Community Reacts to News of Spot Bitcoin ETF in Hong Kong

07/11/2023

According to reports, the Securities and Futures Commission (SFC) in Hong Kong is considering whether to allow retail investors to trade Exchange-Traded Funds (ETFs) for cryptocurrencies. This move has drawn the attention of the cryptocurrency community, as the U.S. regulatory agency SEC has been consistently opposed to such products.

Arthur Hayes, the co-founder of BitMEX, sees Hong Kong's entry into the cryptocurrency ETF arena as a significant development.

Earlier on November 5th, the CEO of the Hong Kong Securities and Futures Commission expressed in an interview that regulatory authorities support the use of innovative technology to enhance efficiency and customer experience. In recent months, Hong Kong has been striving to position itself as a potential cryptocurrency hub and has been working on relevant regulations. However, progress was hindered due to the JPEX scandal in September last year, which also led to a shift in local attitudes toward the cryptocurrency industry towards a more negative stance.

Resource: https://cointelegraph.com/news/hong-kong-spot-bitcoin-etf