Since 2017 cryptocurrencies became the big financial topic in the United States and Europe. But this doesn’t mean they are not popular also in other continents like Africa or Asia.
The East Continent counts important Countries such as Japan, China, South Korea, and even India, where cryptocurrencies are used by a lot of people.
Let’s see in this article where they are diffuse the most and how are Asian Countries dealing with this new virtual Era.
What happens next for Cryptocurrency in Asia?
As we know, Bitcoin, Ethereum, Ripple, and NEO boomed last year. A lot of people around the world bought or invested in these new virtual Coins.
The most famous one, Bitcoin, was even invented by a Japanese man called Satoshi Nakamoto.
To make it short, cryptocurrencies are more related to Asia than we might think.
But how are they seen, regulated and used in the East Continent?
Because of the Asian market’s cutting edge interest in emerging technology, cryptocurrencies and ICOs have found the perfect financial environment to grow and be developed.
If in August 2018 China officially banned all crypto related commercial activities, on the other side Countries like South Korea and Japan jumped on the right track, and today the 30% of their population use actively cryptocurrencies.
Even more in those Countries, one-third of the employees can choose to receive their salary in cryptocurrencies.
This is the highest rate in the world. For instance, about 32% of South Korean are crypto investors, compare to the 8% of Americans.
Although this big interest in new technologies and the constant research to the future, the South Korean government want to banned cryptocurrencies too.
Moving to Japan the situation is exactly the same.
If on one side Japanese are already using cryptocurrencies in their ordinary life and on top of that the Bitcoin creator is Japanese, on the other side, the rumors about a regulation which will ban cryptos in Japan are every day bigger.
There is to admit that cryptocurrency regulation has been the big 2018 topic around the world, and not just in Asia.
The only difference is about how different Countries will face the problem.
How important is Asia for Cryptocurrencies?
to understand better how important are these Asian Countries in the Cryptocurrency World we just need to analyze the price movements related to rumors or potential Asian regulations.
The 2 big drops Bitcoin saw this year are related to:
- Chinese regulation
- Japanese potential regulation
For instance, when China banned Bitcoin from their Market, the price dropped off many thousand Dollars.
When the rumors about the new Japanese Regulation got bigger, the price of Bitcoin plummeted again.
What aboutCryptocurrency in Thailand and Shout Korea?
This year, Thailand set up the Digital Asset Business Decree which identifies digital currencies as a “medium of exchange as well as defining tokens as rights to participate in a digital environment.”
This means that the use and investment in Bitcoin, Bitcoin Cash, Ethereum, Ethereum Cash, Ripple, Litecoin and Stellar is allowed. Plus investing in new ICOs is permitted too if in the above-mentioned currencies.
In South Korea the situation today is similar. The Country wants to boost the legal status of cryptocurrencies in the Country.
This action will probably give some inspiration to Western Countries, mainly in Europe, where the crypto regulation is still a grey area.
Cryptocurrencies are already used in many digital platforms and shops. Never the less it’s already possible to trade and invest online with cryptocurrency.
Even the gaming industry (Casino Online and Poker Online) has introduced cryptocurrencies as a payment method and for Asian Countries, this has become the main one used by players.
For all of these reasons, the focus is now in Asia, which could really lead the rest of the World and bring Crypto regulation to a new step.