From Nasdaq:

In the crypto world, the U.S. Securities and Exchange Commission’s approval of spot bitcoin ETF has grabbed attention. Abel Seow, BitGo’s APAC sales director, highlights the influence of U.S. policies and economy on institutional crypto adoption globally.

Asia is a growing hub for crypto innovation and adoption. Bhutan invested $500 million in Bitcoin mining. 75% of institutional investors in Singapore plan to increase crypto investments in 2024, while Hong Kong aims to submit applications for spot bitcoin ETFs.

The Geography of Cryptocurrency Report by Chainalysis reveals that Central & Southern Asia and Oceania is the world’s third-largest crypto market by raw transaction volume. It also dominates the purchasing power. This presents enormous opportunities for crypto and its integration into Asia’s financial systems.

Asia holds vast potential for crypto, with over 71 million unbanked people in Thailand. Increased engagement with digital assets is expected to impact global banking. Practical retail use of crypto in developing Asian markets converging with institutional adoption in established countries is on the horizon.

Asian countries like Hong Kong, Singapore, Japan, and South Korea are taking steps to regulate crypto and create a foundation for investor confidence and growth. This forward movement presents enormous opportunities and attracts investment and talent into these countries.

Hong Kong is focused on becoming a leader in Web3 and regulating digital asset businesses. The region’s success could signal a significant shift in China’s stance on crypto, and the resulting impact would be considerable for the entire digital asset sector. Other major Asian economies are also implementing regulations to foster investor confidence and crypto growth. India also continues to engage with crypto, despite regulatory uncertainties.



Read more: Crypto Has an Unrealized Opportunity in Asia