Focus Moves from the US to Hong Kong as Leaders Encouraged to Launch XRP Spot ETF

The XRP community is currently filled with excitement as the prospect of an XRP spot exchange-traded fund (ETF) becomes a focal point in the dynamic Asian market. Significantly, Yassin Mobarak, the founder of Dizer Capital, is advocating for the establishment of an XRP ETF in Hong Kong, in light of the region's recent regulatory changes.

Transforming Regulatory Landscape in Hong Kong

Hong Kong is witnessing a major shift in its regulatory framework. According to a recent joint circular, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have announced a reevaluation of their policies regarding intermediaries involved in crypto-related activities.

This new regulatory stance paves the way for crypto spot ETFs, as evidenced by the SFC’s approval of crypto futures ETFs. This development indicates a growing openness to funds involving cryptocurrencies, including "virtual asset spot exchange-traded funds (VA spot ETFs)."

Advocacy for XRP Spot ETF

Yassin Mobarak's call to action has echoed throughout the XRP community. As the founder of Dizer Capital, he is urging other industry players to capitalize on this opportunity by submitting proposals for an XRP ETF in Hong Kong. This initiative has received backing from local XRP supporters, who highlight the significant potential impact of such a move.

Joining Yassin Mobarak, Luo Boren, who leads securities product development at the Hong Kong Stock Exchange, is eager to embrace this regulatory shift. He emphasizes the exchange's readiness for collaboration and commitment to working closely with issuers and stakeholders to bring crypto spot ETFs to the Hong Kong ETF market.

Situation of XRP ETF in the United States

In the United States, despite having clear regulations for XRP, the likelihood of an XRP spot ETF remains uncertain. Industry experts are questioning why major firms, such as BlackRock, have not pursued the creation of an XRP ETF, given the clarity in the regulatory environment.