The Securities and Futures Commission (SFC) has published a circular setting out the requirements for the authorization of the public offering of the exchange traded funds (ETFs) that obtain exposure to virtual assets (VAs) primarily through futures contracts (VA Futures ETFs) in Hong Kong on 31 October. The regulator said in addition to the existing regulatory requirements applicable to VA Futures ETFs, the application should meet the additional requirements set out in the circular. The management company shall have a good track record of regulatory compliance and demonstrate at least three years’ proven track record in managing ETFs. SFC said only VA futures traded on conventional regulated futures exchanges are allowed, subject to certain exceptions and it initially only allowed Bitcoin futures and Ether futures traded on Chicago Mercantile Exchange.
Source: https://cointelegraph.com
