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New Announcement on Bitcoin Spot ETF: That Country Wants to Officially Approve It!
The cryptocurrency market continues to look forward to the news of the spot Bitcoin ETF to be launched in the US. However, the exciting news regarding ETFs came from the Hong Kong Stock Exchange.
In a recent announcement, Hong Kong regulators have announced their willingness to welcome applications for spot crypto ETFs. The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have issued a joint statement acknowledging the transformation of the virtual environment since 2018.
It is important to remember that the SFC takes a regulatory approach that is exclusively aimed at professional investors. This change comes as part of Hong Kong further loosening its stance on cryptocurrencies this year. In October, the SFC amended its rulebook on cryptocurrencies, allowing more investors to participate in spot crypto and investments.
Currently, the two regulatory bodies have confirmed that they are ready to receive applications for the authorization of funds with exposure to virtual assets, explicitly referring to virtual spot exchange-traded funds (VA spot ETFs).
Following this announcement, the Hong Kong Stock Exchange welcomed the notice and announced Hong Kong as the first market in Asia to allow the listing of crypto spot ETFs. Chinese journalist Colin Wu drew attention to this development in a recent tweet.
In particular, Luo Boren, Head of Securities Product Development at the Hong Kong Stock Exchange, confirmed that the exchange is ready to seize this opportunity. Boren pledged to collaborate closely with issuers and all stakeholders to integrate the innovative technology into the Hong Kong ETF market.
Boren also highlighted Hong Kong's pioneering role as the first market in Asia to allow the listing of virtual spot ETFs. He noted that this development not only further solidifies Hong Kong's position as the leading digital hub in the region, but also actively contributes to Hong Kong's continued progress as the ETF market of choice in Asia.
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