Hong Kong Eyes ETH Spot ETF Staking Approval This Year, Animoca Founder Predicts
CryptoNewsTerminal Staff07 Jun, 2024
Hong Kong Eyes ETH Spot ETF Staking Approval This Year, Animoca Founder Predicts
Animoca Brands co-founder Yat Siu has expressed optimism that Hong Kong could greenlight spot exchange-traded funds (ETFs) that offer staking for ether (ETH) by the end of 2023. According to The Block, Siu stated, “Hong Kong asset managers are actively working towards adding staking to their ether spot ETFs by the end of the year. There’s a strong possibility that we’ll witness staking in Asia before it becomes available in the U.S.” HashKey, the company behind the sole bitcoin (BTC) and ether ETFs in Hong Kong, revealed that it has devised a strategy to enable the capture of yield without elevating risk. CEO Livien Wong declined to disclose further details as discussions are still ongoing. Should Hong Kong implement this measure, it would position itself as a frontrunner in the digital asset space, providing investors with more avenues to participate in the cryptocurrency market. The introduction of staking capabilities for spot ETFs would further legitimize cryptocurrencies and attract institutional investors seeking exposure to the asset class.
