Prospects of BTC ETF in Hong Kong

In a significant development for the cryptocurrency market, the Chairman of Animoca Brands, Yat Siu, has expressed optimism about the prospects of spot Bitcoin ETFs in Hong Kong. According to Siu, the openness of the Securities and Futures Commission of Hong Kong (SFC) to digital assets creates favorable conditions for the potential launch of spot Bitcoin ETFs.

Siu firmly believes that spot Bitcoin ETFs will eventually be introduced in Hong Kong, following the example set by the United States. He emphasized the existence of numerous public documents and statements that the Hong Kong authorities can refer to in making this decision.

It's worth noting that in the fall of the previous year, Hong Kong authorities released a series of statements regarding the regulation of virtual assets. They declared their intent to strengthen their position as a global cryptocurrency hub and initiated a licensing regime for digital currency trading platforms, allowing them to operate legally.

However, Glenn Wu, Head of Sales in the Asia-Pacific region at Blockdaemon, pointed out that asset managers still have some concerns. He stated, "There are positives, but there are also many questions. I'm not sure if a spot ETF will be launched next year or in the year after, but the appetite will grow once the U.S. approves such a product."

Executive Director of SFC, Julia Lung, has publicly expressed a positive view on spot Bitcoin ETFs. She stated, "We support proposals that utilize innovative technologies to enhance efficiency and customer service quality." Several similar products based on futures have already been registered in the jurisdiction, including Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF.