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Hong Kong Contemplates Allowing Spot Crypto ETF Trading

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To establish its aim of becoming a cryptocurrency hub, the Hong Kong SFC (Securities and Futures Commission) is considering launching ETFs (Exchange-Traded Funds) since the risks involved have been addressed.

According to the CEO of Hong Kong’s SEC (Securities and Exchange Commission), Julia Leung, it seems that the city of Hong Kong is mulling over the launching of the trading spot crypto-based ETFs.

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This means that the Hong Kong authorities are directly investing in cryptocurrency. According to its SEC CEO Julia Leung, the commission is serious about this venture no matter the assets involved.

In an interview with a reliable news outlet, Leung disclosed that since the risks associated with these instruments have been adequately handled, the agency is now examining such retail investment products.

Moreover, the regulator is accepting proposals that use innovative technology that can enhance efficiency and customer experience.

Fast Facts

  • Hong Kong is establishing itself as a cryptocurrency-friendly region by launching various enticing initiatives within the crypto ecosystem.
  • Although Hong Kong has previously allowed trading the futures-based crypto exchange-traded funds, its reach has been restricted.
  • Moreover, they only have about three offerings handling around $65 million, a figure that is subdued by the total size of the local ETF market.
  • The spot cryptocurrency ETFs are investment devices that can track the price of underlying assets. Exchange-traded funds enable investors to directly contact the assets without owning them.
  • According to the Chief Executive Officer of Hong Kong’s SFC, Julia Leung, the commission is ready to accept these investments as far as they can work by the region’s regulations.
  • This latest move by Hong Kong’s Securities and Futures Commission displays a potential turnaround of the commission from its former restriction of the spot-cryptocurrency ETFs to retail investors.

What’s Happening In Crypto Today?

At the time of this writing, Bitcoin is trading at $35,327.09, while recording a slight rise in market cap by 1.17% and an increase of 42.55% in trading volume.

On the side of Ethereum, its current price is at $1,879.09, with a decline in market cap by 0.51% and a decrease in trading volume by 3.30%.

  • Tether USDT, on the other hand, is right now selling at the price of $1.00 while seeing a slight rise in market cap of 0.80% and an increase in trading volume of 13.40%.
  • On the other hand, BNB is presently changing hands at $245.49 while recording a decrease in market cap by 2.14% and a reduction in trading volume by 7.64%.
  • Meanwhile, XRP price right now is at $0.6777, with a decrease in market cap by 2.26% and a reduction in trading volume by 34.86%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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