Hong Kong Securities and Futures Commission: Approving the listing of virtual asset spot ETFs does not mean supporting or encouraging public investment

Cai Fengyi, executive director of the Investment Products Department of the Hong Kong Securities and Futures Commission, said that although the virtual asset market has faced a lot of turmoil in recent years, including the collapse of stablecoins and the closure of trading platforms, which have caused investors to suffer heavy losses, the market still has a lot of investment demand, so it is decided to formulate a comprehensive regulatory framework to approve the listing of regulated virtual asset spot ETFs, which is considered to be in the public interest. Cai Fengyi attended the listing ceremony of the first batch of virtual asset spot ETFs and emphasized that the SFC's approval of the listing of relevant ETFs does not mean support or encouragement for the public to invest in relevant virtual assets. She reiterated that the regulatory system cannot exempt the various risks of the market itself, especially virtual assets are highly speculative and their prices are very volatile. She reminded that only investors who can bear the risks should consider it. She mentioned that the listing of virtual asset ETFs is an important milestone in the development of the Hong Kong ETF market. With the China Securities Regulatory Commission proposing a number of measures to optimize the interconnection system, including relaxing the scope of eligible ETF products, it is believed that in the current challenging market environment, it can inject new impetus into Hong Kong's financial development in a timely manner, and will continue to study and promote the industry to make full use of relevant measures in the future. (Hong Kong Radio Website)