US Bitcoin ETF Approvals Seen Spurring Asia-Pacific Products
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Analysts optimistic that US approval of bitcoin ETFs will spur momentum for similar products in Asia, especially Australia, Hong Kong, and Singapore.
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Australia seen as most likely to approve bitcoin ETFs next, potentially as early as Q2 2024. Monochrome Bitcoin ETF application is furthest along.
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Hong Kong and Singapore have also shown strong interest, but concerns around retail participation and market connectivity could slow things down.
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UAE seen as least likely to quickly approve bitcoin ETFs due to lack of connectivity to traditional finance markets needed to provide liquidity.
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Overall analysts say US approvals remove uncertainties and should accelerate Asian jurisdictions’ paths towards their own spot bitcoin ETF products.