In a groundbreaking move, Hong Kong is set to enhance its Ethereum ETF offerings by integrating a staking function, positioning itself ahead of the US SEC’s spot Ethereum ETFs. Vivien Wong, a partner at HashKey Capital, revealed to DL News that the staking feature for ETH ETFs is on the horizon for Hong Kong’s market.
The initiative came to light as Wong responded to the burgeoning interest in ETH staking products following the US approval of spot Ethereum ETFs. “The moment spot Ethereum ETFs got the green light in the US, we were inundated with inquiries about whether we’d introduce an ETH staking product,” Wong remarked.
Wong has communicated the market’s and investors’ appetite for staking products to the Hong Kong Securities and Futures Commission and is gearing up to present a comprehensive proposal. “I reached out to the regulators last month, highlighting the demand for Ethereum staking, and they promptly invited us to submit a detailed proposal,” Wong added.
Currently, while spot Ethereum ETFs facilitate straightforward investment in Ethereum, they fall short of offering additional returns through staking. The introduction of staking would enable investors to garner supplementary income. However, Wong anticipates a six-month timeline before the launch of a new Ethereum product encompassing staking.
Looking beyond Ethereum, Wong hinted at the possibility of other cryptocurrencies eventually boasting their own ETFs. For such advancements, Hong Kong’s regulators require the altcoins to be accessible for public trading on sanctioned virtual asset platforms. Wong underscored HashKey Capital’s active engagement with regulators to bring forth novel products, including a potential Solana (SOL) ETF.
Wong also touched upon the Ethereum network’s ERC-20 tokens as likely ETF contenders, with Chainlink and Uniswap being notable mentions. Discussions with the SFC are ongoing, with plans for a Solana ETF also on the table. “We’re in continuous dialogue with the SFC, committed to rolling out new offerings,” Wong stated.
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