Taiwan Stock Exchange doesn’t plan for virtual currency ETFs at the current stage based on the incomplete regulation of virtual currency after the first approval of spot Bitcoin ETFs by the US Securities and Exchange Commission.
“Although we are focusing on promoting ETF-related products now, we still need the government to make related regulations about the virtual currency,” said Yang Shin-Yin, Senior associate of corporate planning and Strategy Department from TWSE.
The US SEC allowed 11 spot bitcoin ETF products to come into the market on Wednesday.
After the statement, the price of Bitcoin rose about 3% to about US$ 47,000 (about HK$ 347,474.6) and recorded US$ 46,354.79 (about HK$ 362,577.9 ) at the close.
Taiwan's ETF assets have grown by 12.83 times in the last decade and increased about 60.47% in the past year with Asia's Top 3 ETF market, according to the Taiwan Stock Exchange website.
Crypto assets, including Bitcoin, are not considered legal currency in most parts of the world, including Taiwan. The US SEC emphasised that the approval of Bitcoin ETFs does not imply their endorsement of Bitcoin. "While we approved the listing and trading of certain spot bitcoin ETP shares today," said the US SEC in a statement, "we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”
《The Young Reporter》
The Young Reporter (TYR) started as a newspaper in 1969. Today, it is published across multiple media platforms and updated constantly to bring the latest news and analyses to its readers.
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