Shifting Interest from the US to HongKong as Leaders Urged To File XRP Spot ETF

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The XRP community is abuzz with anticipation as the possibility of an XRP spot exchange-traded fund (ETF) takes center stage in the vibrant Asian market. Notably

Yassin Mobarak, the founder of Dizer Capital, is inviting crypto industry leaders to consider launching an XRP ETF in Hong Kong, especially with recent regulatory changes. 

Regulatory Shift in Hong Kong

Hong Kong’s regulatory landscape is undergoing a transformation. As per the recent joint circular, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) revealed a recalibration of their approach to intermediaries involved in crypto-related activities. 

Meanwhile, the revised stance opens the door to crypto spot ETFs, reflecting the SFC’s green light for crypto futures ETFs. This means they are open to more funds that involve cryptocurrencies, including “virtual asset spot exchange-traded funds (VA spot ETFs).”

Call to Action for XRP Spot ETF

Yassin Mobarak’s call for action has resonated within the XRP community, with the founder of Dizer Capital encouraging other industry participants to seize the opportunity and submit applications for an XRP ETF in Hong Kong. 

Someone should file an $XRP spot ETF application in Hong Kong. https://t.co/tswtJ4xpH8

— Yassin Mobarak (@Dizer_YM) December 22, 2023

However, the sentiment has garnered support from local XRP enthusiasts, emphasizing the potential impact of such a move.

Along with Yassin Mobarak, another crypto enthusiast Luo Boren, heading securities product development at the Hong Kong Stock Exchange, is ready to ride the wave of regulatory change. 

He underscores the exchange’s commitment to collaboration, pledging to work closely with issuers and stakeholders to introduce crypto spot ETFs into the Hong Kong ETF market.

XRP ETF Situation in the US

While the United States has clear rules for XRP, the idea of having an XRP spot ETF there is still uncertain. People in the industry are questioning why big companies, like BlackRock, are not taking steps to create an XRP ETF despite the clarity in regulations.