TechFlow reports that Weng Xiaoqi, CEO and COO of HashKey Exchange, a licensed virtual asset trading platform in Hong Kong, said the delayed approval of spot Bitcoin ETFs by half a year means U.S. capital will enter the market six months earlier, forcing latecomers to face higher purchase costs and entry levels, thereby risking being trapped by early U.S. investors.
Regarding the specific number of the first batch of spot Bitcoin ETFs to be listed in Hong Kong, Weng noted this would depend on confirmation and authorization from the Securities and Futures Commission (SFC). However, given that the U.S. has already approved 11 spot Bitcoin ETFs, the initial number in Hong Kong is likely to be smaller. Considering the significant difference in market size between Hong Kong and the U.S., concentrating liquidity by limiting the number of spot Bitcoin ETFs could be more beneficial for Hong Kong's development.
He emphasized that spot Ethereum ETFs are currently the most anticipated product among global crypto investors. Hong Kong is actively discussing and preparing for spot Ether ETFs. If such products can launch ahead of the U.S., Hong Kong could transform from a follower into a leader in the global crypto market competition.
