Singapore – In the past weeks, the crypto industry stumbled across some flurries of trading activities. Recently, Bitcoin once again approached the mythical US$20,000 mark for its digital asset. Bitcoin’s steady climb to this point from US$110,000 per coin has taken less than three months, once again drawing intense scrutiny from the public and crypto regulators.
Since 2019, the Asian markets, especially Singapore, have been stepping up the cryptocurrency market regulation as the authorities plan to fortify the trading market and attract institutional investors. The Asian cryptocurrency industry has done tons of growing up.
In many Asian countries, authorities take the cryptocurrency market regulation very seriously since they believe that digital currencies will surely become prominent globally in the next years. Numerous serious cybersecurity breaches have been widely reported, with hackers stealing millions of dollars’ worth of digital assets and infiltrating crypto exchanges. Recent reports show that at least 75% of cryptocurrency exchanges report dubious volumes annually.
In Asia Pacific (APAC) region, cryptocurrency trading has a hotbed. Singapore and Hong Kong financial hubs have introduced new licensing laws to obtain approval before allowing trading in both countries.
According to the latest reports, the requirements include market surveillance to detect market abuse behaviour and evaluate the exchange monitory technologies used.
Aside from primary screening solutions, such as Know Your Client (KYC), Anti-Money Laundering (AML), and Combating the Financing of Terrorism (CFT), Singapore and Hong Kong continuously implement robust control systems to detect, prevent, and report financial crimes and market abuse behaviours. This way, the APAC can offset allegations that the cryptocurrency market can be misappropriated for criminal activities since most of them are deregulated and decentralized.
Recently, Google invested US$430 billion to APAC for network infrastructure. According to the recent reports, the investment is to deliver better internet connections to consumers and businesses worldwide. With smartphone penetration in a vast and young population, the tech giant did not hesitate to invest in APAC’s network infrastructure.