Hong Kong, a financial powerhouse that turned crypto-friendly last year, could be one of the earliest front-runners in Asia to allow spot bitcoin exchange-traded funds (ETFs) if the U.S. approves such ETFs, industry leaders reckon.
Yat Siu, chairman of web3 investor Animoca Brands, told The Block that the encouraging stance of Hong Kong’s Securities and Futures Commission toward digital assets sets a decent stage for potential spot bitcoin ETFs.
"If you look at what the SFC had said about I think a month ago, it says that it was open to widen access to digital assets,” Siu said. “And frankly, Bitcoin spot ETF is, I would say, relatively uncontroversial at the end of the day.”
The U.S. is continuing to get closer to approving its first spot bitcoin ETF, with multiple filings adapting to the SEC's demands related to creation and redemption mechanisms.
I feel like were getting closer and closer, just imagine the cashflow once banks all around the world will have a safe and legitimate way to buy into BTC.
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