Dear Readers,

The approval of Bitcoin Spot ETFs in the United States is a significant milestone in the crypto space earlier this year.

Post this approval, the eco system in the global arena is considerably changing towards its approach with cryptos and virtual digital assets.

Various developments have happened across the globe.  

Many countries are also trying to bring in the BTC ETFs also.

We have already discussed that Hongkong is trying to introduce its first BTC ETF soon.

Singapore, UAE and Hongkong are considered to be the global crypto hubs and they are improving a lot in terms of attracting crypto towards the conducive policy frameworks and adoptions.

El Salvador is the very first country to introduce BTC in its legal tender which raised eyebrows of many world countries. Recently Nayib Bukele who is noted for its pro-bitcoin and crypto stand is again registered his electoral victory as President of El Salvador again. This will certainly boost the crypto eco system in El Salvador. 

In a notable move from South Asia, Thailand is now moved to exempt Value Added Tax for the Crypto Trading from 1 Jan 2024. 

This is an important move from Thailand towards crypto space and its promotion to position itself towards a crypto hub in the South Asian region. Before this announcement, there was a 7% VAT for the crypto digital assets in Thailand. This was announced by Paopoom Rojanasakul, Secretary to Finance Minister. 

The country's decision aims to promote digital assets as a new alternative tool for fundraising and drive the growth of the digital asset industry in Thailand. With this attractive announcement, we can anticipate that more crypto investments would be coming to Thailand and the the volume of crypto transactions may even rise. 

But the decision of bringing in BTC ETF is not yet known and we think it is not in the near future in Thailand.

In the South Asia, India being the major country, where there are many crypto users, still not in favour of crypto and it has heavy taxation on cryptos and it banned the global crypto exchange URLs.  There was high expectation in the recent interim financial budget that was announced on 1 Feb 2024. But there were no mention in the crypto assets in India.