Asia Still Attractive to Crypto Players, But US Sees Increased Interest Post-ETF Approval + More Crypto News
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Singapore and Hong Kong are still very attractive to global crypto players flocking to Asia, despite the launch of spot Bitcoin exchange-traded funds (ETFs) in the USA in January, according to the South China Morning Post. But the launch has made the US more appealing than before.
Regulatory crackdowns worldwide, especially in the US, have led many companies to Singapore and Hong Kong over the past couple of years.
The two countries have been working on becoming global crypto hubs.
And the ETF launch has indeed revived interest in the US crypto market. But the country will not see the crypto players’ return easily.
According to Danny Chong, co-founder of tracking protocol Tranchess,
“There will be returns given Silicon Valley and digital hubs are still quite strong in the US. But most of the people are taking a wait-and-see attitude before making a beeline back into the US.”
Therefore, Asia will continue to have “a bit more advantage or a smooth path, and having people working in this space,” Chong added.
Furthermore, Hong Kong is also likely to see a spot Bitcoin ETF within a few months. Major asset management company Harvest Fund Management has reportedly submitted the first application to the Securities and Futures Commission of Hong Kong.
Tascha Punyaneramitdee, CEO and founder of INIT Capital, an investor in early-stage tech companies, commented that,
“Several crypto players’ operations are split between the US and Asia because each market fulfils a different need, said. While many crypto developers are moving to Asia because of friendlier regulations and new
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