HashKey COO Reveals 10 HK Firms Eyeing Spot Crypto ETFs

Hong Kong's Crypto Exchange HashKey's Bitcoin Trading Volume Surpasses Binance

Livio Weng, the Chief Operating Officer of HashKey, a Hong Kong licensed crypto exchange, has recently shed light on the city’s burgeoning interest in cryptocurrency investment products. In a move signaling growth in the crypto sector, Weng disclosed that approximately ten asset management firms are actively exploring the possibility of launching spot crypto ETFs in Hong Kong. This development underscores the region’s growing embrace of digital assets.

Regulatory Framework Paving the Way

The Securities and Futures Commission (SFC) of Hong Kong and the Hong Kong Monetary Authority have laid the groundwork for these innovative financial products. In December, they released circulars outlining the requirements for spot crypto ETFs. This move demonstrates the city’s commitment to fostering a regulated and secure environment for crypto trading. Weng noted that about seven or eight asset managers have already engaged with the SFC, taking concrete steps toward designing these investment vehicles.

Global Participation in Hong Kong’s Crypto Market

The asset managers showing interest in these potential ETFs hail from diverse regions, including Asia and Europe, with some having Chinese capital backing. This international participation highlights Hong Kong’s status as a global financial hub, particularly in the burgeoning field of cryptocurrency. The involvement of various international players points to a broader acceptance and integration of digital assets in mainstream finance.

HashKey’s Role in the Emerging Crypto ETF Market

HashKey, having received a license from the SFC for retail crypto trading services in August, is poised to play a significant role in these developments. The firm anticipates participating in the potential spot crypto ETFs by facilitating crypto transactions related to the ETFs and offering crypto custody services. This involvement underscores HashKey’s commitment to advancing the crypto ecosystem in Hong Kong.

Read Also: Fundstrat’s Tom Lee Sees Bitcoin (BTC) Price Hitting $150K in 12 Months

The post HashKey COO Reveals 10 HK Firms Eyeing Spot Crypto ETFs appeared first on CoinGape.

Crypto Feed:
Kelvin Munene Murithi