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Home ยป Is Hong Kong Eyeing a Spot for Ethereum ETFs by 2024 Learn More
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Is Hong Kong Eyeing a Spot for Ethereum ETFs by 2024 Learn More

By adminJun. 7, 2024No Comments2 Mins Read
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Hong Kong is considering the approval of Ethereum staking in exchange-traded funds (ETFs) by 2024. Animoca Brands President Yat Siu recently mentioned in an interview that asset managers in the country are eager to incorporate staking into their Ethereum ETFs, with hopes that the regulatory body will give the green light later this year, as reported by The Block on June 7.

The Hong Kong Securities and Futures Commission (SFC) has been carefully examining the possibility of including an Ethereum staking option for ETF issuers since the end of May. Siu disclosed that discussions regarding Ethereum staking are currently underway in Hong Kong, and there is a high chance that this feature will be approved in Asia before the US.

Siu expressed optimism about the speed of this approval process, stating, “I hope it happens this year. If we don’t see much progress throughout the year, then the outcome of the election will play a role in how quickly this could happen in the US.”

Following the approval of Ethereum ETFs in the US on May 23, asset managers in the country revised their proposals to exclude the staking feature. Despite the potential approval at that time, major issuers decided to make adjustments by removing staking from their proposals.

Hong Kong’s consideration of allowing Ethereum ETF staking is a significant development in the cryptocurrency industry. The SFC’s move to explore this option diverges from the stance taken by the US Securities and Exchange Commission (SEC), which views staking services as investment contracts, potentially violating securities laws in the US.

The SFC has been evaluating whether Ethereum ETF issuers in Hong Kong should be permitted to stake ETH. The regulator has reportedly been in discussions with crypto ETF issuers in Hong Kong to explore the provision of staking services through licensed platforms, as reported by Bloomberg on May 23.

Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries risks of financial loss.

Editor’s Choice: Ethereum traders are feeling optimistic following ETF approval, and whale accumulation of Ethereum is on the rise.

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