Animoca Founder Yat Siu Hong Kong May Allow Pledge Services to Include Ether Spot ETFs as Soon as This Year

Animoca Founder Yat Siu Hong Kong May Allow Pledge Services to Include Ether Spot ETFs as Soon as This Year

Animoca Founder Yat Siu Hong Kong May Allow Pledge Services to Include Ether Spot ETFs as Soon as This Year

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

Siu, in an interview with The Block, mentioned that Hong Kong is currently discussing the issue of “staking Ethereum (ETH)”, and the possibility of staking being approved in Asia before the United States is “almost an expected outcome.” Siu also stated that:

HashKey, which co-manages two spot ETFs in Hong Kong with Bosera Funds, is developing a proposal to introduce Ethereum staking. Livio Weng, CEO of HashKey Exchange, stated, “We have crafted a plan to earn rewards without increasing risk.” He added that more undisclosed details are still under discussion.

With the U.S. Securities and Exchange Commission (SEC) clearly stating that Ethereum spot ETFs are not allowed to have staking functions (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 Cancelling Staking Plans May Decrease Attractiveness of Such Funds”