Arthur Hayes, founder of the trading website BitMEX, said that China may be paying close attention to how the United States responds to the pressure on online Bitcoin exchange-traded funds (ETFs) through Hong Kong’s “indirect asset managers”.
According to XOn Nov. 6, Hayes, no stranger to controversy, said the game was finally “awesome.” Bitcoin, the world’s largest cryptocurrency by market capitalization, would benefit if an economic war breaks out between the two major economies, its founders said.
Is Hong Kong spying on the United States?
Hong Kong is considering approving live trading of cryptocurrency ETFs by investment funds as it aims to become Asia’s financial hub. However, it is unclear which cryptocurrencies the Securities and Futures Commission (SFC) will allow for trading, including complex ETFs.
If Hong Kong’s Securities and Futures Commission (SFC) follows the lead of the U.S. Securities and Exchange Commission (SEC), an on-site Bitcoin ETF will be the first product available for retail or institutional trading.
As of early November 2023, the U.S. Securities and Exchange Commission has not approved on the spot any Bitcoin ETF proposals from leading Wall Street financial firms, including Fidelity and BlackRock. Hayes said BlackRock acts as a “designated asset manager” in the United States, much like Hong Kong does to China in the former CEO’s psychological reasoning.
Hong Kong is an administrative region of China. Therefore, the cryptocurrency policy here may be an indicator of how China views digital assets. Cryptocurrency trading and mining remain banned in mainland China.
When will the Bitcoin ETF be launched? Will Bitcoin Price Increase?
According to one Report On November 5, Hong Kong may consider allowing retail investors to purchase exchange-traded funds (ETFs) linked to cryptocurrencies, such as Bitcoin, if regulatory issues are resolved.
Hong Kong’s potential move to launch a direct cryptocurrency ETF coincides with efforts by at least 12 U.S. investment firms to launch similar products in the United States, despite still facing staunch opposition from the SEC.
So far, it is unclear whether the approval of the first Bitcoin bond ETF in the United States will open the door to more similar products in other regions, including Hong Kong. News of the launch of a Bitcoin bond ETF in the world’s largest market has spurred demand, pushing BTC to new highs in 2023.
General Bitcoin News