In a massive development for the country, Taiwan’s Financial Supervisory Commission (FSC) has allowed professional investors to gain access to foreign Bitcoin and other crypto ETFs. Indeed, the commission announced the change Monday, allowing select investors to participate with “foreign virtu asset” exchange-traded funds.
The crypto-based ETF market has surged in the United States this year. After receiving the first Bitcoin ETF approval in January, Ethereum quickly followed suit just a month earlier. Now, Taiwan has looked to expand “product choices,” for the country’s investors through its recent decision.
Image Source: Pexels
Also Read: SEC Approves BNY Custody of Crypto Beyond ETFs
Taiwan FSC to Allow Crypto ETF Access in Notable Shift
2024 has been massive for Bitcoin, and its recently approved ETFs. Just last week, the ETFs of the leading crypto drew more than $1 billion in net inflows. That has proven to be its highest since July, and a notable shift from the last several months. It has investors clearly expecting a massive surge to come with October fast approaching.
As the market sentiment is beginning to shift, one country may be prepared to take advantage. Indeed, Taiwan has officially decided to allow professional investors access to foreign Bitcoin and crypto ETFs. The huge move will allow select individuals to have access to the crypto currency investment products.
Source – Pixabay
Also Read: Taiwan’s Stock Market Suffers Worst Losses Since 1967
The report notes that there is a specific criteria to meet for those hoping to invest. “Professional investors include professional institutional investors, high-net-worth investment legal persons, high-asset clients, legal persons or funds that are professional investors, and natural persons that are professional investors,” the FSC clarified.
Additionally, there must be a board-approved suitability assessment for securities firms looking to invest in crypto ETFs. This will coincide with mandatory educational efforts for businesses. Specifically, this will seek to teach more about cryptocurrency, and its inherent risks. Yet, the decision still adds Taiwan to a list of nations looking to further embrace crypto as a growing,a nd globally important, asset class.