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Asia– Your Gateway to Crypto Part II

Following up on our article about crypto events in Asia, we would like to share about how these various countries– Singapore, Thailand, Hong Kong, Vietnam, and China, are the hotbed for all things cryptocurrency and blockchain related. The article will look at the various government interventions that has taken place in these countries and what notable blockchain offices have headquartered themselves there.

Singapore

Government regulations:
The Monetary Authority of Singapore (MAS) has taken a backseat with regards to the popularity of blockchain and cryptocurrency situation. While it has released a guide on digital token offerings, the government is still waiting to see if there are any large-scale misconducts in the space. The country has hosted a number of big name blockchain events in 2018, such as Consensus and Binance Blockchain Week. Moreover, the country racked up hundreds of ICO projects in the last year due to its lax regulations on ICOs. Singapore being Asia’s fastest growing fintech hub, perhaps even leading the way, also has the best infrastructure in place to blockchain and crypto to grow.

Notable Blockchain Offices:
Binance, Huobi, Consentium

Thailand

Government regulations:
The government of Thailand, on the other hand, has laws that permit and regulate the digital assets economy. They have allowed for ICO portals to be registered and existing traditional institutions can engage with traditional businesses in the trading of cryptocurrencies as a financial instrument. The Thai Securities and Exchange Commission (SEC) oversees the Cryptocurrency Exchanges whereas the Thai Office of Insurance Commission (OIC) is responsible for giving out licenses to Insurance companies. Projects starting ICOs will have to be registered with the SEC.

Notable Blockchain Offices:
NEM

Hong Kong

Government regulations:
Hong Kong’s regulatory bodies are very much like Singapore’s. Both are allowing for as many developments in the sphere as possible. Hong Kong had plans to collaborate with banks to build a blockchain-based trade finance platform to reduce the time and paperwork in routine trade and finance platform. The Financial Services and Treasury of Hong Kong have made efforts to educate the public about ICO and cryptocurrency investments through all forms of media. They have made clear that while it is not a threat, there is also no regulation for it. Similar to Singapore, both countries are incredibly open to the possibilities that blockchain technology provides.

Notable Blockchain Offices:
Bit-Z, OKcoin

Vietnam

Government regulations:
Vietnam held its first blockchain forum last year, which attracted a substantial crowd. It had interesting programs and panel discussions geared towards the progress of blockchain technology in Vietnam. The panelists included representatives from the government assuring the public that they are open to listing blockchain companies and are actively conducting research in this field. While there is no fixed regulatory framework and little awareness of the benefits blockchain can bring to the developing country, analysts are hopeful as its population continues to grow its interest in blockchain technology and feed its robust startup ecosystem.

Notable Blockchain Offices:
Blockfin Asia , Infinity Blockchain labs

China

Government regulations:
It is well-known that economic powerhouse China has banned cryptocurrencies and ICOs. They were ok investing in and developing blockchain technolog, but not the digital asset aspect of things. Recently, there has been a case of a citizen resisting government censorship using blockchain technology, quickly resulting in a new regulation through the Cyberspace Administration of China. Since the immutability and publicity of blockchain technology cannot be altered, users of blockchain will now need to provide their real names, identification number or mobile phone number. In spite of the government’s desperate efforts to remain in control of blockchain and its people, digital asset adoption is still growing in popularity in the country.

Notable Blockchain Offices:
Huobi, Binance

Consentium is looking to explore markets in all of these countries and that is why we have written this piece. While some Asia countries such as Japan and Korea were not covered, they are also key drivers of blockchain technology. In fact, they may even supercede some of those that are listed in the article. The amount of information out there is abundant and an evaluation of each market is yours to make.

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Consentium

Consentium is a revolutionary platform that bridges the gap between social communication and cryptocurrency. Visit https://www.consentium.net