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Hong Kong regulators are considering the approval of spot crypto exchange-traded funds (ETFs). The country is reportedly willing to give this a try as it is aiming to become a digital asset hub in the Asia Pacific region.
The plan was shared by the country’s Securities and Futures Commission (SFC) head. Based on the reports, SFC’s chief executive officer, Julia Leung, said they are weighing the possibility of allowing Spot Crypto ETFs in the country.
HK in Pursuit of Creating a Digital Asset City
Leung said that while they may decide to allow the spot crypto ETFs which is an investment medium that lets ordinary investors exposure to the price moves of bitcoin in their regular brokerage accounts, their retail participation is still subject to regulatory conditions and checks.
The SFC head further said that the approval of the spot crypto ETFs may come as they are scaling up efforts to set up an Asia-Pacific digital asset hub. In addition, this is also being seen as a move that may somehow help address the fallout of the JPEX crypto exchange scandal that previously gripped the crypto industry in Hong Kong, as per Bloomberg.
“We welcome proposals using innovative technology that boosts efficiency and customer experience,” Leung said in a media interview - her first with international press since becoming SFC’s CEO in January. “We are happy to give it a try as long as new risks are addressed. Our approach is consistent regardless of the asset.”
Referring to the JPEX case, she further commented, “The incident underscores the requirement for a robust, comprehensive regulatory framework. The SFC has enhanced transparency over applications for virtual-asset exchange licenses.”
Hong Kong Jumps into the Crypto ETFs Bandwagon
The Hong Kong regulators are now considering the idea of allowing retail players to make investments in crypto spot ETFs. their big picture for doing so is to fulfill the ambitious plan of turning the country into a digital assets hub.
Meanwhile, CoinGape reported that the demand for spot crypto ETFs has soared in recent times with leading names in the industry such as BlackRock joining in.
