Hong Kong could launch its first spot ETFs as early as the middle of this bitcoin year.
According to local media, Gary Tiu, chief executive and head of regulatory affairs at OSL, a Hong Kong-licensed cryptocurrency exchange, said the government may soon launch exchange-traded funds.
OSL is in close contact with many fund companies, and between five and ten companies are currently exploring such an ETF. Tiu added that about five companies have made progress faster than others and have the potential to roll out the first spot crypto ETFs in Hong Kong by the middle of this year.
Tiu also acknowledged the need to ensure that fees, when the exchange collaborates with fund companies, are not prohibitively high, given that there are currently only two licensed cryptocurrency exchanges in the city, according to the media report.
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Hong Kong, which operates a separate legal system from China, has experienced a wave of protests in recent years emphasizing that distinction, attempting to forge a new pathway for crypto regulation against a notoriously censorious Chinese mainland government.
Amid the general direction, HashKey, another licensed cryptocurrency exchange in Hong Kong, said earlier this month that it was in talks with asset managers exploring the possibility of launching potential spot cryptocurrency ETFs.
Another licensed cryptocurrency exchange in Hong Kong, said earlier this month that it was in talks with asset managers exploring the possibility of launching potential spot cryptocurrency ETFs, plans to introduce Bitcoin spot ETFs already in the Q1 2024.
Read more: Hong Kong to allow retail investors to participate in spot ETFs
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