Altcoin News Daily Official TheBitTimes.com

In what is certainly an interesting development, Hong Kong -based asset managers reported purchasing $112 million worth of US Spot Bitcoin ETFs. Specifically, data shows that Yong Rong Asset Management had purchased $38 worth of BlackRock’s iShares Bitcoin Trust (IBIT). Additionally, Ovata Capital Management, also based in Hong Kong, has filings showing investment in four other Spot Bitcoin ETFs with a value of more than $74 million. Moreover, the development is an interesting one considering the presence of these BTC investment offerings in Hong Kong as of April. JUST IN: Hong Kong-based asset managers report buying $112 million worth of US-based spot #Bitcoin ETFs. — Watcher.Guru (@WatcherGuru) May 3, 2024 Also Read: Ethereum ETFs to Outdo Bitcoin ETFs in Hong Kong , Expert Predicts Hong Kong Asset Managers Buy Big on US Bitcoin ETFS Only five months into 2024, Bitcoin ETFs have become one of the year’s most important facets of the finance sect...

Hong Kong could launch its first spot ETFs as early as the middle of this year. According to local media, Gary Tiu, chief executive and head of regulatory affairs at OSL, a Hong Kong-licensed crypto currency exchange, said the government may soon launch exchange-traded funds. OSL is in close contact with many fund companies, and between five and ten companies are currently exploring such an ETF. Tiu added that about five companies have made progress faster than others and have the potential to roll out the first spot crypto ETFs in Hong Kong by the middle of this year. Tiu also acknowledged the need to ensure that fees, when the exchange collaborates with fund companies, are not prohibitively high, given that there are currently only two licensed crypto currency exchanges in the city, according to the media report . You might also like: Hong Kong signals willingness to greenlight crypto spot ETFs Hong Kong, which operates a separate legal system from China, has experience...

The Saudi Central Bank warned in 2019 that Bitcoin is “not recognized by legal entities” but hasn’t made many statements on crypto since. Hong Kong is expanding its financial collaboration with the Kingdom of Saudi Arabia, targeting agreements related to tokenization and payment s infrastructure. The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) on July 26 held a bilateral meeting to strengthen the integration of financial services between the two countries. As part of the meeting agenda, the HKMA and the SAMA discussed initiatives such as financial infrastructure development, open market operations, market connectivity and sustainable development. The central banks also signed a memorandum of understanding (MoU) to promote joint discussions on financial innovation. HJMA chief executive Eddie Yue (left) and SAMA governor Ayman Alsayari (right). Source: HKMA According to an official joint announcement, Hong Kong and Saudi Arabia’s authorities also took the oppor...

The CEO of Independent Reserve says Hong Kong's "friendly" licensing regime makes it a worthy destination to set up shop, but there are other factors to consider. Australia-based crypto exchange Independent Reserve is looking at opportunities to set up shop in Hong Kong, as the city continues efforts to become a cryptocurrency hub.  Set to take effect in June, the Hong Kong Securities and Futures Commission (SFC) released a proposed licensing regime for cryptocurrency exchanges on Feb. 20 in line with its ambitions to become Asia’s next crypto hub. Independent Reserve co-founder and CEO, Adrian Przelozny told Cointelegraph the “friendly” licensing regime makes Hong Kong a worthy destination to set up a new base, something his firm is now strongly considering. “Right now it is looking very interesting [...] The recent announcement by the regulators in Hong Kong does make Hong Kong look like a friendly jurisdiction.” “We see Hong Kong as a good opportunity for Independent ...