Is Asia the Driver of the Next Cycle?

• Japan has launched a program to support cryptocurrencies. The regulator announced that unrealized profits from crypto issued by the companies will no longer be taxed. And Japan's largest bank, MUFG, is discussing the launch of global stablecoins.

• Indonesia, in contrast to the US, has declared 501 monetary commodities rather than securities. Among them are BTC, ETH, LTC, SOL, ADA, XRP, DOT, SAND, and UNI.

• Singapore is truly a mecca for cryptocurrency companies. Many giants such as OKX and Bybit are registered there. Circle and Ripple were recently launched there as well. Visa has launched bitcoin debit cards in partnership with Crypto.com.

• South Korea is establishing a blockchain hub and a foundation to support the study of Metaverse. The country has been named among the U.S.'s top competitors in digital currencies.

Which Country Could Be the Next Industry Center?

Hong Kong is showing great potential with its cryptocurrency policies:

1. HSBC, a major bank, has authorized trading of Bitcoin as well as Ethereum ETFs listed on the Hong Kong exchange.

2. FDUSD Stablecoin was launched as well. 

3. The government is actively inviting crypto exchanges into its jurisdiction.  

4. Bank of China, the largest bank in the country, issued tokenized shares on Ethereum. 

Hong Kong legalized crypto at the beginning of June this year, and now their task is to make the most favorable and clear regulation to attract the largest crypto companies.

The Future of Cryptocurrency in Asian Countries

Asia is also leading the way in terms of the number of users. According to the latest data, about 260 million people own cryptocurrency there.

There is a lot of investment coming into the region as well. In the last 3 months, 239 Asian startups have received funding.

You can track investments by region in our CryptoRank dashboard here.

Will Asia become the leader of the crypto industry? I think we can certainly expect more interesting Asian projects.