Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: James Anderson on December 29, 2023, 11:39:39 AM
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Somewhat out of out of nowhere, the last 2 days, we have heard that "Hong Kong releases crypto ETF requirements ahead of US approval"
Hong Kong Regulator Prepares to Approve In-Kind Spot Bitcoin ETFs
The Hong Kong Securities and Futures Commission (SFC) stated... “Globally, the VA landscape has been evolving rapidly,
Demand for these products has also increased in Hong Kong. In light of these developments, the SFC has introduced regimes that allow the offering of certain VA products to the Hong Kong public with appropriate investor protection safeguards."
Things to consider
1. Hong Kong is in 2nd place in the world for percentage of millionaires per population (Source - Credit Swiss as of 2022)
2. Hong Kong has 632,000 millionaires (Source - Credit Swiss as of 2022)
3. Historically people in Kong Kong love investing in long term/relatively high risk assists that they can pass down to their family (Look at all the expensive properties that they invest in with a long term mindset)
4. In Kind Bitcoin Spot ETF is even better than what US is proposing with in Cash. Both increases demand and accessibility but in kind has some tax advantages.
5. A bunch of established countries already have Spot Bitcoin ETFs that are growing its funds by the day (Canada, Germany, Brazil, Australian, Switzerland etc.) and now Hong Kong. USA is not going to sit there and have other countries population get rich. The ETF in the USA is getting approved.
What are your thoughts?