Asia’s Bitcoin ETF Surge: Key to the Next Major Crypto Bull Run

• Asia is rapidly emerging as a central player in the decentralized finance (DeFi) ecosystem, potentially setting the stage for the next significant crypto bull run.
• Key countries like China and its neighbors are contributing to this growing trend through various strategic developments and regulatory changes.
• According to DeFi researcher and analyst “DeFi Ignas,” these trends underscore Asia’s pivotal role in the global digital asset market.

Discover why Asia is poised to ignite the next crypto bull run, as analysts highlight key developments across the continent, from rising altcoin trade in South Korea to blockchain adoption in the Philippines.

Asian Crypto Landscape

South Korea stands out with its vibrant retail investor community, where altcoins command roughly 80% of trading volumes on exchanges. The country’s unique crypto culture favors alternative coins, fostering the growth of crypto-based e-sports and play-to-earn games.

In the Philippines, Web3 games like Axie Infinity maintain a strong foothold. Filipino players, organized in guilds, are actively earning non-fungible tokens (NFTs). While crypto isn’t recognized as legal tender, the central bank’s digital currency pilot project showcases significant blockchain adoption, positioning the Philippines as a critical hub for blockchain gaming.

Hong Kong’s retail traders are characterized by their heavy reliance on high leverage and social media influences. New regulations aim to stabilize the market by controlling crypto exchanges and protecting consumers. The introduction of Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) further cements Hong Kong’s status as a regulated digital assets hub.

In Australia, Ethereum enjoys predominant investor preference over Bitcoin. Australian crypto wallets typically hold about 59.4% ETH, influenced by its usage in alternative coins and the anticipation of ETFs. Recent regulatory advancements support crypto trading and spur industry innovation, evidenced by the launch of the country’s first spot Bitcoin ETF.

Bitcoin ETF Frenzy in Asia

Japan’s government actively supports Web3 technology adoption and crypto regulation easing to fuel economic growth. Despite restrictions on mutual funds holding crypto, financial institutions are increasingly embracing digital assets.

India’s interest in U.S. Bitcoin ETFs has surged under the “Liberalised Remittance Scheme,” alongside government efforts in developing a central bank digital currency (CBDC) and regulating offshore exchanges. Although India’s tax regime remains stringent, the appetite for digital assets continues to grow.

Singapore’s market is primarily institutional, with stringent restrictions on retail virtual asset trading. Nonetheless, the country uses blockchain in institutional contexts like tokenization and cross-border payments. The central bank initiative, Project Guardian, is pivotal in this landscape.

Taiwan is showing a keen interest in Bitcoin ETFs, though local brokers currently face restrictions on order acceptance. Regulatory agencies are discussing reopening channels for Bitcoin ETF services, signifying an increasing inclination towards digital investments.

Thailand’s crypto market faced turbulence due to the 2022 price drop and a local exchange collapse. However, government efforts to waive specific taxes aim to transform the country into a digital asset trading hub, highlighting a progressive stance on cryptos.

Conclusion

As Asia continues to advance in Web3 technology and digital asset innovation, it presents substantial opportunities and trends that could soon reshape the global landscape. Monitoring these developments provides valuable insights, particularly for financial professionals and investors eyeing the next crypto market surge.