% 0.03
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Market Cap:
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% 0.00
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$ 64.245
BTC Dominance:
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Market Cap:
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Hong Kong May Allow Staking for Spot Ethereum ETFs Later This Year: Animoca Co-Founder

Ether Etfs

Animoca Brands President Yat Siu said it would make sense for Hong Kong to introduce staking for spot ether exchange-traded funds (ETFs) later this year.

Sources within the industry have stated that asset managers and potential issuers of existing spot ether ETFs are exploring the possibility of staking rewards.

HashKey, which co-manages a spot ether ETF in Hong Kong, is preparing a draft proposal to study staking, an official said.

Animoca Brands President Yat Siu noted that Hong Kong asset managers are working to include staking in spot ether exchange-traded funds in the hope that the staking reward feature will be approved this year.

Siu said in an interview with The Block that Hong Kong is “now in talks for Ethereum staking” and that it is “almost a foregone conclusion” that staking will be approved in Asia before the US.

“As far as how fast it’s going to happen, there’s an optimistic part of me that wants it to be within this year,” Siu said. “If there isn’t a lot of movement on staking this year, I would say the election outcome will be the other determining factor in how quickly that can happen in the US.”

HashKey co-manages two spot bitcoin and ether ETFs with Bosera in Hong Kong and is preparing a proposal to introduce ether staking. “We have created a plan to win the rewards without increasing the risks,” said Livio Weng, CEO of HashKey Exchange, adding that further details are being discussed and cannot yet be revealed.

“We hope to advance some research in this area [ether staking] in a compliant and controlled way, without increasing risks,” Weng said.

READ:  Drop in Crypto Stocks A 'Modest Setback' Amid Spot Ethereum ETF Hype, Says Analyst

Blockdaemon, a blockchain infrastructure provider, is in talks with Hong Kong ETF issuers and custodians to explore the possibility of offering staking services, said Glenn Woo, Blockdaemon’s head of APAC sales.

“Based on my conversations with participants, issuers, VATPS [and] custodians this week and last week, I can say that we have a positive outlook on the approval of ether staking,” Woo said.

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