- VSFG (Yibo Finance) plans to list a spot Bitcoin fund as an ETF.
- According to reports, the company is also applying for a virtual asset service provider (VASP) license and a category 7 license for automated trading services.
- VSFG President Chengyu Zhu claims that Hong Kong’s virtual asset regulations are still in the early stages.
Hong Kong is preparing to receive a Bitcoin ETF that the US Securities and Exchange Commission is reluctant to approve.
Hong Kong Firm Seeks Approval for Spot Bitcoin ETF
Hong Kong is preparing to receive a Bitcoin ETF that the US Securities and Exchange Commission is reluctant to approve.
VSFG (Yibo Finance), a Hong Kong SFC-approved virtual asset manager with a previously approved crypto ETF, is preparing to apply for a virtual asset service provider (VASP) and category No. 7 license. The company also plans to list a spot Bitcoin fund as an ETF.
Virtual asset management firm VSFG (Yibo Finance) is currently working with Hong Kong stock ETF issuers and regulators to allow funds that track spot Bitcoin prices to be listed as ETFs.
According to reports, the company is also applying for a virtual asset service provider (VASP) license and a category 7 license for automated trading services. Hong Kong launched a crypto licensing regime on June 1, allowing its establishments to serve institutional and individual investors.
Recently, Samsung Asset Management Hong Kong launched a Bitcoin futures ETF. The Bitcoin ETF tracks the performance of spot Bitcoin prices by investing in Bitcoin futures products listed by the Chicago Mercantile Exchange (CME).
VSFG President Chengyu Zhu claims that Hong Kong’s virtual asset regulations are still in the early stages. The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) are working to make the city a crypto hub.
The Evolving Crypto World in Hong Kong
Hong Kong may potentially obtain the first approved stablecoin with First Digital’s FDUSD stablecoin launch. First Digital USD (FDUSD), issued by First Digital Trust, is backed by cash or highly liquid assets equivalent to US dollars at a 1:1 ratio in the accounts of regulated financial institutions in Asia.
Hong Kong has allowed individual investors to trade leading cryptocurrencies. However, individual investors will not be able to trade stablecoins as the Hong Kong Monetary Authority’s (HKMA) regulations on stablecoins are not yet complete.
Leading crypto exchanges such as Huobi are applying for licenses in Hong Kong. Regulators are taking a cautious approach to crypto regulations and guidelines.
