Hong Kong ETF Issuers Unconcerned Over US Crypto Regulation Ahead of Spot Crypto ETF Launch
Summary:
Despite the ongoing threat of crypto regulation in the United States, Hong Kong's ETF issuers remain unconcerned. The heads of China Asset Management and OSL Digital Securities dismiss the impact that the U.S. classifying Ethereum as a security might have on Hong Kong. They maintain that the Hong Kong Securities Regulatory Commission holds its independent decision-making capability. The two companies, alongside Bosera Asset Management and Harvest Global Investments, have launched their crypto ETFs, marking Hong Kong's foray into spot crypto ETFs.
Despite the impending threat of cryptocurrency regulation in the United States, Hong Kong's ETF providers remain unfazed, particularly regarding the potential classification of Ether (ETH) as a security. On April 29, one day before the launch of spot crypto ETFs in Hong Kong, China Asset Management's head of digital asset management, Zhu Haokang, and OSL Digital Securities head, Wayne Huang, discussed the upcoming investment products for institutions. When queried about the worldly debut of a spot Ether ETF and the effects that a US classification as a security may have on Hong Kong, Huang was unmoved, suggesting that the United States' regulation wouldn't impact the Hong Kong Securities Regulatory Commission's independent decision making. The Commission, he elaborated, maintains its exclusive criteria for discerning whether cryptocurrencies are securities and whether they're open for retail investors' trade. On these lines, US diplomatic differences wouldn't influence the commission's strategies, he stated. Highlighting why Hong Kong leads in initiating an Ethereum spot ETF, as opposed to the United States, he explained that it's down to the latter's complex regulatory landscape around cryptocurrency. As per his declaration, Ethereum isn't considered a security in Hong Kong, with a clear definition already issued, and alongside Bitcoin, it makes up the twin assets open to retail investors. Meanwhile, the U.S. SEC continues to investigate the Ethereum Foundation, looking to classify the cryptocurrency as a security. Meanwhile, as Hong Kong premieres its spot crypto ETFs, China Asset Management, Bosera Asset Management, and Harvest Global Investments have launched their crypto ETFs under CAM, BOS, and HGI listing codes, on the Hong Kong Stock Exchange. OSL Digital Securities was selected as the inaugural virtual asset trading and sub-custodian partner by China Asset Management (Hong Kong). Established in 1998, state-owned China Asset Management headquartered in Beijing is among China's largest fund families.
Published At
4/30/2024 5:53:34 AM
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