Asia Emerges as Major Crypto Player Despite Strict Regulations
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Asia has emerged as an important region for crypto, but "crypto-friendly" jurisdictions actually have very strict regulations.
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Singapore welcomes crypto innovation but discourages crypto speculation and trading by the general public.
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Hong Kong is attracting crypto exchanges but requires high standards like 98% of assets in cold wallets. Getting approved is complex and costly.
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Japan intends to be a Web3 leader but had strict regulations after the 2018 Coincheck hack. FTX Japan users got money back thanks to asset segregation rules.
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The U.S. is seen as unfriendly not due to strictness but lack of clarity on what the rules are. Asia has stricter but clearer frameworks.