By: Isha Das
Two significant developments have recently unfolded in the cryptocurrency world. In the Eastern world, Hong Kong sees its first application for a spot Bitcoin Exchange-Traded Fund (ETF), filed by Harvest Fund Management to the Securities and Futures Commission (SFC). This follows the footsteps of similar occasions in the United States. On the other side of the coin, the European cryptocurrency exchange, Bitpanda, has decided to withdraw from the Netherlands.
The SFC plans to expedite the approval of the first ETF in an effort to keep pace with the US Securities and Exchange Commission's recent authorization of spot crypto products. Hong Kong fund professionals told Tencent News they believe the performance of the investment products post-approval would mirror that of the US market despite the possibility of the SFC approving multiple institutions simultaneously. Furthermore, it's been noted that Hong Kong's spot ETFs could also allow for direct Bitcoin subscriptions, differentiating it from its US counterparts.
Shifting gears to Western Europe, Bitpanda has announced its exit from the Netherlands due to compliance with the regulatory landscape. The company's commitment to obedience regarding the rules and regulations embodies the tightening global scrutiny placed on cryptocurrency exchanges and platforms.
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