In a significant development, Hong Kong anticipates the launch of its inaugural spot crypto ETFs by mid-2024, led by OSL and HashKey, with Venture Smart targeting a $500 million milestone.
OSL's Gary Tiu Foresees Mid-2024 Debut
Reports from local media reveal that Gary Tiu, an executive at OSL Hong Kong crypto exchange, envisions the city embracing its first batch of spot crypto ETFs by mid-2024. Tiu highlights the active involvement of 5-10 companies in this initiative, with five companies demonstrating notable progress.
Challenges and Significance in Hong Kong's Crypto Market
Emphasizing the significance of reasonable fees, Tiu underscores the unique challenge faced by Hong Kong, with only two licensed crypto exchanges. The introduction of these ETFs holds paramount importance for the local crypto market, offering advantages such as improved market order, enhanced investor protection, and fostering stronger connections between digital and traditional finance.
HashKey Joins the Conversation
HashKey, another key player in the Hong Kong exchange scene, engages in discussions with asset managers about the potential launch of spot crypto ETFs. Livio Weng, HashKey's COO, reveals that around ten companies are actively exploring the prospect of introducing such ETFs.
Venture Smart's Ambitious Bitcoin ETF Plans
Meanwhile, Venture Smart Financial Holdings Ltd in Hong Kong is gearing up to unveil a bitcoin ETF in the near future. Their ambitious goal is to amass $500 million in assets by the end of the year, as reported by Bloomberg.
While the anticipation for crypto ETFs in Hong Kong is palpable, challenges such as regulatory compliance and market dynamics should not be overlooked. The industry awaits the mid-2024 debut with cautious optimism, recognizing the transformative potential of these financial instruments.