The Philippines, Thailand, and South Korea are moving towards creating the next crypto valley, after recognizing the success of Malta and Zug, Switzerland in creating crypto and blockchain friendly environments.
Most countries in Southeast Asia, including China, Vietnam and Thailand, have cracked down on crypto trading and blockchain-related developments over the past year. It was reported in local media that banks in the Kingdom are prohibited from investing or trading in cryptocurrency, offering cryptocurrency exchanges, and creating platforms for cryptocurrency trading.
Be that as it may, conceivably because of the shock of nearby speculators and the expanding endeavors of the Philippines, South Korea, and Japan to help digital currency related organizations, Thailand have likewise as of late promised to make a situation with amicable administrative systems adapted towards crypto new businesses
The administrator of a government-controlled economic zone in the Philippines has revealed plans to issue 25 licenses to cryptocurrency exchanges.
The Cagayan Economic Zone Authority (CEZA), a government-operated economic zone in the northern tip of the Philippines, will open its doors to as many as 25 cryptocurrency exchange operators in its tax-friendly jurisdiction, an announcement on its website revealed.
Lito Villanueva, the chairman of FintechAlliance, said in an interview with Nikkei that the country has been trying to create the next “crypto valley in Asia” through the establishment of a $100 million blockchain hub.
“With these startups come huge investments in their portfolio. Surely, each country would want to take a piece of the action. Taking blockchain and fintech players in with enabling regulations and potential investment incentives would surely make the game more exciting,” Villanueva said.
Effectively, a portion of the new businesses in the Philippines including Coins, which shut a $10 million Series A subsidizing round from Naspers and Quona Capital, have turned into the most prominent stages in the Philippines, outside of crypto and fund.
At its peak, Coins.ph, the Philippines arm of Coins, became a top 10 mobile applications in the Philippines market.
South Korea Cryptocurrency
South Korea’s government has earmarked a 5 trillion won ($4.4 billion) budget toward its ‘Growth through Innovation’ investment program in eight critical sectors with a particular focus on blockchain and AI.
In a meeting in Seoul on August 14, South Korea’s finance minister Kim Dong-yeon confirmed plans of a 5 trillion won investment toward its innovation program in 2019, a sharp 65 percent increase from this year’s budgetary spend.
Exceptionally, territorial governments in South Korea, for example, Seoul, Busan, Jeju Island, and Sejong have pledged to wind up the blockchain capitals of Asia by inviting digital money and blockchain organizations with different advantages.
Won Hee-ryong, the legislative head of Jeju Island, who as of late welcomed Roger Ver to exhibit the utilization instance of digital currencies, said that the blockchain is a profitable open door for South Korea to lead the pack in worldwide web advancement, a zone which it has fell behind China and Japan in the previous decade.
The Thai Securities and Exchange Commission (SEC) has announced the names of seven cryptocurrency firms that have been authorized to legally operate in the country. Five of them are crypto exchanges; two are cryptocurrency dealers.
The Thai SEC has announced the names of the seven cryptocurrency firms that have been authorized to operate in the country while their applications are being reviewed by the regulators. Seven firms, consisting of five crypto exchanges and two dealers, have been granted temporary approval to operate until their applications are either approved or denied.
Other than the nine companies mentioned, all other firms seeking to operate a crypto business in Thailand must obtain approval from the ministry of finance and the SEC before commencing a crypto business.
Growth of the Asian Market
With Japan as the largest cryptocurrency exchange market ahead of the US, Asia has already become the biggest cryptocurrency and blockchain market. Increasing efforts and initiatives by countries like Thailand, South Korea, Japan, and the Philippines to develop the blockchain sector will positively impact cryptocurrencies in the long-term.