10 asset managers in Hong Kong are exploring potential spot crypto ETFs: HashKey COO

Quick Take

  • Livio Weng, COO of Hong Kong licensed crypto exchange HashKey, told local media that about ten fund companies have started looking into launching potential spot crypto ETFs in the city.

Livio Weng, chief operating officer of Hong Kong licensed crypto exchange HashKey, said that about ten fund companies in Hong Kong have begun exploring the launch of potential spot crypto exchange-traded funds.

In an interview published today by Caixin, a Chinese financial news outlet, Weng mentioned that about ten fund managers, including those with Chinese capital backing and others from Asia and Europe, are exploring the possibility of introducing spot crypto ETFs in the city. About seven or eight of them have already been in contact with Hong Kong’s Securities and Futures Commission and have formed a team to start designing the investment products, according to Weng.

It is widely expected — though not confirmed — that the U.S. Securities and Exchange Commission will approve spot bitcoin ETFs on Wednesday, with trading set to commence the following day.

HashKey, which received a license from the SFC to offer retail crypto trading services in August, confirmed with The Block that it may participate in potential spot crypto ETFs in Hong Kong through two main aspects — engaging in crypto transactions associated with ETFs and providing crypto custody service. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Getting ready

Hong Kong is preparing to pave the way for spot crypto ETFs, with the SFC and the Hong Kong Monetary Authority, the city’s de facto central bank, announcing in December that both agencies have reviewed their existing policy. The regulators published two circulars addressing the requirements for spot crypto ETFs.

The SFC noted in the December circular that transactions of crypto made by spot crypto ETFs should be carried out through SFC-licensed crypto platforms or authorized financial institutions.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia editor for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.


To contact the editor of this story:
Adam James at
[email protected]