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The long-awaited approval of spot bitcoin exchange-traded funds (ETFs) in the U.S. on Tuesday is anticipated to have a more substantial impact on the development of cryptocurrencies in Asia. That’s the view of Yat Siu, the co-founder of Animoca Brands, a Hong Kong-based crypto venture capital and game software firm. The U.S. Securities and Exchange Commission's (SEC) approval is expected to attract new capital to the crypto industry, providing a safer avenue for the crypto-curious.Photo by André François McKenzie on UnsplashPotential for surge of interest in AsiaIn an interview with The Block, Siu emphasized the positive effect on Asia, attributing it to the region's regulatory clarity and the willingness of governments and regulators to build a crypto ecosystem. Strengthening regulatory oversight was a finding of a recent report relative to a number of Asian hubs. Industry leaders believe that the approval of spot bitcoin ETFs in the U.S. could lead to a surge of interest in Asia, where crypto adoption is already higher than in other continents. The perception of cryptocurrencies as investment assets, rather than just for transactions, might shift in the Asian market, with the ETF offering a regulated and lower-risk avenue for investment exposure. Additionally, Yat Siu noted that Asian investors, particularly the younger generation, have a more open view towards capitalism compared to their U.S. counterparts. In a recent interview with CNBC, Australian venture capitalist and founder of MHC Digital Group, Mark Carnegie, also expressed the opinion that the digital asset markets in Asia would flourish once the hype of the U.S. ETF approval has subsided. ETF focus on Singapore and Hong KongPost the U.S. approval, attention turns to Asia, with Hong Kong and Singapore emerging as potential candidates for introducing spot crypto ETFs. Hong Kong, in particular, has undergone regulatory renewal, positioning itself as a crypto hub, with it reportedly already attracting interest from fund managers, including those backed by Chinese capital, looking into launching spot crypto ETFs. Yat Siu alongside Glenn Woo, Head of Sales of APAC at Web3 infrastructure company Blockdaemon, were both positive in their assessment of Hong Kong as a worthy location for the offering of spot bitcoin ETFs in comments made last month. In November, the CEO of Hong Kong’s Securities and Futures Commission (SFC) indicated an openness to considering proposals for spot crypto ETF products aimed at retail investors. Singapore, known for its mature regulatory environment, is also considered a strong contender. Meanwhile, Japan may witness significant regulatory movement following the U.S. ETF approval. However, challenges and variables remain for Asia. The scale of capital inflows in Asia, compared to the U.S., and the caution of regulators in the face of crypto industry volatility and trust issues are cited as potential hurdles. Some experts suggest that Hong Kong and Singapore may initially be cautious in encouraging retail participation in virtual asset investments due to previous losses experienced by residents. Still, in the medium to longer term, increased interest and appetite for virtual assets are expected.  

Ripple APAC executive predicts institutional adoption surge in 2024Fiona Murray, the Managing Director overseeing the Asia-Pacific region (APAC) at enterprise blockchain firm Ripple, envisions a substantial uptick in institutional adoption of cryptocurrencies in the upcoming year.Photo by Kanchanara on UnsplashEmphasis on AsiaMurray set out her predictions for the coming year in a thread of posts on the X social media platform on Monday. This foresight coincides with a notable upswing in interest from traditional financial institutions within the digital currency market, especially in the APAC region.Murray predicts an unprecedented surge in cryptocurrency adoption within financial institutions, underscoring a shifting landscape where companies increasingly leverage cross-border payment solutions powered by blockchain technology. She wrote:”Entering 2024, we are expecting to see a surge in institutional adoption of crypto by financial institutions, especially in the APAC region. This includes the greater usage of cross-border payments among companies.”Web2 firms to integrate blockchainThis departure from traditional payment methods signifies a growing confidence in the security and efficiency offered by digital currencies. Ripple’s APAC executive emphasizes the escalating investments by well-established Web2 companies and legacy payment institutions as they integrate blockchain utility into their offerings.“More than ever, leading Web2 companies and legacy payments institutions are investing resources to integrate blockchain utility into their services — ‘Nearly half of APAC finance leaders expect blockchain to have a significant impact on business in the next 3 years.’” she stated.This positive outlook is reinforced by proactive measures taken by countries like Singapore and Hong Kong, positioning themselves as global leaders in cryptocurrency and blockchain adoption.Crypto ETFsThe continued rollout of crypto exchange-traded funds (ETFs) adds to the level of institutional adoption that has occurred in 2023 and is likely moving forward into 2024. Hong Kong has been the regional leader in this regard within APAC. The Hong Kong Stock Exchange was the first platform in Asia to offer crypto asset exposure by way of an ETF in December of last year. Since then, several such ETFs have been listed within the Chinese autonomous territory.Last month, multinational investment bank UBS joined industry peers like HSBC in following suit to offer institutional clients access to crypto-linked ETFs. Going into 2024, most industry commentators seem to be convinced that the emergence of BlackRock, the world’s largest asset manager, in promoting a spot bitcoin ETF in the United States means that approval is likely over the course of the next few months. That milestone will undoubtedly have positive reverberations for institutional digital asset adoption in the APAC region also.Strategic importance of APACThe APAC region holds strategic importance for Ripple’s expansion plans, given its rapid technological advancement and openness to innovation. In Singapore, the company received “in principle” approval from the Monetary Authority of Singapore in June. That was upgraded to full license approval in October.Singapore and Hong Kong, among other countries in the region, have emerged as frontrunners in the global cryptocurrency market, fostering regulatory environments conducive to blockchain innovation.These factors underscore the region’s crucial role in Ripple’s global strategy, aligning with the company’s vision and objectives as it seeks to grow its business.

Dunamu’s Q1 Revenue Drops 28.6% Amid Global Liquidity ContractionDunamu, the operator of Upbit, a major cryptocurrency exchange in South Korea, announced today the release of its Q1 2023 report.Photo by Tiger Lily on PexelsDeclining revenueAccording to the Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service (FSS), Dunamu’s consolidated sales revenue for the first quarter of 2023 was 304.8 billion KRW ($231.3 million). This figure represents a 28.6% decrease from 426.8 billion KRW ($323.9 million) recorded during the same period last year. Additionally, its operating income declined by 26.3% to 211.9 billion KRW ($160.8 million) from 287.8 billion KRW ($218.4 million). However, its net income showed an increase of 54.9%, reaching 326.3 billion KRW ($247.6 million).Global liquidity contractionDunamu attributed the decline in revenue to several factors, including the ongoing global liquidity contraction, economic downturn, and reduced investor confidence. These factors collectively impacted the company’s financial performance during the first quarter of 2023. On a positive note, Dunamu linked the net income increase to the recovery and upward movement of digital asset prices in comparison to the previous quarter.Established in April 2012, Dunamu has enjoyed noticeable growth by offering a range of services related to digital assets, securities, and asset management. In recent years, it has been tapping into new technology trends like non-fungible tokens (NFTs) and metaverses to adapt to the era of Web3 and enhancing transaction security and convenience for valuable assets.As a company with a shareholder base exceeding 500, Dunamu has been disclosing its business reports as well as quarterly and semiannual reports since 2022 in line with the Korean Capital Markets Act’s requirements.