- BTC and Ether futures collected $73.6 million even before the introduction.
- “When China loves crypto, the bull market will come back”, BitMEX Co-founder.
Hong Kong initiated its steps toward legalizing retail cryptocurrency trading by introducing the two ETFs (Exchange Traded Funds) on the 16th of December. Both ETFs track the US-listed cryptocurrency futures, BTC and Ether. BTC and Ether are the first two futures ETFs that are been listed in the Asian exchange market. And have collected $73.6 million even before the introduction.
Last month, Hong Kong exhibited a positive attitude towards crypto which was contradictory to the whole of China’s attitude. And the authorities of the region are expected to draft friendly cryptocurrency policies and regulations by march 2023.
Yi Wang, head of quantitative investment, states:
“Coming after the recent liquidity problems affecting some of the crypto platforms, our two crypto futures ETFs demonstrate that Hong Kong remains open-minded on the development of virtual assets”
Hong Kong’s “Crypto Love”
Since the fall of FTX and its related firms, the crypto market is in turmoil. But the positive pictures in the minds of certain regions and crypto communities are the only pushing force at present. Hong Kong being the autonomous administrative region of China is determined to become the crypto hub.
Arthur Hayes, Co-founder of BitMEX, states:
“Hong Kong’s friendly reorientation towards crypto portends China reasserting itself in the crypto capital markets. When China loves crypto, the bull market will come back. It will be a slow process, but the red shoots are budding.”
The adoption of crypto in Hong Kong will definitely lay the path for the massive expansion of blockchain technology in the densely populated country.
