The Hong Kong Securities and Futures Commission has issued two circulars addressing requirements for spot Bitcoin ETFs and said it is open to accepting applications.
A joint circular issued today by the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority announced that the two institutions are reviewing existing guidelines for intermediaries seeking to engage in virtual assets-related activities.
SFC Says They Are Ready to Accept Applications
In addition to the existing crypto futures ETF, the SFC said it is “ready to accept applications for authorization of other funds with exposure to crypto assets, including the Virtual Asset Spot Exchange Traded Fund (VA Spot ETF).”
At the same time, the SFC also stated that crypto transactions for such ETFs must be processed through SFC licensed crypto platforms or licensed financial institutions.
They Welcome Innovative Offers!
But Hong Kong SFC CEO Julia Leung said in November that regulators were considering the Spot Bitcoin ETF and that it was “a proposal that leverages innovative technology to improve efficiency and customer experience.” “We welcome this.”
“They are very receptive to the crypto industry and have the potential to be one of the first to have a spot Bitcoin ETF approved by a developed financial market.”