China ‘does not want to miss out’: Community reacts to HK spot Bitcoin ETF news
The cryptocurrency community is excited about the Hong Kong government reportedly weighing the launch of a spot cryptocurrency exchange-traded fund (ETF) amid the ongoing regulatory pushback against such products in the United States.
Hong Kong’s potential entrance into spot crypto ETFs could be a significant development in the context of the economic confrontation between the U.S. and China, BitMEX co-founder Arthur Hayes believes.
Hayes took to X (formerly Twitter) on Nov. 6 to express excitement over competition between the two economies, emphasizing that this competition will eventually be good for Bitcoin (BTC).
“Competition is amazing. If the U.S. has its proxy asset manager, BlackRock, launching an ETF, China needs its proxy asset manager to launch one, too,” he wrote.
Competition is amazing. If the US has its proxy asset mngr, BlackRock, launching an ETF, China needs its proxy asset mngr to launch one too.
The US v China economic war is great for $BTC. pic.twitter.com/ok7xipN4M5
— Arthur Hayes (@CryptoHayes) November 6, 2023
Cryptocurrency brand Coin Bureau was also quick to react to the potential spot crypto ETF launch in Hong Kong. According to the Coin Bureau, the U.S. Securities and Exchange Commission (SEC) might be getting some pressure amid other jurisdictions like Hong Kong jumping on the bandwagon of a spot Bitcoin ETF.
“It’s a cursory tale to the SEC that if they continue to stifle capital market innovation in the United States, other countries are going to fill the void,” Coin Bureau wrote on X.
Crypto influencer Lark Davis also stressed that the latest spot crypto ETF news from Hong Kong shows that the Chinese government doesn’t want to miss out on crypto opportunities.
“Hong Kong going to get spot Bitcoin ETFs now! Chinese money does not want miss out,” Davis stated.
Hong Kong is considering allowing retail investors to access spot ETFs linked to cryptocurrencies like Bitcoin, providing regulatory concerns are met, Securities and Futures Commission CEO Julia Leung said, according to a Bloomberg report on Nov. 5. The SFC did not immediately respond to Cointelegraph’s request for comment.
Hong Kong’s potential move into spot Bitcoin ETFs comes as at least a dozen investment firms in the U.S. seek to launch similar products in the country despite long-running pushback from the Securities and Exchange Commission (SEC).
Although both Hong Kong and the U.S. have permitted crypto ETFs linked to futures contracts, the jurisdictions are yet to approve a spot crypto ETF. Unlike a futures Bitcoin ETF, which tracks futures contracts to replicate BTC prices, a spot Bitcoin ETF directly holds BTC, allowing investors to gain exposure to the asset.
Related: Spot Bitcoin ETF hype reignited zest for blockchain games: Yat Siu
The U.S. was the first to launch futures-linked crypto ETFs in 2021, with Hong Kong following in its footsteps in late 2022 with the launch of CSOP cryptocurrency futures products. Combined with the Samsung Bitcoin Futures Active ETF, Hong Kong has about $65 million in crypto ETF assets, according to Bloomberg. The futures crypto ETFs have seen low demand in Hong Kong, with their share still being tiny compared to other global crypto funds.
Hong Kong and Shanghai Banking Corporation — the biggest bank in Hong Kong — reportedly enabled its customers to buy and sell Bitcoin and Ether (ETH)-based ETFs in June 2023.
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The UK is ready to spend “well over” £100m on a possible deployment of British forces to Ukraine if Donald Trump secures a peace deal with Russia, the defence secretary has said.
John Healey also said Vladimir Putin views Britain as his “number one enemy” because of the country’s support for Ukraine.
The defence secretary’s plan includes the preparation of military personnel to join a multinational force that would be sent to help secure Ukraine’s borders if the US president brokers a ceasefire between Moscow and Kyiv.
He signalled British troops could be ready to deploy as soon as that happened and he said this could include soldiers on the ground.
Some of the anticipated money to prepare for any mission is already being spent.
The defence secretary also warned of a “new era of threat” and said the risk of wider conflict in Europe has not been as great since the end of the Second World War.
Mr Healey used a lecture at Mansion House in London to talk about efforts led by the UK and France to build a “coalition of the willing” of more than 30 nations to form what he called a “Multinational Force Ukraine” over the past six months.
At Mansion House this evening. Pic: PA
This force would help to secure Ukraine’s skies and seas and train its troops if Russia agrees to halt its full-scale war.
“So, as President Trump leads the push for peace here in Europe, we are ready to lead the work to secure it in the long-term,” the defence secretary said.
“For our Armed Forces, I am already reviewing readiness levels and accelerating millions of pounds of funding to prepare for any possible deployment into Ukraine.”
Asked how much money, he said it would be “well over” £100m.
British troops have been instrumental in the training of Ukrainian soliders throughout the conflict at camps like this one in East Anglia.Pic: PA
Mr Healey trumpeted the UK’s support for Ukraine, including a record £4.5bn in assistance this year, and taking over from the United States in co-chairing a wider group of nations that have been sending weapons and money to Kyiv.
“This is why President [Volodymyr] Zelenskyy calls the UK his closest ally,” he said.
“This is why Putin ranks Britain as his number one enemy.”
But he warned that as Russia’s aggression grew in Ukraine and beyond its borders, “Britain and our NATO allies stand more unified, and stronger”.
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Vladimir Putin. Pic: Sputnik/Reuters
Giving a stark verdict of the security landscape, Mr Healey said: “This is – undeniably – a new era of threat. The world is more unstable, more uncertain, more dangerous. Not since the end of the Second World War has Europe’s security been at such risk of state-on-state conflict.”
He said this required what he described as “a new era for defence”.
He said: “This is now an age for hard power, strong alliances and sure diplomacy.”
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The defence secretary said plans for the new era would include increasing defence spending to 5% of GDP by 2035 – though critics have accused the UK and other European allies of playing smoke and mirrors with the target, questioning how much will really be spent on weapons and troops.
“As I look ahead to the rest of this decade, our task, in this new age of hard power is to secure peace in our continent and to forge stronger deterrence and resilience, a New Deal for European security,” said Mr Healey.
Turning to the Middle East, he also announced the UK was sending a two-star military officer to work as the deputy to the US commander, charged with monitoring the ceasefire between Israel and Hamas.
Politics
Govt to allow early release of thousands of rapists and violent criminals, Tories claim in sentencing row
The government will allow thousands of rapists, child sex offenders and other violent criminals to be released early from prison, the Conservatives claimed as a row over sentencing law reforms erupted.
Ahead of MPs debating the Sentencing Bill, introduced to tackle the growing prison population, on Tuesday, the Tories accused Labour of favouring criminals over victims and said the government’s approach is a “betrayal of victims”.
But Labour accused the Conservative Party of “rank hypocrisy” over prison overcrowding and the previous government’s early release policies.
The bill will restrict the use of short sentences and instead strengthen community punishments.
It will also include an “earned progression scheme”, which allows convicts who demonstrate good behaviour to be freed earlier, with enhanced supervision in the community followed by an unsupervised period on licence.
There will be a minimum release point of 33% for standard determinate sentences and a 50% minimum for more serious standard determinate sentences – as well as more tagging to monitor offenders in the community.
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The Tories claim the bill as it is would mean 85% (6,500) of the most serious jailed offenders could qualify for early release because they are serving standard sentences, while more than 83% of child sex offenders and 62% of convicted rapists would serve reduced sentences.
They have tabled an amendment to the bill to ensure a carve out for the most serious crimes, so those who commit assault by penetration, rape, grievous bodily harm, stalking and sexual offences against children cannot be released early.
Under Labour plans to abolish custodial sentences below 12 months, the Tories calculated up to 43,000 offenders could avoid jail altogether.
They said the bill could lead to permanent leniency in sentencing.
Read more:
More jail time for criminals who refuse to attend sentencing hearings
Thousands of prison officers to get stab-proof vests
Conservative shadow justice minister Dr Kieran Mullan said: “Labour’s early release plan is a betrayal of victims and a gift to rapists and paedophiles. Keir Starmer is putting criminals before communities and letting predators out early.
“Under Labour’s plans, thousands of the most serious and sickening offences imaginable would no longer be treated as such. What an insult to thousands of victims across the country.
“Anyone who vote for these plans will have to explain exactly why these crimes do not count among the most serious offences.
“The Conservatives will fight this moral rot every step of the way.”
Justice Secretary David Lammy at Belmarsh prison. Pic: PA
But sentencing minister Jake Richards accused the Tories of “rank hypocrisy” as he said the previous government took prisons to “breaking point”.
He said Labour are “cleaning up the mess” left by the Tories and accused them of “feigned outrage”.
“The Conservatives’ rank hypocrisy is shameful. They built this crisis, then feigned outrage when the consequences arrived,” he added.
“They took our prisons to breaking point, released thousands of serious offenders early and pushed Britain to the brink of a situation where police could no longer make arrests and courts could no longer prosecute.
“That would have been a total collapse of law and order.
“Now they attack us for cleaning up the mess they made. They are behaving like arsonists complaining the fire service couldn’t stop the flame.
“This Labour government believes in prison and in punishment that cuts crime.
“We’re delivering the biggest prison expansion since the Victorians, reforming sentencing to keep the public safe and building a justice system worthy of the name.”
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