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Impact of Spot Bitcoin ETF Approval on Asia! Yat Siu, co-founder of Animoca Brands, said that the approval of spot Bitcoin ETFs could have a greater impact on Asia.
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In a statement to The Block, Siu said:
The long-awaited spot Bitcoin ETF approval in the United States is likely to have a major impact on crypto development in Asia. With the SEC’s approval, spot Bitcoin ETFs could gain more acceptance as a safe vehicle for crypto and provide a new influx of capital to the sector.
Siu noted that despite the negative stance of Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), on crypto, the ETF approval would be a positive development for industry leaders and would contribute to the legitimization of crypto assets.
Siu also added that he believes that the regulatory clarity and capitalist pursuits in Asia will be a positive for crypto development in the region, saying:
I know that Hong Kong could be a suitable hub for introducing spot crypto ETFs and I’m predicting that this is what will happen.
Crypto Exchange Owners Agree
Chong Kok Kee, CEO of AsiaNext, a crypto exchange that caters only to institutional investors, echoed Siu’s sentiments, saying:
Interest in crypto is at its peak in the Middle East and South Asia. The Asian market values stability when investing and the ETF could make crypto more palatable as an investment asset because it offers a regulated and lower-risk way to invest in cryptocurrencies.
So, Will Asia Become the Center? (Bitcoin ETF)
Coinbase called the approval of a spot Bitcoin ETF by the US a “watershed moment” for crypto. Following the approval, jurisdictions in Asia could launch such spot crypto products.
Hong Kong, which underwent major regulation last year in an effort to regain its position as the region’s crypto hub, could be the next country to approve a spot Bitcoin ETF.
Angela Ang, a former regulator at the Monetary Authority of Singapore and senior policy advisor at a blockchain intelligence firm, shared her thoughts on the matter with The Block, saying:
There is an appetite to explore spot crypto ETFs, including for retail. From here, it will be important for:
- Regulatory bodies to be present to make it a reality.
- The sector’s controls to be not disrupted.
- Harmonizing their expectations on compliance.