The much-anticipated approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has the potential to give a significant boost to similar regulatory approvals in and around Asia

Although some regions may not be able to create ideal policies for such a move immediately, the U.S. approval has given it an edge ahead of other jurisdictions.

Asian countries

Asian countries, particularly the UAE, Singapore, and Hong Kong, have been vying to become crypto hubs, and expectations for a bitcoin ETF are higher there than in Africa. However, none of these jurisdictions have given regulatory approval to a bitcoin ETF-like product.

Analysts says and experts

Industry analysts and experts based in the U.S. have feared that their country could "miss the bus" if it doesn't create clear and favorable regulatory policies for the crypto space. The approval of spot bitcoin ETFs in the U.S. has removed this uncertainty and given other countries a blueprint to follow.

More than a dozen analysts and industry participants believe that Australia is likely to be the next country to approve spot bitcoin ETF products. Hong Kong has shown the most interest in achieving regulatory approval for a bitcoin ETF, and the U.S. approval could move things along faster for almost all jurisdictions in the region.


The U.S. approval of spot bitcoin ETFs has created a momentum that could benefit other countries in and around Asia that are looking to establish themselves as crypto hubs.

Although regulatory approval may take time, the U.S. approval has paved the way for other countries to follow suit and create a more favorable regulatory environment for the crypto industry.

References:

P. (2022, December 19). Hong Kong’s BTC and Ether Future ETFs Demonstrate Their “Crypto Love.” Retrieved from https://thenewscrypto.com/hong-kongs-btc-and-ether-future-etfs-demonstrate-their-crypto-love/

Hong Kong Firm Targets Spot Bitcoin ETF Launch in First Quarter. (2024, January 19). Retrieved January 29, 2024, from https://www.bloomberg.com/news/articles/2024-01-19/hong-kong-firm-targets-spot-bitcoin-btc-etf-launch-in-first-quarter

Writer, S. (2024, January 17). Singapore and Thailand keep bitcoin ETFs at arm’s length. Retrieved from https://asia.nikkei.com/Spotlight/Cryptocurrencies/Singapore-and-Thailand-keep-bitcoin-ETFs-at-arm-s-length

Singh, A. (2024, January 29). Bitcoin ETFs in and Around Asia After U.S. Approvals? Analysts Are Optimistic About Momentum. Retrieved from https://www.coindesk.com/policy/2024/01/29/bitcoin-etfs-in-and-around-asia-after-us-approvals-analysts-are-optimistic-about-momentum/

elegant_solution. (n.d.). Retrieved January 13, 2024, from https://www.freepik.com/author/user28432665

Freepik - Goodstudiominsk. (n.d.). Retrieved January 5, 2024, from https://www.freepik.com/author/goodstudiominsk

My links

Previous Article

Website