**Hong Kong's Regulatory Shift on Cryptocurrency Spot ETFs**: The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have jointly issued circulars indicating their readiness to accept applications for cryptocurrency spot ETFs. These circulars lay out the requirements for fund managers to offer cryptocurrency spot ETFs, including the need for a government license, reflecting an index based on trading volume on major cryptocurrency exchanges, and using government-licensed custody services. Prior consultation with the SFC is also required if the cryptocurrency exposure proportion of net asset value is more than 10%. This move represents a shift in Hong Kong's regulatory stance on cryptocurrency ETFs. 🇭🇰💼 #HongKong #CryptocurrencyETF #Regulation

📈📣 Grayscale CEO Michael Sonnenshein expresses optimism about discussions with the U.S. Securities and Exchange Commission (SEC) on converting Grayscale Bitcoin Trust (GBTC) into a spot ETF, highlighting active cooperation. Regarding Jamie Dimon's skeptical remarks, Sonnenshein believes cryptocurrency is an evolving asset class with growing investor interest, attracting various companies, traditional institutions, and banks, indicating promising developments in cryptocurrency technology business models. 🤝💼 #Grayscale #CryptocurrencyETF #SECApproval

📅 Global asset management firm VanEck anticipates that the first Bitcoin spot ETF will receive approval in the first quarter of next year, as reported by Watchguru. VanEck has previously submitted an application for a Bitcoin spot ETF to the U.S. Securities and Exchange Commission (SEC). 🚀💼 #BitcoinETF #VanEck #CryptocurrencyETF