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Hong Kong is ready to obtain its first spot Bitcoin ETF, whereas the US Securities and Exchange Commission stays reluctant to approve one.

Hong Kong SFC-approved digital asset supervisor VSFG (Yibo Finance), which already has approved crypto ETF, prepares to use for a digital asset service supplier (VASP) and class No. 7 licenses. The firm additionally plans to listing a spot Bitcoin fund as an ETF.

Hong Kong Firm Seeks Approval For First Spot Bitcoin ETF

Virtual asset administration agency VSFG (Yibo Finance) at present negotiating with Hong Kong exchange-traded fund (ETF) issuers and regulators to permit funds monitoring spot Bitcoin costs to be listed as ETFs.

The agency can be making use of for a digital asset service supplier (VASP) license and a class 7 license for automated buying and selling companies, reported Hong Kong Commercial Daily on June 2. Hong Kong kicked off its crypto licensing regime on June 1 permitting crypto exchanges and corporations to supply companies to institutional and retail buyers.

Recently, Samsung Asset Management Hong Kong launched a Bitcoin futures ETF. The Bitcoin ETF tracks the efficiency of spot Bitcoin value by investing in Bitcoin futures merchandise listed on the Chicago Mercantile Exchange (CME).

VSFG chairman Chengyu Zhu asserts that Hong Kong’s digital asset laws are nonetheless within the early stage. The Security and Futures Commission (SFC) and Hong Kong Monetary Authority’s (HKMA) are working to make town right into a crypto hub.

Also Read: Crypto Presale Projects For 2023 To Invest; Updated List

Flourishing Crypto Landscape in Hong Kong

Hong Kong will doubtlessly get its first authorized stablecoin as licensed custodian First Digital launched FDUSD stablecoin. First Digital USD (FDUSD) issued by First Digital Trust is backed by money or extremely liquid belongings on a 1:1 foundation by the US greenback held in regulated monetary establishments’ accounts in Asia.

Hong Kong allowed retail investors to commerce prime cryptocurrencies. However, retail buyers is not going to commerce stablecoins resulting from pending Hong Kong Monetary Authority’s (HKMA) laws on stablecoins.

Top crypto exchanges corresponding to OKX and Huobi are making use of for licenses in Hong Kong. The regulators are taking a cautious method of their crypto laws and tips.

Also Read: Bitcoin, Ethereum Recover On Debt Ceiling Deal, US Fed Pause, Easing Jobs Market

Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a know-how fanatic and analytical thinker, he has shared his data of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the enormous potential of those modern future applied sciences. He is at present protecting all the newest updates and developments within the crypto business.

The offered content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.