Looks like Hong Kong is going to allow in-kind creations and redemptions for spot bitcoin ETFs in 2Q (unlike US which is cash creations only).

https://twitter.com/EricBalchunas/status/1772602019133423921?t=T4pbUMgJIUdbkrMW6rvr7A&s=19

 

 if they really onchain custody redemption it will game changer even if KYCed