Amid increased regulatory pressure on the US crypto market, many crypto enthusiasts and traders have moved to Asian countries. Several countries in the region are notable for their supportive attitude toward digital assets.
Lawsuits filed by the Securities and Exchange Commission (SEC) against three major cryptocurrency exchanges have prompted many crypto investors to move to Asia. Bloomberg has reported that some Asian countries are vying for digital-asset traders.
Several Asian countries, such as Singapore, Japan, and South Korea, have adopted a crypto-friendly regulatory framework. They were recently joined by Hong Kong, which has adopted a new regulatory regime for crypto in June 2023.
Analysts noted that BTC trading surged sharply in Asia, with trading volumes in the US and EU falling behind.
Market participants have noted the high stability of the regulatory environment in Asia. The resilience in Asian crypto trading is also supported by institutional investors.
Analysts have observed a significant shift in trading towards Asian exchanges and platforms. However, the situation in China and India, the region’s two largest economies, is different. In China, digital asset trading is banned, while in India, significant taxes are levied on crypto traders. Nevertheless, the situation remains dynamic, and there is potential for a change in regulations that could unlock substantial opportunities for cryptocurrency trading in both of these markets.
