Singapore and Hong Kong’s crypto goals on track despite challenge from US Bitcoin ETFs
- The move by the SEC to approve the first US-listed ETF tracking Bitcoin is seen as a watershed moment in the crypto industry
- Crypto players are still keen on Asia because of friendlier regulations and new funds being created in the region, an analyst says
Singapore and Hong Kong are facing challenges in their bid to become Asia’s cryptocurrency finance capital following the debut of Bitcoin Exchange Traded Funds (ETFs) in the United States last month.
Financial professionals believe the Bitcoin ETFs could pave the way for other similar products. Overall interest in cryptocurrencies has increased in recent weeks because of the announcement of the ETFs, which are a pooled investment security that can be bought and sold like stocks.
A decade in the making, crypto ETFs are seen as game-changers as investors need not buy or hold the digital coins but could gain from exposure to their market value, providing a major boost to the crypto industry.
Droves of global crypto industry players have flocked to Singapore and Hong Kong over the past year or so following a US regulatory crackdown on the crypto industry. The ETF launch has, however, revived interest in the US crypto market.