Hong Kong is considering the approval of staking for Ethereum ETFs by 2024, as revealed by Animoca Brands President Yat Siu in a recent interview. Asset managers in the country are eagerly looking to incorporate staking into their Ethereum ETFs, with hopes that regulators 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 evaluating the possibility of including an Ethereum staking option for ETF issuers since the end of May. Siu mentioned that discussions on Ethereum staking are currently underway in Hong Kong, and there is a high probability that approval for this feature will be granted in Asia before the US.
Siu expressed optimism about the speed of the approval process, stating, “There is a part of me that hopes this will happen within the year.” He also noted that the outcome of the US election could influence the timeline for approval 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. However, with the potential approval of staking in Hong Kong, it seems that the region is taking a different approach compared to the US Securities and Exchange Commission (SEC), which considers staking services as an investment contract.
The SFC in Hong Kong is exploring the possibility of allowing Ethereum ETF issuers to stake ETH, in contrast to the regulatory stance in the US. The commission has reportedly been in discussions with crypto ETF issuers in Hong Kong to explore the provision of staking services through licensed platforms.
Please note that the views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
