XRP community members now anticipate an XRP spot exchange-traded fund (ETF) in Asian soil amidst a pivotal development in the region.
In particular, Dizer Capital founder Yassin Mobarak has invited crypto industry leaders to move for an XRP ETF in Hong Kong following a recent regulatory greenlight.
ETF in Hong Kong
In a recent circular, prominent regulatory bodies in Hong Kong announced a reevaluation of their stance on intermediaries engaging in crypto-related activities. The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) jointly conveyed their willingness to consider crypto spot ETFs.
This shift in perspective, outlined in the circular, is a response to recent developments in the market. Notably, the SFC has already granted authorization for crypto futures ETFs. In light of this, the SFC and HKMA have declared their openness to receiving applications for the approval of additional funds that offer exposure to cryptocurrencies.
The regulators specifically highlighted their acceptance of “virtual asset spot exchange-traded funds (VA spot ETFs)” among the potential ETFs they are welcoming. This signifies a noteworthy evolution in their approach to intermediaries involved in crypto-related activities.
XRP Spot ETF Filing
This update from the regulatory agencies has caught the attention of prominent figures in the XRP community. One of such figures is Yassin Mobarak of Dizer Capital who has called other crypto enthusiasts to capitalize on the development.
Similarly, Luo Boren- a lead securities manager at the Hong Kong Stock Exchange, has shown readiness to capitalize on such opportunities also. He emphasized the exchange’s commitment to collaborating closely with issuers and all stakeholders.
XRP ETF Uncertainty
While XRP remains the only digital asset in the United States with regulatory clarity, the outlook for it’s spot ETF remains uncertain in the region. Industry leaders have questioned this turnout, challenging prominent asset managers for their reluctance to file an XRP ETF.