Bitcoin ETF Looks Very Likely Given These Bureaucratic SEC Steps
We see a 98% chance of approval in the next couple of weeks and the high likelihood of a Bitcoin rally to follow.
Binary trading platforms with better performance and payouts
Hong Kong
We see a 98% chance of approval in the next couple of weeks and the high likelihood of a Bitcoin rally to follow.
The Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB) are also planning a sandbox to provide guidance on compliance.
The statement from the SFC and HKMA comes as expectations mount the U.S. SEC is on the verge of approving a spot bitcoin ETF.
Hong Kong was once a hub for ICOs until regulators cracked down. Times have changed.
The Securities and Futures Commission said it does not have the power to close unlicensed crypto exchanges.
The publicly traded company joins crypto-native firms HashKey Exchange and OSL Digital Securities with a license.
The news comes a day after HSBC, one of the world’s largest banks, said it plans to start a digital-assets custody service for institutional clients.
The move comes a month after authorities in the City updated financial regulations to allow for retail investors to buy spot crypto ETFs.
The move appears to be another step in Hong Kong’s recently accelerated ambitions to become a virtual asset hub.
HKEX says the system, used by traders in Hong Kong to buy stocks in China, will speed up settlement and provide greater transparency.