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Hong Kong securities regulator, SFC, is moving towards allowing retail investors to purchase spot crypto ETFs.
Quoted by Bloomberg, SFC CEO Julia Leung said, “We support the use of innovative technology that enhances efficiency and customer experience. “As long as new risks are addressed, we are happy to try. Our approach is independent of the asset type.”
Hong Kong regulators continue to adopt a progressive approach towards crypto and their views on the exposure of retail investors to digital assets changed throughout the year.
In January, SFC restricted access to crypto spot ETFs for retail investors, limiting them to professional investors with a portfolio of at least 8 million HKD (1 million dollars). Then, in October, SFC updated its rules to allow a broader range of investors to invest in spot crypto and ETFs, but under the threshold of a professional investor. Investors now need to pass an information test and meet net worth requirements.
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SFC said, “Policy has been updated in light of recent market developments and investigations to answer questions from the industry and further expand retail access through intermediaries, and to give investors the opportunity to deposit and withdraw virtual assets directly to intermediaries with suitable safeguards.”
Issuers of listed crypto products will need to publish their risk disclosure statements.
Quoted by Bloomberg, Leung said, “When the crypto ecosystem develops step by step and we feel comfortable, we are happy to open up more access to the broader investment community.”
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