Gary Tiu, executive director and head of regulatory affairs at OSL, said that cryptocurrency spot exchange-traded funds in Hong Kong face systemic obstacles, namely a general lack of market incentives for ETFs. Hong Kong still has a negative attitude towards bitcoin, ether and cryptocurrencies in general, Tiu said. At the same time, there is still some bias in the eyes of regulators and Financial Institutions Group, who see bitcoin ETFs as a unique risk category that requires extra caution. "