According to "The Block" report, Yat Siu, founder and chairman of blockchain gaming company Animoca Brands, said that the Hong Kong asset management institution is working on introducing staking into its Ethereum spot ETF and hopes that the staking reward function will be approved this year .

In an interview with The Block, Siu said that Hong Kong is "now discussing the issue of Ethereum (ETH) staking" and that the possibility of staking being approved in Asia before the United States is "almost a foreseeable and inevitable outcome." Siu also said:

“In terms of speed, I’m optimistic that this can happen within the year, and if we don’t make a lot of progress on staking during the year, then I think the election results will be another factor in how quickly this can happen in the United States. .

HashKey, which co-manages two spot ETFs in Hong Kong with Boshi Fund, is working on a proposal to introduce ether staking. "We have developed a plan to earn rewards without increasing risk," HashKey Exchange CEO Livio Weng said, adding that more details that cannot be disclosed are being discussed.

Since the U.S. Securities and Exchange Commission (SEC) has made it clear that Ethereum spot ETFs are not allowed to have staking capabilities (at least for now), the possibility of staking rewards could give similar fund products in Hong Kong a competitive advantage.

“This could be a competitive advantage because if staking can be done, then that brings benefits,” Siu said. “I think this is a small step — a first step. Now, the industry has to push for other areas to open up. I think staking could be a huge differentiator for Hong Kong.”

Related reports: “Market Experts: Ethereum spot ETF issuers’ cancellation of staking plans may reduce the attractiveness of such funds”

This article Animoca founder Yat Siu: Hong Kong may allow staking services to be included in Ethereum spot ETFs as soon as this year appeared first on Zombit.