{"id":454862,"date":"2023-11-06T13:43:40","date_gmt":"2023-11-06T13:43:40","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=454862"},"modified":"2023-11-06T13:43:40","modified_gmt":"2023-11-06T13:43:40","slug":"hong-kong-regulator-says-its-considering-allowing-spot-crypto-etfs-bloomberg","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/hong-kong-regulator-says-its-considering-allowing-spot-crypto-etfs-bloomberg","title":{"rendered":"Hong Kong Regulator Says It’s Considering Allowing Spot Crypto ETFs: Bloomberg"},"content":{"rendered":"
Hong Kong’s securities regulator is considering allowing investors to buy spot crypto ETFs (exchange-traded funds) as officials ramp up their efforts to create an Asia-Pacific digital asset hub, Bloomberg News reported<\/a>.<\/span><\/p>\n “We welcome proposals using innovative technology that boosts efficiency and customer experience,” said Securities and Futures Exchange (SFC) CEO Julia Leung in an interview with Bloomberg. “We’re happy to give it a try as long as new risks are addressed. Our approach is consistent regardless of the asset.”<\/span><\/p>\n <\/p>\n The SFC tightened its regulation around digital assets in January this year and restricted retail investors from accessing spot cryptocurrency <\/span>ETFs<\/span><\/a>. Only professional investors with portfolios worth at least HK$8 million (about $1) were able to access these spot <\/span>cryptocurrency<\/span><\/a> ETF products.<\/span><\/p>\n These restrictions were then revised in October to allow a wider range of investors to take part in spot cryptocurrency <\/span>ETF<\/span><\/a> investing. The updated rule book now requires Hong Kong-based investors to pass a knowledge test and meet a net worth requirement less than the initial 8 million HKD threshold. <\/span><\/p>\n “As the crypto ecosystem evolves step-by-step to the point where we’re comfortable, then we’re happy to open up more access to the wider investing public,” Leung told Bloomberg in the interview.<\/span><\/p>\n Officials are also exploring <\/span>tokenization<\/span><\/a>, which is a segment that has long been touted as a potential key use case for distributed ledger technology. Leung stated that she expects to see experimentation with “different levels of tokenization” initially, Bloomberg reported.<\/span><\/p>\n Hong Kong is among a number of jurisdictions trying to develop digital-asset hubs as the cryptocurrency space gradually recovers from the $1.5 trillion market crash that it experienced last year. <\/span><\/p>\n Other jurisdictions looking to compete include Singapore, Dubai and the EU. The U.S. has is imposing a clampdown on the sector. <\/span><\/p>\n Most Searched Crypto Launch - Pepe Unchained<\/p>\n <\/div>\n Hong Kong Regulators Relax Spot Crypto ETF Rules<\/span><\/h2>\n
SFC Officials Push to Make Hong Kong a Crypto Hub<\/span><\/h2>\n
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