Home NFTs The potential for Asia to drive the next bull run in Crypto – SlateAsia #3

The potential for Asia to drive the next bull run in Crypto – SlateAsia #3

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Asia Could Drive Crypto’s Next Bull Market

On a recent episode of SlateAsia, Akiba and Jason Fang discuss how Asia could lead the crypto industry’s next bull market. They start by mentioning a Cameron Winklevoss tweet. Jason believes Asia has a lot of flexibility when it comes to regulation, making it easier for startups to onboard users and get creative with their products. This is because different regions in Asia have their own ways of doing business, scaling their businesses, and regulating digital assets. Unlike the United States, where the SEC creates regulatory frameworks that other countries may adopt, Asian countries have their own regulatory environments that businesses must navigate.

Regulatory approach in Asia

Akiva asks whether the regulatory approach in Asia is better for the survival and growth of the industry. Jason explains that it depends on where he’s from. If it is an exchange, I would like to put myself in an environment with black and white rules like Singapore. However, if you’re an investor like the venture he fund, you’re very flexible in terms of where you want to go. For example, Jason’s company chose Taiwan because it is less regulated and suitable for blockchain. Taiwan encourages entrepreneurs to explore use cases for digital assets. This gives startups complete flexibility to decide their own direction.

Hong Kong legalizes cryptocurrency trading

Hong Kong recently legalized cryptocurrency trading, and Coinbase’s Brian Armstrong believes the U.S. Congress needs to act swiftly on cryptocurrency regulations to avoid losses. Jason believes the move by Hong Kong is a good thing as it shows the city’s willingness to adopt a blockchain-friendly environment. However, he points out that Hong Kong players are very different from Singapore players because Hong Kong is heavily dominated by China. Chinese-backed firms are likely to strive in Hong Kong, while those without exposure in China and more focused on international markets are likely to move elsewhere, such as Singapore. highest.

China’s entry into NFT

Akiba and Jason also discuss China’s entry into NFTs. Jason points out that NFTs have been around in China for some time, but while they could create NFTs, they couldn’t trade them. The Chinese government is trying to find a way to bring digital asset products to the global market without abusing the renminbi. This is the biggest concern, and if they understand it, we will see more adoption in NFTs and other blockchain categories. Jason believes it is still too early for China to tap into his NFTs, and China’s current macro principles are more focused on control than economic growth.

China’s Interest in Blockchain Technology and Cryptocurrencies

They noted that China’s interest in this sector may be driven by the vast market potential that exists. Jason said the current market capitalization of cryptocurrencies is around $1.1 trillion and he could quadruple, 10x or even 50x in the next few years if the market continues to grow. pointed out.

As the market grows, China will feel pressure to get involved and may even issue its own digital currency, the digital yuan. But Jason said it may take years for China to figure things out before it takes action. He noted that it may adopt new technologies faster than other countries.

China’s Promoting Innovation Stance and Its Impact on Technology Adoption

Jason noted that Chinese entrepreneurs tend to follow government policies when it comes to innovation and technology. Entrepreneurs are quick to join if the government is bullish on a particular technology or industry, even if they have no experience in that field. This pro-innovation attitude could lead to explosive technology use cases if the Chinese government decides to make greater changes from a macro perspective.

A potential catalyst for Chinese cryptocurrency adoption

Regarding potential catalysts for China’s adoption of cryptocurrencies, Speaker A asked if there were any specific events or trends to watch out for. Jason suggested that if the government continues to push innovation and technology, it could indicate a potential move towards adoption. He also noted that it could take several years for China to implement new policies and fully build commissions on them.

In summary

In conclusion, Asia has the potential to lead the crypto industry’s next bull market. Regulatory flexibility makes it easier for startups to increase user onboarding and product creativity. Different regions in Asia have their own ways of doing business, scaling businesses, and regulating digital assets. This gives startups complete flexibility to decide their own direction. However, regulatory approaches in Asia differ depending on where they come from, and companies have to navigate different regulatory environments to succeed in Asia.

While the recent legalization of cryptocurrency trading in Hong Kong is a good thing, it is important to note that China dominates Hong Kong to a large extent and Hong Kong players are very different from Singapore players. China is slowly turning to NFTs as a potential use case, but it is still in its early stages and China’s current macro principles are more about control than economic growth.

A discussion on the SlateAsia podcast highlights China’s potential adoption of blockchain technology and cryptocurrencies. China may take time to figure things out, but the huge market potential and the country’s innovative stance will lead to explosive growth in the industry when the government decides to take action. may be connected.

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