Experts Say Crypto Is Destined For Success In Asia
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Asia, with its diverse and expanding population and rising income levels, has emerged as a top destination for all things crypto.
A 2022 report from the venture capital firm White Star Capital found that Southeast Asian countries host more than 600 blockchain startups combined. One of the favorite locations for crypto entrepreneurs is Hong Kong. It has risen to become one of the world’s biggest crypto hubs, with its favorable regulatory environment and advanced infrastructure making it an attractive base for entrepreneurs from every corner of the globe. Singapore too, is often viewed as being just as friendly, building a strong reputation as a sandbox of crypto innovation.
A similar attitude to crypto can be found across the continent. Japan, which has allowed Bitcoin to be used as a payment method since 2017, has recently begun a pilot project for its own Central Bank Digital Coin. Meanwhile, the UAE has done everything possible to position itself as the Middle East’s digital asset champion, introducing federal licenses for virtual asset service providers as part of a larger effort to establish a crypto-friendly regulatory framework. Moreover, countries as far and wide as India, South Korea, Thailand and the Philippines have some of the highest levels of crypto ownership in the world. Asia also plays host to major industry events, ranging from WebX Asia, one of the largest Web3 conferences in the world, to TOKEN2049, where many of the region’s best known crypto entrepreneurs and innovators gather.
Edward Hong, chief platform officer at Hashed, said numerous data points support the idea that Asia is now the
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