Southeast Asia is on the Cutting Edge of the Crypto Movement
At its core, the cryptocurrency movement is a global endeavor, developed and proliferated by interested individuals from around the world and residing outside of the purview of any single government or institution. This reality is one of the most compelling features of the cryptocurrency boom, and it’s the reason that so many people are committed to its establishment.
Of course, this sentiment ignores the regional impact on cryptocurrency and blockchain expansion. Despite the decentralized ethos that pervades crypto culture, digital currencies are significantly impacted by specific communities around the world.
For example, China’s ban on ICOs dampened global crypto markets, and the U.S flip/flop approach to crypto ETFs consistently roils bitcoin’s value. At the same time, some countries including Malta, Bermuda, and Gibraltar have implemented crypto-friendly regulations that have allowed them to flourish as this new ecosystem emerges.
Now, Southeast Asia is asserting itself as a dominant region in the cryptocurrency movement, and several companies are using the area to establish their platforms.
Blockchain Platforms Arrive in the Area
As Southeast Asia emerges as a regional force in the crypto movement, several startups are coming along for the ride.
DACSEE, a ride-hailing platform that is similar to popular companies like Uber and Lyft but that includes added incentives for drivers, has begun operations in Asia. The regions surging populations and sprawling urban spaces lack public transportation system, and there is a storied history of competing ride services. DACSEE combines a mobile app with a multifaceted payment structure that allows users to pay for services using fiat, a cohesive solution that may have a unique appeal in Asia’s urban centers.
Of course, other problems are less practical but are equally important.
For instance, even as Southeast Asia’s monetary system is modernizing, The World Bank estimates that less than 30% of the population has a bank account, a pervasive problem that the crypto movement may be uniquely positioned to solve. LaLaWorld, a blockchain startup for the unbanked, certainly hopes so. Using single sign-on technology, LaLaWorld creates an ecosystem that not only provides people with access to financial services in 180 countries, but it also supplies ancillary services that help them participate in the digital economy.
Not to be left out, Southeast Asia’s burgeoning social media environment is entering the decentralized world as well. Serey, a social media platform based in Cambodia, decentralizes the social media ecosystem by creating value for all participants, not just the select few that benefit from ad revenue.
Taken together, these companies reflect the benefits of building a platform in a region that is increasingly friendly toward crypto-focused companies.
A Multi-Factored Ascension
A flurry of governmental actions and cultural shifts are helping the industry thrive. For example, South Korea recently designated $4.4 billion towards forward-thinking technologies that include the blockchain. At the same time, Coins, the most prominent crypto startup in the Philippines, recently reached five million customers, and Thailand openly optimistic stance on cryptocurrencies is luring companies to the region.
It’s clear that government officials are responding to an industry that is already favored among their populations. Despite their modest sizes, Japan and South Korea are two of the top three countries cryptocurrency use. Already established as two of the most well-connected societies in the world, embracing cryptocurrencies and their accompanying platforms is a natural next step for Southeast Asia.
While it isn’t the first region to support cryptocurrencies, Southeast Asia is quickly becoming a dominant force is the cryptocurrency movement. These changes are ushering in the decentralized future well beyond their borders, and it’s positioning the companies that launch there to lead the pack of blockchain platforms that grow in Southeast Asia and beyond.
