ETF issuers and custodians in Hong Kong are exploring the possibility of staking rewards, industry insiders told The Block.
Hong Kong asset managers are working to include staking within their spot ether exchange-traded funds in the hope of getting the staking reward feature approved this year, Animoca Brands Chairman Yat Siu said.
HashKey, which co-manages two spot bitcoin and ether ETFs in Hong Kong with Bosera, is formulating a proposal to introduce ether staking. “We’ve come up with a plan designed to earn rewards without necessarily increasing risks,” said Livio Weng, chief executive officer of HashKey Exchange, adding that more details are under discussion and cannot be disclosed.
“Based on my discussion this week and last week with the participants, the issuers, the VATPS the custodians, we all kind of have the positive outlook in terms of getting that approved as well,” Woo said. Hong Kong’s Securities and Futures Commission did not immediately respond to The Block’s request for comment.Despite the initial hype surrounding spot crypto ETFs in Hong Kong, their performance has been relatively underwhelming compared to their U.S. counterparts.
The possibility of staking rewards could serve as a competitive advantage for Hong Kong spot ether ETFs to U.S. ones, as the U.S. Securities and Exchange Commission has made it clear that it won’t allow such a feature — at least for the time being.
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