Hong Kong’s potential entrance into spot crypto ETFs could be a significant development in the context of the economic confrontation between the U.S. and China, BitMEX co-founder
Hayes took to X on Nov. 6 to express excitement over competition between the two economies, emphasizing that this competition will eventually be good for Bitcoin might be getting some pressure amid other jurisdictions like Hong Kong jumping on the bandwagon of a spot Bitcoin ETF. “It’s a cursory tale to the SEC that if they continue to stifle capital market innovation in the United States, other countries are going to fill the void,” Coin Bureau
Crypto influencer Lark Davis also stressed that the latest spot crypto ETF news from Hong Kong shows that the Chinese government doesn’t want to miss out on crypto opportunities. Hong Kong is considering allowing retail investors to access spot ETFs linked to cryptocurrencies like Bitcoin, providing regulatory concerns are met, Securities and Futures Commission CEO Julia Leung, according to a Bloomberg report on Nov. 5. The SFC did not immediately respond to Cointelegraph’s request for comment.Although both Hong Kong and the U.S. have permitted crypto ETFs linked to futures contracts, the jurisdictions are yet to approve a spot crypto ETF.
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