Leaders Urged to File XRP Spot ETF as Interest Shifts from the US to Hong Kong
The XRP community is filled with excitement and anticipation as the possibility of an exchange-traded fund (ETF) focused on XRP takes center stage in the dynamic Asian market. Yassin Mobarak, the founder of Dizer Capital, is leading the charge by inviting leaders in the crypto industry to seriously consider launching an XRP ETF in Hong Kong, particularly in light of recent regulatory changes.
Hong Kong’s regulatory landscape is currently undergoing a significant transformation. In a recent joint circular, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) announced a shift in their approach to intermediaries engaged in crypto-related activities. This revised stance now opens the door to crypto spot ETFs, as the SFC has given the green light for crypto futures ETFs. This means that they are receptive to the idea of more funds that involve cryptocurrencies, including “virtual asset spot exchange-traded funds (VA spot ETFs).”
Yassin Mobarak’s call to action has resonated strongly within the XRP community, with the founder of Dizer Capital urging other industry participants to seize the opportunity and submit applications for an XRP ETF in Hong Kong. The sentiment has gained support from local XRP enthusiasts who recognize the potential impact of such a move.
In addition to Yassin Mobarak, another crypto enthusiast named Luo Boren, who leads securities product development at the Hong Kong Stock Exchange, is also eager to capitalize on the wave of regulatory change. He emphasizes the exchange’s dedication to collaboration and pledges to work closely with issuers and stakeholders to introduce crypto spot ETFs into the Hong Kong ETF market.
While the regulatory situation for XRP in the United States is clearer, the possibility of an XRP spot ETF in the country remains uncertain. Industry insiders are questioning why major companies like BlackRock have not taken steps to create an XRP ETF despite the regulatory clarity.