We see a 98% chance of approval in the next couple of weeks and the high likelihood of a Bitcoin rally to follow.
While Chinese authorities continue prosecuting stablecoin use, Hong Kong is working on legalizing it.
The Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB) are also planning a sandbox to provide guidance on compliance.
Hong Kong’s Securities and Futures Commission said cryptocurrency transactions conducted by ETFs must occur through SFC-licensed crypto platforms or authorized financial institutions.
The statement from the SFC and HKMA comes as expectations mount the U.S. SEC is on the verge of approving a spot bitcoin ETF.
According to the securities regulator, misleading information online could encourage individuals to invest in the HKD token issued by HongKongDAO.
A former journalist, Leung is the world's most powerful female financial regulator in an increasingly important center for crypto.
Hong Kong was once a hub for ICOs until regulators cracked down. Times have changed.
Hong Kong clients will be able to purchase Bitcoin and Ether in their personal accounts.