The United States is arranging for its "best Asian allies" to line up to buy into BTC ETFs.

Hong Kong is set to welcome its first Bitcoin and Ethereum spot ETFs, with announcements from China Asset Management (Hong Kong), Harvest Global, and Bosera International/HashKey Capital. They have received principal approval from the Hong Kong Securities and Futures Commission. The ETFs are expected to start trading as soon as April 25.

Hong Kong is poised to take a leadership role in Ethereum ETFs, while Japan, Korea, Taiwan, and Singapore are positioned as the "Top Allies" for the U.S. to delegate the BTC ETF. Karim Saber, a researcher at 21Shares, noted that these Asian countries have higher than average cryptocurrency adoption rates and are likely to be leaders in approving new Bitcoin spot ETFs.

Last month, Japan's Government Pension Investment Fund (GPIF) indicated its consideration of investing in "illiquid assets" like Bitcoin. The National Pension Service of Korea had previously acquired about $20 million in Coinbase shares. The Houston Firefighters’ Relief and Retirement Fund also invested in Bitcoin and Ethereum, though public sentiment about this investment is mixed. About a month ago, the Japanese government proposed allowing limited partnerships to acquire and hold cryptocurrencies.

Korea's recent parliamentary elections on the 10th saw the opposition Minjoo Party of Korea win a majority of seats, signaling a potential shift in regulatory attitudes with the earliest approval of a Bitcoin ETF this year due to the crypto-friendly Minjoo Party's victory. On the 16th, South Korea Won Overtakes USD as Preferred Currency for Cryptocurrency Trading in Q1.

In Taiwan, major brokerages such as Yuanta Securities, Cooperative Bank Securities, and Sinopac Securities announced at the end of January that due to the high volatility and risk of cryptocurrency products, regulatory authorities have informed them that transactions in foreign securities linked to cryptocurrencies, like Bitcoin spot and futures, would temporarily only accept sell orders, not new buy orders.

Regarding when Taiwanese investors might be able to buy overseas Bitcoin ETFs through delegated trust, the vice director of the Securities and Futures Bureau of the Financial Supervisory Commission, Gao Jingping, stated that the results of the study requested from the brokerage association will be announced in April.

However, legislator Ge Ru-jun questioned the ban on brokers re-delegating for the public, arguing it would force people to purchase from overseas brokers, making it more difficult for the government to monitor public investments in Bitcoin ETFs. This could also lead to lost brokerage fees and increased risks of disputes with overseas brokers, potentially leading to scams without protection, resulting in losses for the government, brokers, and the public.

A March survey by the Reserve Bank of Independent found that one-third of Singaporeans would consider investing in an overseas spot Bitcoin ETF.

Despite the Monetary Authority of Singapore's concerns about retail purchases of spot ETFs, cryptocurrency adoption in the country continues to evolve. For example, last month, the Singaporean app Grab allowed users to make payments using BTC, ETH, and stablecoins. Saber highlighted this move as a sign of "cryptocurrency increasingly integrating into mainstream commerce."

"Therefore, we expect Singapore and Japan to increasingly seek regulatory approval following Korea," he added. "As Asian nations compete for the position of the next innovative financial center, Hong Kong's approval could spark discussions this year."