Wealth management companies CSOP Asset Management, Samsung Asset Management and Mirae Asset Global Investments have filed applications to launch futures ETFs with the Hong Kong Securities and Futures Commission (SFC).
A Nikkei Asia source said the pair have already received recommendations from regulators to protect retail investors. The source added that one of the companies that applied for a product listing in early November expected to receive approval as early as the end of the month. Another source said the SFC will review applications for ETF products within three months. If officials consider that the launch of the ETF is in the interests of the Hong Kong government, then these applications will be considered first.
Deacon law firm partner Su Cheen Chuah confirmed that it takes two to three months for the SFC to review and approve a cryptocurrency futures ETF. Companies have filed applications to launch cryptocurrency exchange-traded funds after the SFC announced it could allow retail investors to trade ETFs linked to digital assets.
Local authorities have decided to turn Hong Kong into a global center for cryptocurrencies. The Central Bank of Hong Kong recently announced that it is developing rules to protect crypto investors and promises to pay special attention to the regulation of stablecoins.
Source: Bits
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