Gary Tiu, executive director of Hong Kong crypto exchange OSL, said on Sunday that crypto ETFs in Hong Kong face a systemic obstacle, namely the lack of market incentives for ETFs in general; in Hong Kong, especially when it comes to funds and structured products, there is usually a very rich layer of intermediaries between issuers and end investors-brokers, banks, private banks, retail banks, etc., which make a lot of profits by distributing financial products; this has led to the Hong Kong market preferring unlisted products, and ETFs allow anyone to execute transactions in the market, so for stockbrokers, ETFs offer very little incentive, about only a few basis points of commission, while the commission for selling structured products is around 1% to 2%. In addition, Tiu also pointed out that Hong Kong still has a negative bias towards BTC, ETH and cryptocurrencies in general. According to SoSoValue data, since April 30, Hong Kong's spot Bitcoin and Ethereum ETFs have accumulated a net asset value of approximately US$310 million and a daily trading volume of approximately US$2.8 million. (The Block)

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