Hong Kong is about to obtain its first spot Bitcoin ETF, whereas the US Securities and Exchange Commission stays reluctant to approve one.
Hong Kong SFC-approved digital asset supervisor VSFG (Yibo Finance), which already has approved crypto ETF, prepares to use for a digital asset service supplier (VASP) and class No. 7 licenses. The firm additionally plans to record a spot Bitcoin fund as an ETF.
Hong Kong Firm Seeks Approval For First Spot Bitcoin ETF
Virtual asset administration agency VSFG (Yibo Finance) at the moment negotiating with Hong Kong exchange-traded fund (ETF) issuers and regulators to permit funds monitoring spot Bitcoin costs to be listed as ETFs.
The agency can be making use of for a digital asset service supplier (VASP) license and a class 7 license for automated buying and selling providers, reported Hong Kong Commercial Daily on June 2. Hong Kong kicked off its crypto licensing regime on June 1 permitting crypto exchanges and companies to supply providers to institutional and retail buyers.
Recently, Samsung Asset Management Hong Kong launched a Bitcoin futures ETF. The Bitcoin ETF tracks the efficiency of spot Bitcoin value by investing in Bitcoin futures merchandise listed on the Chicago Mercantile Exchange (CME).
VSFG chairman Chengyu Zhu asserts that Hong Kong’s digital asset laws are nonetheless within the early stage. The Security and Futures Commission (SFC) and Hong Kong Monetary Authority’s (HKMA) are working to make town right into a crypto hub.
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Flourishing Crypto Landscape in Hong Kong
Hong Kong will probably get its first authorised stablecoin as licensed custodian First Digital launched FDUSD stablecoin. First Digital USD (FDUSD) issued by First Digital Trust is backed by money or extremely liquid property on a 1:1 foundation by the US greenback held in regulated monetary establishments’ accounts in Asia.
Hong Kong allowed retail investors to commerce high cryptocurrencies. However, retail buyers won’t commerce stablecoins on account of pending Hong Kong Monetary Authority’s (HKMA) laws on stablecoins.
Top crypto exchanges reminiscent of OKX and Huobi are making use of for licenses in Hong Kong. The regulators are taking a cautious strategy of their crypto laws and tips.
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