We Are Ready To Accept Crypto ETF Applications: Honk Kong Regulators Announce

Hong Kong has made an announcement hinting that they are set to welcome spot crypto ETFs, with its financial regulator, the SFC, and the Hong Kong Monetary Authority announcing readiness to accept applications for these funds. This is a major move from Hong Kong towards embracing virtual asset-related activities.

The SFC rolled out requirements for investing funds in virtual assets, they included some strict conditions for transactions, custody, and valuation. The SFC also stated that ETF applicants must use SFC-licensed platforms or authorized financial institutions for transactions. For custody, they chose to allow only SFC-licensed VATPs or those meeting HKMA standards.

Unlike China, Hong Kong is embracing crypto and positioning itself as a crypto-friendly hub. This year, they went as far as encouraging banks to work with crypto firms and now they are working towards leading the way in approving crypto spot ETFs in developed markets.

Hong Kong has been actively shaping its role as a global hub by creating cryptocurrency-friendly policies. In June, they began a licensing regime for virtual asset trading platforms, allowing retail trading services. Several futures-based crypto ETFs are already listed in Hong Kong, this proves their openness to innovative financial products."