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Hong Kong’s SFC Has Received Multiple Requests for Crypto ETFs
The SFC is reviewing its regulatory regime for virtual assets.
Updated May 11, 2023, 4:34 p.m. Published Nov 3, 2021, 5:25 a.m.
In recent months, the Hong Kong Securities and Futures Commission (SFC) has received “a number” of requests from local companies that want to offer crypto-related exchange-traded funds (ETFs) to their private bank and professional clients, SFC Deputy Chief Executive Officer and Executive Director Julia Leung said.
- Speaking at Hong Kong Fintech Week, the SFC director gave a “glimpse” of the regulatory issues involved with ETFs including whether retail users be allowed access to crypto ETFs through online brokers, and should they face additional restrictions compared to non-crypto ETFs.
- However, she did not give any indication of the regulator’s decisions on ETFs.
- The SFC is currently reviewing its regulatory regime for crypto to see if it is still “fit for purpose,” Leung said.
- Under the regime, virtual asset service providers have to be licensed to operate in Hong Kong and can only offer services to professional investors, defined as individuals with a portfolio of over HK$8 million (US$1 million) or companies with more than $5 million in total assets. SFC-regulated fund managers can invest up to 10% of their gross asset value in crypto, and can apply for a special license if they wish to invest more.
- Last month, the U.S. Securities and Exchange Commission approved the first bitcoin futures ETF.
- In August, Leung said that Hong Kong should crack down on unlicensed crypto trading.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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