Fastest in Asia》10 Hong Kong fund companies are preparing to launch cryptocurrency spot ETFs! | DongZuDongTren – the most influential blockchain news media

2024-01-10 10:57:27

Today, HashKey Chief Operating Officer Weng Xiaoqi revealed that about ten fund companies will launch virtual asset spot ETFs in Hong Kong, inspiring the three virtual currency ETFs currently listed in Hong Kong to achieve outstanding performance yesterday.
(Previous summary: Will Hong Kong become Asia’s No. 1 “cryptocurrency ETF”? The China Securities Regulatory Commission wants to approve spot ETFs. What are the regulatory requirements? )
(Background supplement: Not just spot ETFs! The Hong Kong Securities Regulatory Commission regulates the custody of virtual assets. Private keys must be stored in Hong Kong and assets are separated on the customer platform)

At the end of December last year, Hong Kong stated that in addition to the current cryptocurrency futures ETF, it was ready to accept “authorization applications for virtual asset spot ETFs and other related funds.” It seemed that Hong Kong was interested in making Hong Kong the first region in Asia to list spot ETFs.

Several fund companies will launch virtual asset spot ETFs in Hong Kong

Today, CaixinExclusive interview Livio Weng, chief operating officer of HashKey Group, revealed that about ten fund companies are currently preparing to launch virtual asset spot ETFs in Hong Kong, and seven to eight of them have entered the actual promotion stage. This means that Hong Kong is gradually becoming the first market in Asia to allow the listing of virtual asset spot ETFs.

As one of the only two licensed virtual asset exchanges in Hong Kong, HashKey Exchange stated that their participation in virtual asset spot ETFs mainly focuses on “virtual asset transactions involved in the fund” and “virtual asset custody”. core business areas.

Three virtual currency futures ETFs surged

Possibly affected by this news, the three virtual currency ETFs currently listed in Hong Kong all performed well yesterday. Southern Bitcoin Futures ETF (3066.HK) rose by 7.07%, Samsung Bitcoin Futures ETF (3135.HK) rose 7.02%, while the Southern Ethereum Futures ETF (3068.HK) also rose 4.15%.

These three products entered the top three in the Hong Kong stock ETF growth list, surpassing other asset classes.

Hong Kong virtual asset spot ETF regulatory key points

On December 22 last year, the Hong Kong Securities Regulatory Commission issued the “Joint Circular on Virtual Asset Related Activities of Intermediaries“and”Circular on Securities and Futures Commission-authorized funds investing in virtual assets》, the supervision of virtual asset spot funds lists the following requirements:

Issuer qualifications: Institutions that issue Bitcoin spot ETFs need to have good compliance records, employees with experience in crypto asset product management, and hold a No. 9 license.

Included virtual asset categories: Under Hong Kong’s existing rules, Bitcoin and Ethereum are the main cryptocurrencies allowed to be included in ETFs.

Anti-Money Laundering Requirements: The virtual asset spot ETF issued in Hong Kong allows subscription and redemption in two modes: physical or cash. Among them, under the physical redemption mode, crypto assets must first be transferred to a licensed exchange in Hong Kong or other regulated financial institutions to comply with anti-money laundering regulations.

Cryptoasset custody requirements: Crypto assets need to be independently managed by a third party, and the custodian must be a Hong Kong licensed exchange or other compliance institution. In terms of the use of cold wallets and hot wallets, most virtual assets should be stored in cold wallets, and the virtual asset holdings and periods in hot wallets are only used for necessary subscription and redemption operations. In addition, the private key of the wallet must be kept locally in Hong Kong, and measures must be taken to prevent cyber hacker attacks and be properly backed up.

investor restrictions: Currently, mainland Chinese residents cannot purchase virtual asset ETFs issued in Hong Kong because these products do not comply with mainland China’s “Notice on Further Preventing and Disposing of Speculation Risks in Virtual Asset Transactions” specifications.

????Related reports????

The Hong Kong Securities and Futures Commission gives the green light: Consider approving a “Bitcoin Spot ETF” for retail investors to trade if it can meet regulatory requirements

Hong Kong previews another digital green bond: Cooperating with HSBC, UBS, and Bank of China to explore the potential of blockchain

After the JPEX thunderstorm, the number of people opening accounts on the Hong Kong crypto exchange “increased sharply”. Is it profitable?

1704913216
#Fastest #Asia10 #Hong #Kong #fund #companies #preparing #launch #cryptocurrency #spot #ETFs #DongZuDongTren #influential #blockchain #news #media