In form of crypto industry continues to grapple with an increasingly difficult regulatory landscape in the US, Asia Is stepping in as the desired destination. Experts say the trend is one that could see the sector play an integral role in the innovation and eventual adoption of crypto.
Helping this outlook are the region’s crypto-friendly regulations, rising venture investment and a massive population that is increasingly interested in crypto.
Asia’s growing crypto-friendly environment
One of the factors in favor of Asia is its outlook crypto regulation, Many governments in the region are choosing to implement crypto-friendly regulatory frameworks, leaving many behind. North America counterparts. as i highlighted HereA recent White House report was heavily criticized for its crypto recommendations.
Ripple CEO Brad Garlinghouse recently said regulatory “confusion” It seems that the functioning of the SEC and other agencies – is a factor that may leave many crypto companies with no choice but to exit the US market. crypto exchange Bittrex and UK-based crypto lender Nexo (covered here) are examples of companies that cite the US regulatory environment for their exit decisions.
While MiCA regulations make the EU attractive (in this report We highlight how France has welcomed companies fleeing the US), Garlinghouse also sees the UAE and Singapore as key beneficiaries.
Yves La Rose, executive director and founder of the EOS Network Foundation, also shared this sentiment. As per the highlighted comments in A cryptonews publication, the EOS Network executive believes that Asia is becoming more crypto-friendly, even as regulation is tighter elsewhere.
In October 2022, Invez informed of EOS Network signs MoU with Busan, South Korea on a project that aims to promote blockchain startups through a $700 million venture vehicle. In a recent comment about developments in Asia, La Rose said:
“A clearly defined regulatory framework is the Holy Grail of the crypto industry.”
Jesse Chan of Parallel Chain Lab says Western countries are stifling innovation with their regulatory stance, a trend opposite to what is happening in Asian countries.
Akio Tanaka from Infinity Ventures Crypto believes that the negative approach to crypto regulation in the US and other western markets has given Asian countries an opportunity to swoop in.
As the US Doodles, Singapore, Hong Kong and the UAE Lead Asia’s Crypto Charge
Regulatory clarity is the main reason why some of the world’s leading crypto companies are looking to set up their business in this area. Top crypto hotspots in these parts of the world include Hong Kong, the United Arab Emirates (UAE), and Singapore.
while Singapore has developed into a crypto hubAttempts to take over Hong Kong in recent times Announcement of a framework that supports retail business Bitcoin and ethereum. Japan, on the other hand, is moving forward with its CBDC pilot and has continued to support bitcoin as a payment method since first doing so in 2017.
The UAE is also increasingly seen as the Middle East’s most preferred digital asset destination amid its virtual asset service provider licensing framework.
As experts point out, blockchain and crypto adoption trends can also be seen in South Korea, Thailand and the Philippines, and several other Asian countries.
Itai Elizur, COO and Managing Partner of Marketacross, recently noted:
“Asia is the obvious destination for anyone serious about blockchain.”
Statistics Show Asia’s Growing Crypto Footprint
population of asia With over 4.7 billion people, more than half of the global population, surely playing a role in the region’s traction in crypto adoption. With crypto developers and leading companies web3Crypto gaming and blockchain setting up shop There, it looks like the race to overtake the US in crypto innovation finds the most support in Asia.
Statistics on blockchain startups and interest at top industry events such as WebEx Asia and TOKEN2049 point to a sector that is growing rapidly.
According to Edward Hong, Chief Platform Officer at Hashed, Asia has grown into the top crypto market globally. that points to a chainanalysis reports It showed that seven of the top 10 countries leading the Web 3 application adoption curve are in Asia.
Statistics on crypto ownership also show that Asia is home to around 260 million of the 420 million global crypto users by 2023, with Thailand, the Philippines, India and South Korea having the highest percentages. crypto owner, It is this dominance that is driving further investment from global VC firms into the region’s crypto-focused projects.
Elsewhere, a 2022 reports Venture capital firm White Star Capital revealed that Southeast Asia alone hosted over 600 blockchain start-ups.
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