Opinion: Hong Kong could be the next region to launch a spot cryptocurrency ETF in Asia

Yat Siu, Chairman of Hong Kong-based cryptocurrency venture capital firm Animoca Brands, stated in an interview with The Block on Wednesday that the long-awaited approval of a bitcoin ETF in the US earlier today could have a greater impact on the development of cryptocurrencies in Asia.

This milestone approval by the US Securities and Exchange Commission is expected to lead to a significant influx of new capital into the industry, as the bitcoin ETF will become a safer tool for cryptocurrencies. The progress of cryptocurrency regulation in Asia suggests that the approval of the US ETF will have a more positive impact on the region than on other regions.

Several regional experts have stated that Hong Kong underwent significant regulatory updates last year in order to reclaim its position as the cryptocurrency center of the region, and Hong Kong may be the next region in Asia to launch a bitcoin ETF.