Hong Kong Crypto NFTs Underway, OSL Execs Say

According to local media reports, Gary Tiu, the executive director of OSL, a cryptocurrency exchange, mentioned that the city might be witnessing the introduction of a spot crypto ETF by the middle of this year.

Tuesday, January 23, 2024 9:54 AM UTC

Notably, five companies are progressing more swiftly, increasing the likelihood of launching Hong Kong's inaugural spot crypto ETFs by mid-year. Tiu emphasized the importance of responsibly managing fees in collaboration with fund companies, acknowledging the unique challenges posed by the city's limited number of licensed crypto exchanges.

According to The Block, Tiu reiterated these details when confirming the information with The Block, underscoring the significance of introducing spot crypto ETFs in the city.

He highlighted the numerous benefits these ETFs bring, such as fostering orderly markets for underlying digital assets, establishing models for local investor protection, and accelerating integration between regulated digital asset platforms and traditional financial institutions.

Broader Industry Trends and Ventures

Gary Tiu's comments align with recent industry trends, as HashKey, another licensed crypto exchange in Hong Kong, expressed similar intentions earlier this month.

Livio Weng, Chief Operating Officer of HashKey, disclosed ongoing discussions with asset managers exploring the launch of potential spot crypto ETFs, indicating a growing interest in this financial product within the city.

According to Crypto Briefing, Venture Smart Financial Holdings Ltd, a Hong Kong-based financial services firm, has also entered the fray, announcing plans to potentially launch a spot bitcoin ETF in the first quarter of this year. The firm aims to grow the potential ETF to reach $500 million in assets under management by the end of 2024, contributing to the expanding landscape of crypto investment opportunities in Hong Kong.

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