As Hong Kong gears up to include staking in its spot Ethereum ETFs, Solana is also making strides towards ETFs for altcoins like Uniswap and Chainlink.
Author:
Elif Azra Güven
05.07.2024 – 17:57
Update:
6 seconds ago
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In anticipation of the US SEC’s decision on spot Ethereum ETFs, Hong Kong is making preparations to introduce staking to its Ethereum ETFs.
Vivien Wong, a partner at ETF issuer HashKey Capital, revealed to DL News that the staking feature in ETH ETFs will soon be available in Hong Kong.
“Following the approval of spot Ethereum ETFs in the US, we were inundated with inquiries about whether we planned to launch an ETH staking product,” Wong shared.
She conveyed the market and investor demand for staking products to the Hong Kong Securities and Futures Commission and has indicated that a detailed proposal will be submitted soon.
“Last month, I reached out to regulators to emphasize the need for Ethereum staking. Without hesitation, they responded, ‘ok, please send a detailed proposal.'”
While existing spot Ethereum ETFs enable easy investment in Ethereum, they do not offer the opportunity to earn additional returns through staking.
However, it is expected to take approximately six months for a new Ethereum product to be launched that includes staking, allowing investors to earn extra income.
In addition to Ethereum (ETH), other cryptocurrencies may also have their own ETFs in the future, according to HashKey Capital partner Vivien Wong, but the specifics are yet to be determined.
To gain regulatory approval for new crypto ETFs in Hong Kong, the relevant altcoin must be publicly tradable through registered virtual asset trading platforms, Wong noted.
HashKey Capital is actively working with regulators to introduce more innovative products, potentially including a Solana (SOL) ETF.
Wong mentioned that ERC-20 tokens issued on the Ethereum network may be considered as ETF candidates, including tokens such as Chainlink or Uniswap, as well as a possible Solana ETF.
“We are currently in discussions with the SFC and are committed to launching new products,” Wong added.
*This is not investment advice.
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