Bitcoin Forum

Crypto Industry Players in Hong Kong Call for Swift Approval of Bitcoin ETFs

Authorities in Hong Kong have been urged to approve spot bitcoin exchange-traded funds in order to cement the region’s position as the financial hub of Asia. Industry participants believe that launching this ahead of the U.S. will enhance Hong Kong’s status in the global cryptocurrency market.

Approving Spot Ethereum ETFs Ahead the U.S.

Players in Hong Kong’s cryptocurrency industry have urged authorities to expedite the approval and eventual launch of spot bitcoin exchange-traded funds (ETFs), according to a report. These industry players fear that the ongoing delay in launching the ETFs will disadvantage Asian investors, some key players in Hong Kong argue.

A local report indicates that Hong Kong’s monetary authorities began accepting applications for spot bitcoin ETFs in December 2023, but no related products have been launched to date. The report also revealed that the authorities are considering the approval of spot ethereum ETFs. Industry participants believe that launching this ahead of the U.S. will enhance Hong Kong’s status in the global cryptocurrency market.

Weng Xiaoqi, the CEO of Hashkey Exchange, commented on the impact of spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC). He said that the delay in approving Bitcoin ETFs could potentially expose Asian investors to higher fees.

“The delayed launch of spot ETFs in half a year also means that It will be half a year later for U.S. capital to enter the market. At that time, it will face higher purchase costs and entry points and will have to bear the risk of being locked in by U.S. capital,” Xiaoqi reportedly said.

To expedite the launch of crypto ETFs in Hong Kong, the CEO disclosed that his exchange platform and its partners are actively advocating for this. Many in Hong Kong anticipate that the ETFs’ launch will attract significant capital to the region.

Xiaoqi argued about the potential benefits of Hong Kong launching an ethereum spot ETF first. He believes this would solidify its status as Asia’s financial hub and surpass the United States as the leader in the global encryption market.

Source: https://news.bitcoin.com/crypto-industry-players-in-hong-kong-call-for-swift-approval-of-bitcoin-etfs/

Yes, I can see why there is such a rush to get the Bitcoin ETFs approved, but I think the Ethereum ETFs are a mistake.

We will see the same thing happening that has happened with the 1000s of Alt coins that are diluting Bitcoins true value. (The more Alt coins you add, the less money flows into the strongest and most secure technologies)

If one of them fails, doubt and FUD will hurt the stronger Crypto offerings.