See related article: Hong Kong needs engineering talent to reclaim role as digital asset hub
- CSOP Asset Management, Samsung Asset Management and Mirae Asset Global Investments have submitted their ETF applications to the Securities and Futures Commission (SFC), an unnamed source familiar with the matter told Nikkei Asia.
- Some of the asset management firms have received regulatory feedback on investor protection, according to the source.
- The race for the city’s first ETF comes after Hong Kong announced plans to reestablish itself as a global crypto hub and the SFC’s announcement that it could allow retail investors to trade in digital asset-linked ETFs.
- Hong Kong remains bullish on digital assets in the financial sector despite the FTX fiasco that has sent shockwaves across the industry.
- Hong Kong was a leading crypto hub until 2021 when the city introduced a licensing regime that closed crypto exchanges to all but “professional investors” with portfolios worth at least HK$8 million (US$1.03 million).
See related article: Hong Kong Rethinks Crypto