The Hong Kong Securities and Futures Commission (SFC) issued the "Circular on Virtual Asset Futures Exchange-Traded Funds" to establish new rules for cryptocurrency futures ETF issuers, including any products that need to meet the requirements of management unit trusts, mutual funds and Requirements for unlisted structured products; ETF issuers need to demonstrate at least three years of performance and regulatory compliance records; issuers will need to prove that digital asset ETFs have sufficient liquidity; net derivative exposure cannot exceed the total assets of the ETF 100% of net worth; issuer is required to conduct investor education efforts prior to launch.