NEW: Hong Kong to Introduce First Spot Bitcoin ETFs by Mid-2024

Hong Kong, a leading global financial center, is on the brink of introducing its first spot crypto exchange-traded funds (ETFs) by mid-2024, marking a significant stride towards embracing Bitcoin and cryptocurrencies. Gary Tiu, the executive director and head of regulatory affairs at OSL, a licensed crypto exchange, disclosed that OSL is in active discussions with numerous fund companies. Five to ten firms are diligently exploring the concept of spot crypto ETFs, with some making notable progress, potentially paving the way for Hong Kong’s inaugural spot crypto ETFs later this year.

Acknowledging the limited number of licensed crypto exchanges in the city, Tiu stressed the importance of reasonable fees in collaborations with fund companies. This development follows HashKey’s recent announcement of discussions with asset managers regarding potential spot crypto ETF launches. Hong Kong’s regulatory authorities, including the Securities and Futures Commission and the Hong Kong Monetary Authority, have adjusted policies to facilitate spot crypto ETFs, emphasizing transactions through licensed platforms or authorized financial institutions. These developments signify Hong Kong’s growing embrace of Bitcoin and cryptocurrencies within the global financial landscape.

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