1min read
Published on: Jan 30, 2024
#Bitcoin ETF
#Daily Brew
The latest news is from Hong Kong where the local arm of Harvest Fund Management, a Chinese asset management firm, reportedly submitted an application for a spot Bitcoin ETF to the Securities and Futures Commission (SFC), the national financial regulator.
In fact, HashKey COO Livio Weng told in an interview some days ago that around 10 asset managers were exploring the launch of spot crypto ETFs.
In South Korea, the financial regulator first issued a warning against any possibility of a local spot Bitcoin ETF, citing potential violation of local capital market laws. Several asset managers, including Samsung Group’s securities division and Mirae Asset Securities, immediately suspended foreign spot Bitcoin ETFs.
The Office of the President then urged the regulator to reconsider the possibility. It seems the country’s leadership is quite receptive of the opportunity awaiting its door.
However, Singapore, Thailand, and India are not interested in allowing these products in their markets.
The Monetary Authority of Singapore (MAS) warned firms from offering the U.S. Bitcoin ETFs to retail investors, whereas Thailand’s Securities & Exchange Commission (SEC) has no intention to allow these products.
In India, no exchange can offer the product, but ordinary investors can trade spot Bitcoin ETFs via the Liberalised Remittance Scheme and China remains combative to crypto as ever.
What we are observing in Asia is that different countries are approaching the possibility of spot Bitcoin ETFs in different ways.
While countries trying to become the crypto hubs of the future are a little welcoming of the possibility, several other countries have closed their doors to Bitcoin ETFs.
But things are not so demarcated. Singapore and the United Arab Emirates (UAE), possible contenders for the positions of global crypto hubs, are quite averse.
The marriage of TradFi and DeFi has generated a lot of buzz in the financial markets. So far, only the U.S. and the European Union offer Bitcoin ETFs for spot trading. It remains to be seen whether Asia can capitalise on the opportunity as many countries in the continent are vying for the top spot in the crypto market.
This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
Join the community to receive exclusive market analysis and updates!
Ignite your financial journey with BitDelta's diverse asset classes.
3min
Oct 29, 2024
Crypto
