The approval of spot Bitcoin ETFs in the US seems likely to have a more significant impact on crypto development in Asia, according to Yat Siu, co-founder of Hong Kong-based crypto venture capital firm Animoca Brands.
Animoca Co-Founder Yat Siu Says Bitcoin ETF Approvals Will Have Greater Impact in Asia
Despite Chairman Gary Gensler's negative view towards crypto, this landmark approval from the US Securities and Exchange Commission (SEC) is expected to bring a new wave of capital to the sector.
Industry leaders have stated that Spot Bitcoin ETFs are seen as a safer and more secure tool for those curious about crypto.
While the SEC's decision encourages businesses around the world to seize this opportunity, Siu believes the advancement of crypto regulation in Asia indicates that US ETF approval will have a more positive impact on this region.
Brian Hoonjong Baik, co-founder and chief operating officer of crypto management platform SmashFi, echoed Siu's views on the major impact of the US spot Bitcoin ETF approval on Asia.
“An ETF would be like a perfect marriage between crypto and regulation, easing the concerns of institutional investors looking for a legitimate way to build a crypto portfolio,” he said.
Chong Kok Kee, CEO of AsiaNext, an institutional-only crypto exchange, explained that crypto usage in Asia is higher than other continents, with Central and South Asia being the top regions.
“The Asian market, known for its preference for stable investments, may see a shift in mindset to view crypto as an investment asset alongside its transactional purpose, as the ETF provides a regulated and lower-risk way to invest in cryptocurrencies,” he said.
*This is not investment advice.
