Asian markets are set to spearhead the world in terms of dominating the cryptocurrency industry during 2020, especially amid a drive towards setting related regulations by Asian central banks, with an eye on establishing cryptocurrency and blockchain hubs.
For instance, Singapore is attracting fintech firms, especially following the Payment Services Act, which is set to come into action later this month and has been considered as the world’s most comprehensive regulatory framework to control cryptocurrency and blockchain businesses ever. The new legislation is expected to bolster Singapore’s position as a crypto industry hub.
In addition, the Chinese government continues its support to blockchain industry at all levels, which will lead to technological advancement across Asia, according to CoinGecko co-founder Bobby Ong.
This trend is contrary to what is seen in the US, where things are progressing at a slow pace as regulators continue to procrastinate over their classification.