Bitcoin ETF approval by the SEC coming in today, will ETF trigger a Domino Effect? Other countries are also looking into approving the Bitcoin ETF. The crypto is growing slowly and gradually and is expected to become mainstream.
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Other countries looking into approving Bitcoin ETF after the US SEC Approved the ETF
The US’s green light for spot Bitcoin exchange-traded funds (ETFs) has also spurred other country managers into action. A leading Hong Kong lawmaker has called for immediate action by the local government after the US gave the green light to spot Bitcoin exchange-traded funds (ETFs).
Hong Kong Lawmaker Advocates Swift Crypto Action Following US Bitcoin ETF Approval. Hong Kong Legislative Council member Johnny Ng called on Hong Kong to follow in the footsteps of the United States and promote innovation in the crypto space.
Hong Kong quickly gaining global position
Ng expressed his hopes for Hong Kong to quickly gain a global position in the rapidly developing and highly competitive virtual asset sector. He emphasized that Hong Kong should take the lead in Asia by implementing relevant policies and products.
Ng said that the Securities and Futures Commission has previously expressed its readiness to accept applications for spot Bitcoin ETFs. Ng sees this as an opportunity to solidify Hong Kong’s position as a global hub for virtual assets.
In December, both the Securities and Futures Commission and the Hong Kong Monetary Authority, the city’s de facto central bank, announced they were reviewing their current policies. Regulators subsequently issued two circulars outlining requirements for spot crypto ETFs.
Spot Crypto ETFs
Livio Weng, COO of Hong Kong-based crypto exchange HashKey, announced on Wednesday that 10 fund managers, some backed by Chinese capital, are exploring launching spot crypto ETFs in the city.
To conclude, Other countries looking into approving Bitcoin ETF after the US SEC Approved the ETF. The US SEC approval decision came in today which created enthusiasm in the crypto world. Hong Kong looking into approving ETFs. Crypto is becoming mainstream slowly and the market is optimistic after the ETF approval. Analysts predict a massive bull run after the ETF trading goes live.
Note: It’s a research based article not a financial advice.
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