TechDogs-"Asia Is All Set To Shine Bright In The Crypto Race!"

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Asia Is All Set To Shine Bright In The Crypto Race!

By TD NewsDesk

TD NewsDesk

Updated on Thu, Aug 17, 2023

Overall Rating
Fun fact: Did you know valuation of the cryptocurrency market is estimated to hit US$38 billion in 2023?

(Wow! That's mind-blowing – but why so much buzz around cryptocurrency?)

Well, the credit goes to a recent report on cryptocurrency!

As the crypto landscape continues to evolve, a recent report has shed light upon how Asia is asserting itself as a leading region for well-defined crypto regulation, with Singapore and Hong Kong spearheading the charge. The dynamic regulatory environment in these two financial hubs is paving the way for innovation and investment, attracting businesses and investors alike.

Ong Chengyi, head of APAC policy at Chainalysis, highlighted the shared ethos of Hong Kong and Singapore in upholding strict regulatory standards. "Both Hong Kong and Singapore stand out for their commitment to maintaining high regulatory benchmarks and creating a conducive environment for digital asset businesses," Chengyi emphasized in a conversation with CNBC.

Let's see how Hong Kong and Singapore are paving this coin-crete path?
 
  • Highlighting recent developments, Hong Kong recently expanded the scope of its cryptocurrency trading activities to include retail investors. Lennix Lai, the global chief commercial officer at crypto exchange OKX, emphasized the significance of this move, stating that it would bolster investor confidence and elevate Hong Kong's appeal as a global virtual asset hub.

  • Meanwhile, Singapore, a formidable contender in cryptocurrency regulation, has also achieved noteworthy milestones. The Monetary Authority of Singapore granted a license to Blockchain.com in August, elevating its status from in-principle approval received in October. Ripple, another key player, secured in-principle approval in June, enabling both entities to provide regulated crypto services within Singapore.

  • Janice Goh, a partner at Cavenagh Law, acknowledged Singapore's pioneering role, by saying "Singapore has the first mover advantage in the Asia Pacific region, including being ahead of Hong Kong. There were no other countries that were so far ahead in having quite an advanced licensing regime," Goh noted in an interview with CNBC.

 
On the other hand, industry leaders in the United States are facing challenges for a regulatory approach, particularly its lack of regulatory clarity. Let’s decode what’s so crypt-ic about it?
 
  • Ben Charoenwong, an assistant professor of finance at the National University of Singapore Business School, noted "Cryptocurrency regulations in Asia have moved along faster and with more clarity — green light or red light — than in the U.S.”

  • Moreover, while Singapore and Hong Kong are at the forefront of progressive crypto regulation, neighboring countries such as Thailand and Indonesia have adopted a different stance. Both nations have prohibited the use of cryptocurrency for payments while permitting its trade as a commodity, highlighting the varied approaches within the region.


Now, the question arises what are the possible advantages of cryptocurrency to businesses?
 
  • Well, a report says, embracing cryptocurrency requires minimal prerequisites. All individuals need is access to a computer or smartphone with an internet connection. Unlike traditional financial services that often demand identification verification, credit checks and background assessments, cryptocurrency usage is remarkably inclusive.

  • Besides, cryptocurrency offers a rapid and efficient mode of transaction, a feature highly appealing to many users. This speed not only enhances convenience but also enables swift cross-border fund transfers for many industries.

  • Another key benefit of cryptocurrency lies in its ability to facilitate seamless global fund transfers. (Read more here!)


In a nutshell, while countries like Singapore and Hong Kong have moved towards well-defined regulatory structures, the global disparity in regions such as US underscores the complexity of the crypto regulatory landscape.

Do you think Asia's clear and progressive cryptocurrency regulation is positioning the region as a hotspot for crypto innovation?

Drop your thoughts in the comments section below!

First published on Thu, Aug 17, 2023

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