Beck Lee, CIO of virtual asset management company Pando Finance, talks about the Pando Bitcoin ETF that recently listed on the Hong Kong Stock Exchange, and the city's digital asset environment.

Hong Kong Island

A virtual asset manager has highlighted Hong Kong's progress in becoming a leading Web3 hub, citing the recent launch of a Bitcoin Spot ETF. The ETF, which allows both cash and Bitcoin subscriptions and redemptions, has seen over half of its portfolio managed in Bitcoin since its launch. The manager noted that while the ETF's performance has seen a slight decline since inception, the broader goal is to build a comprehensive ecosystem that includes additional ETFs and blockchain-backed payment and real-world asset projects.

With new stablecoin regulations set to take effect, the manager indicated that their firm may pursue a stablecoin license in the future, depending on market developments and regulatory clarity. Hong Kong's stable regulatory framework, supported by the HKMA and SFC, is seen as a key advantage over other financial centers like Dubai and Singapore, positioning the city as a leader in the Web3 and blockchain space.

Hong Kong on its way to be Web3 hub: Virtual asset manager

Actually, we applied this a few months ago and we decided to develop the traditional finance like the ETF we just mentioned. And after two years for the Twix experience, we think the timing is mature so we launched the Bitcoin Spot ETF this year. How has the subscription been and in terms of redemption, I do take note that you can do this either in cash or Bitcoin? Yes, yes, we can do the cash redemption, the cash and the in-kind and in-cash subscription. It's both okay for us. And how many people are actually doing this in Bitcoin? In Bitcoin, I think it's quite a lot. To be honest, it's like over 50% in our current portfolio. Okay, and how has the performance been so far? Actually, it's just launched since July 18th, so I think it's down one, I think it's down like two to three points at this moment. All right, as we watch the digital currency space here in Hong Kong on Friday, August 1st, the government and its stablecoin bill will go into effect. Are you guys getting involved? What are you looking out for? Actually, we might be seeking for pursuing the stablecoin license, but maybe not at the first place or at the beginning. We'll see how things go, and we might apply for other projects first, like the RWA project, the real-world assets project, and the blockchain-backed payment business first. What would you be looking out for to make that decision to enter the market? We heard from the HKMA yesterday, and they have indicated that no licenses have been issued yet. It's likely not to happen until next year. But what would help make that decision for you? I think it's the point to build the ecosystem. We have the traditional finance ETF, like we just talked about, and we have the Bitcoin ETF, and we might have another ETF coming, and then we want to do more beyond the ETFs, maybe including, like I said, the payment business, the RWA business, to build up the whole ecosystem to our clients and our investors, to bring them the long-term value. This is all part of Hong Kong's efforts to be a crypto hub. How does the city here compare to the likes of Dubai or Singapore? Yes, I think Hong Kong does have a more stable and more stable regulatory, like from the HKMA or from the SFC, they have the ASPIR roadmap and the LEAP framework. So I think Hong Kong will become the hub of Web3. And also, this city always attracts people here, like many talents here in financial, in technology, and now in blockchain. So the dynamic business environment and the expertise help to build Hong Kong as a leadership in the Web3 area.

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Ottawa

Middle East Conflict

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Birmingham

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Breakdown