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 <p class="is-style-lead">Hong Kong’s securities regulator is exploring the possibility of approving <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> spot ETFs, signaling a potential shift in the regulatory landscape in the region.</p>
 <p>The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have published a joint circular, noting a growing number of inquiries interested in launching spot crypto exchange-traded funds (ETFs).</p>
 <p>While the SFC has granted permission for licensed <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> providers to offer <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency futures ETFs in Hong Kong, the regulator hasn’t made the same move for spot ones. However, this time, the SFC has stated that it is “prepared to accept applications for the authorization of other funds with exposure to <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies,” including spot <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> ETFs.</p>
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 <blockquote class="wp-block-quote">
  <p>“The SFC and the HKMA have reviewed their existing policy for intermediaries which wish to engage in virtual asset-related activities. The policy is updated in <a rel="noopener noreferrer nofollow" title="light" href="https://thebittimes.com/tag/light.html">light</a> of the latest market developments, where the SFC has authorized virtual asset futures ETFs and is prepared to accept applications for the authorization of other funds with exposure to virtual assets, including virtual asset spot exchange-traded funds.”</p>
  <p>The Securities and Futures Commission</p>
 </blockquote>
 <p>The SFC has approved in the updated guideline the facilitation of both in-kind and in-cash subscription and redemption processes, emphasizing that management companies must transfer <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies, whether held locally or overseas, to the custody accounts of SFC-authorized providers. To determine the valuation of spot ETFs, management companies are advised to adopt an indexing approach, relying on trade volume data sourced from major <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> trading platforms, without specifying them.</p>
 <p>In early December, analysts at PitchBook revealed that more than 11% of global venture capital funding in the blockchain and <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> sector was directed towards enterprises based in Hong Kong and Singapore, signifying a substantial increase from the meager 2% allocation observed in 2021. As per PitchBook, the shift in cash flow was influenced by various factors, notably the collapse of Sam Bankman-Fried’s FTX <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange. The resulting ripple effect of bankruptcies compelled many <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> companies based in the U.S. to conduct strategic reassessments, the firm added.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/hong-kong-signals-willingness-to-greenlight-crypto-spot-etfs-tbt74513.html">https://thebittimes.com/hong-kong-signals-willingness-to-greenlight-crypto-spot-etfs-tbt74513.html</a></p>

Hong Kong signals willingness to greenlight crypto spot ETFs

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