The Block19 minutes ago

Published on January 11, 2024 04:42 GMT+00:00edited on January 11, 2024 04:44 GMT+00:00

The long-awaited spot bitcoin ETF approval earlier today in the U.S. will likely have a bigger impact on crypto development in Asia, co-founder of Hong Kong-based crypto venture capital firm Animoca Brands, Yat Siu told The Block in an interview Wednesday.

This landmark approval from the U.S. Securities and Exchange Commission — whose chair Gary Gensler holds a rather unfavorable view towards crypto — is expected to create a rush of new capital into the industry as spot bitcoin ETFs will act as a safer and more secure vehicle for the crypto-curious, industry leaders said.

While the SEC’s decision may drive businesses around the world to look for ways to partake in this opportunity, Siu said that the way crypto regulation has been moving forward in Asia signifies that the U.S. ETF …