-strong">Hong Kong and Saudi Regulators’ on Cross-Listing of ETFs&nbsp;</h3>
On June 4, the SFC CEO met with the head of Saudi Arabia’s Capital Market Authority (CMA) and discussed the cross-listing of ETFs. Both parties brainstorm on how to enhance the collaboration in financial services between Saudi Arabia and Hong Kong.&nbsp;
The meetup also resulted in the exploration of the potential of a Memorandum of Understanding (MoU) as well as the cross-listing of ETFs in both markets. Saudi Aramco’s secondary listing on the Saudi exchange emerged as one of the major reasons behind the talk.&nbsp;
The firm listed over 154.5 Million shares, or 10% of the company’s share capital, and could raise over $12 Billion for the oil group.
<h4 class="wp-block-heading">Disclaimer</h4>
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

Julia Leung Spoke On DLT: Is Blockchain Reshaping Finance?

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Thecoinrepublic.com

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