Hong Kong set to lead Asia with spot bitcoin ETFs
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Spot bitcoin exchange-traded funds (ETFs) could be launched in Hong Kong this month, with the first approvals by the Securities and Futures Commission (SFC) likely to be announced next week. At least four mainland Chinese and Hong Kong asset managers, including China Asset Management, Harvest Fund Management, and Bosera Asset Management, have submitted applications to launch the ETFs. The SFC could approve the first batch of spot bitcoin ETFs as soon as next Monday. Hong Kong would become Asia's first city to offer these ETFs, much faster than industry expectations. Hong Kong authorities are keen to improve the city's attractiveness for financial trading. However, cryptocurrencies are facing scams and cybersecurity risks, with cryptocurrency users losing $437 million to scams and hacks in Q1 2024. Separately, the Hong Kong Monetary Authority and the Hong Kong Association of Banks launched Anti-Scam Consumer Protection Charter 2.0 to guard against credit card scams and digital frauds. In other news, the cross-border payment between Hong Kong's Fast Payment System and Thailand's PromptPay has an average transaction amount below HK$200. 

#Bitcoin #Etfs #HongKong #Cryptocurrency #FinancialTrading

https://www.thestandard.com.hk/section-news/section/2/261894/Hong-Kong-set-to-lead-Asia-with-spot-bitcoin-ETFs