• 19 June, 2024
Market News

Hong Kong Invites Applications for XRP Spot ETF, Defying US Rumors

In a pivotal move, renowned crypto analyst Zach Humphries has sparked fresh optimism among enthusiasts by highlighting the potential for an XRP ETF in his recent YouTube video. Despite prior rumors, Humphries emphasized that an XRP spot ETF might not be obsolete. He shed light on newfound evidence suggesting its plausibility, notably outside the United States, in the crypto-friendly territory of Hong Kong.

In an X post, Yasin Mobarik, founder of Dier Capital, has extended invitations to key figures within the crypto industry to spearhead the establishment of an XRP spot ETF in Hong Kong. This invitation follows recent regulatory approvals that signal Hong Kong’s openness to such endeavors.

Hong Kong’s regulatory bodies, particularly the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), recently revealed their revised policies, demonstrating a favorable stance toward intermediaries engaged in crypto-related activities. The circular these entities released underscored the regulatory bodies’ willingness to entertain applications for cryptocurrency spot ETFs, extending beyond the commonly associated Bitcoin and Ethereum.

The SFC’s approval for crypto Futures ETFs hinted at a broader openness towards cryptocurrencies beyond Bitcoin and Ethereum. The regulatory bodies emphasized their inclination toward welcoming applications for approval of various crypto-related funds, explicitly mentioning the acceptance of “virtual asset spot exchange-traded funds.” This stance represents a bullish prospect for XRP and other cryptocurrencies beyond the conventional choices.

Amidst global regulatory ambiguity, the proactive stance taken by Hong Kong stands in stark contrast. While some nations grapple with regulatory frameworks, Hong Kong has emerged as a proactive hub fostering crypto innovation. This move aligns with the region’s deep-rooted association with Ripple and ongoing business collaborations in the Asian market.

As the situation unfolds, industry observers will monitor the progress of Hong Kong’s initiative to introduce an XRP spot ETF, presenting a promising outlook for XRP’s broader adoption and the evolving landscape of cryptocurrency investments beyond the dominion of Bitcoin and Ethereum.

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