Animoca Founder Yat Siu Hong Kong May Allow Ether Spot ETF with Pledge Service as Early as This Year

Animoca Founder Yat Siu Hong Kong May Allow Ether Spot ETF with Pledge Service as Early as This Year

Animoca Founder Yat Siu Hong Kong May Allow Ether Spot ETF with Pledge Service as Early as This Year

According to a report by “The Block,” Yat Siu, founder and chairman of blockchain gaming company Animoca Brands, stated that asset management institutions in Hong Kong are working on introducing staking into their Ethereum spot ETF, hoping that the staking rewards feature will be approved this year.

Siu, in an interview with The Block, mentioned that Hong Kong is currently discussing the issue of “Ethereum (ETH) staking,” and the possibility of staking being approved in Asia before the United States is “almost an expected outcome.” Siu also stated that HashKey, which jointly manages two spot ETFs in Hong Kong with Bosera Funds, is developing a proposal to introduce Ethereum staking. HashKey Exchange CEO Livio Weng stated, “We have devised a plan to earn rewards without increasing risks.” He added that more undisclosed details are currently under discussion.

As the U.S. Securities and Exchange Commission (SEC) has explicitly stated that Ethereum spot ETFs are not allowed to have staking functionality (at least for now), the possibility of staking rewards could give similar fund products in Hong Kong a relative competitive advantage.

Related report: “Market experts: Ethereum spot ETF issuers canceling staking plans may reduce attractiveness to such funds.”