After recognizing the success of Malta and Zug, Switzerland in creating crypto, as well as blockchain friendly environments, the Philippines, Thailand, and South Korea are moving forward to create the next crypto valley.
Most of the countries in Southeast Asia, which include Vietnam and Thailand, cracked down on crypto trading, as well as blockchain-related developments over the past few years. Several months ago, Thailand disclosed its intent to tax both cryptocurrency investors and trading platforms heavily.
But, maybe as a result of the outrage of the local investors, as well as the accelerating efforts of the Philippines, South Korea, and Japan to support crypto-related businesses, Thailand have also promised to create an environment with friendly regulatory frameworks which are provided towards crypto startups.
Leaders of the pack: the Philippines and South Korea
According to one report from July this year, the Cagayan Economic Zone Authority or better known as CEZA, which is a government-operated economic zone in the northern tip of the Philippines, decided to issue 25 cryptocurrency exchange licenses in total, in order to enable cryptocurrency startups to operate with tax exemptions and among a lot of other benefits.
FintechAlliance’s chairman, Lito Villanueva, talking in one interview for Nikkei, stated that the country was actually trying to establish the next crypto valley in Asia with developing a $100 million blockchain hub.
Villanueva said that with these startups come considerable investments in their portfolio. For sure, each country would want to take a piece of the action. Taking the blockchain, as well as fintech players in with giving the ability to regulators, and potential investment incentives are for sure going to make the game even more exciting.
Coins.ph a top 10 mobile application in the Philippines market
By now, various startups in the Philippines which include Coins, which closed a $10 million Series A funding round from Naspers, as well as from Quona Capital, became the most popular platforms in the Philippines, outside of the crypto and finance.
Coins.ph, which is the Philippines arm of Coins, at its peak, became a top 10 mobile applications in the Philippines market.
There were also some efforts on the part of South Korea, which tried to legitimize the cryptocurrency, as well as the blockchain sector by drafting the first cryptocurrency and blockchain legislation of the country.
Seoul, Busan, Jeju Island, as well as Sejong, which are some of the regional governments in South Korea, also decided to become the blockchain capitals of Asia with welcoming cryptocurrency, as well as blockchain companies with different benefits.
Won Hee-ryong is actually the governor of Jeju Island who has recently invited Roger Ver to demonstrate the use case of cryptocurrencies. He stated that the blockchain is indeed a valuable opportunity for South Korea to take the lead in the global internet development, an area that it has fallen behind China, as well as Japan in the past decade.
He said that blockchain is an opportunity for Korea to be the leader in global internet platform development.
The growth of the Asian market
Because Japan is currently considered the largest cryptocurrency exchange market ahead of the US, Asia has already become the biggest cryptocurrency, as well as the blockchain market. The increasing number of efforts and initiatives which some countries such as Thailand, South Korea, Japan, as well as the Philippines had about the development of the blockchain sector are positively going to impact cryptocurrencies in the long-term.