OSL executive says Hong Kong may launch spot crypto ETF by mid-year
Gary Tiu, managing director and head of regulatory affairs at OSL, a Hong Kong-licensed crypto exchange, said the special administrative region could potentially see the issuance of its first spot crypto exchange-traded funds in the middle of this year. local media.
Hong Kong Economic Journal reported On Monday, Tiu said OSL is in close communication with many fund companies and that five to 10 companies are currently working on such an ETF. Tiu added that about five companies are advancing faster than others and there is a possibility of launching Hong Kong’s first spot crypto ETFs in the middle of this year.
According to the media report, Tiu also acknowledged the exchange’s pressure to ensure that fees are not excessively high in collaboration with fund companies, given that there are currently only two licensed crypto exchanges in the city.
Tiu confirmed the details in the media report with The Block on Monday, saying that the introduction of spot crypto ETFs is a very significant development in the crypto space in the city. He added: “These ETFs offer many important benefits, including promoting regulated markets for underlying digital assets, creating a model for domestic investor protection, and accelerating the integration between regulated digital asset platforms and traditional financial institutions.”
The OSL executive’s comment comes after HashKey, another licensed crypto exchange in Hong Kong, made a statement earlier this month. in meetings with asset managers We are exploring the launch of potential spot crypto ETFs. Livio Weng, HashKey’s chief operating officer, said about ten fund companies have started exploring the launch of such ETFs in the city.
Last week, Venture Smart Financial Holdings Ltd, a Hong Kong-based financial services firm, potentially plans to launch A spot Bitcoin ETF in the first quarter, according to Bloomberg. The potential ETF is targeted to reach $500 million in assets under management by the end of this year.
Be ready
Hong Kong preparing to pave the way together with the Securities and Futures Commission for spot crypto ETFs and the Hong Kong Monetary Authority, the city’s de facto central bank. It was announced in December He said both institutions are reviewing their current policies. Editors issued two circulars Meeting requirements for spot crypto ETFs.
In its December circular, the SFC stated that crypto transactions by spot crypto ETFs must be made through SFC-licensed crypto platforms or authorized financial institutions.
Hong Kong currently lists several futures-based crypto ETFs: Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF.
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