Asia’s Lessons for America’s Blockchain and Crypto Sector
Singapore – Despite the coronavirus pandemic, Bitcoin and other digital assets are enjoying a surge in value this year due to increase accessibility. Currently, Bitcoin’s appeal has been boosted by-products like Bitcoin ATMs or BTN, which have been installed in different parts of the globe. Yet across the United States, the blockchain industry has been struggling under its unclear crypto regulations. Many crypto start-ups are eyeing Asia for relocation.
According to recent reports, many stock market investors in the United States have shifted from tech into more long-term growth options like a bank. However, some traders who saw 200%-500% returns in Netflix, Zoom, and Tesla are still turning to DeFi (decentralized finance) and Bitcoin to find similar returns.
At the time of writing, many blockchain firms are pushing the United States authorities to make clear and solid rules and regulations for cryptocurrencies. Once the country established clear crypto regulation, many African Americans and Latinos can get away from paying higher traditional banking fees, just like white Americans.
In Asia, digital currencies have transformed the banking sectors for residents who have trouble accessing it. Countries like Singapore, China, and Japan enjoy a minimal fee, better security, and equality through blockchain‘s decentralized structure. Asian advocates of crypto finance are keen on promoting the benefits of digital currencies for the unbanked. Unfortunately, US regulators are slow to introduce a clear regulation for the crypto industry in America.
Since the United States is not as crypto-friendly as Asia, it runs the risk of being left behind. Many Asian countries have noticed tons of benefits, including a more flourished industry, through blockchain technology.
According to the United States regulators, the reluctance is due to the negative reputation of cryptocurrencies in America garnered after criminals have used most assets on the Darknet, Silk Road Marketplace, terrorism, drugs, and money laundering.
On the other hand, Singapore currently appears to have struck a regulatory balance that promotes anti-money laundering and counterterrorism to protect all crypto businesses in the country.