CRYPTOCURRENCY MARKET WILL SEE THE FASTEST GROWTH IN ASIA IN 2020

Coinhako.com recently interviewed a number of successful entrepreneurs of the cryptocurrency industry and they are convinced that Asian countries are to lead the digital currency industry growth this year.

The digital currency market went through some major ups and downs since its inception, however, such currencies showed real prospects during this time. Many investors got amazed with the profit levels that the cryptocurrencies can yield.

Crypto market managed to draw attention at the country level as well. As a result, many countries are now competing with each other to be the rightful hub of the digital currency industry, Asian countries being at the forefront.

These countries are focusing on crafting suitable regulations for digital coins. Some central banks have moved one step ahead and planned to release national cryptocurrency. Mainstream public and private financial institutions are also adopting this emerging technology to keep themselves in the race.

More and more Asian countries are opening the door for cryptocurrencies

Coinhako is a Singapore-based crypto trading firm starting a business in 2014 when owning virtual currency was too difficult and complicated in the country. But soon the country became a top choice for crypto firms due to its excellent business environment and warm relationship with neighbouring countries.

Companies also saw the business potential in Southeast Asia with a population of over 650 million. As a result, hundreds of crypto startups opened in this region making a lucrative cryptocurrency ecosystem.

Singapore also crafted a comprehensive cryptocurrency regulatory policy named “Payment Services Act”, which is supposed to launch on January 28, 2020. This will likely make Singapore’s position in the regional cryptocurrency market stronger. Experts have already started admiring the nation as a positive thinking one and a Global Fintech Hub which would invite more investments.

Indian Supreme Court has recently issued a rule that lifts a two-year ban on banks facilitating crypto exchange. The verdict had an immediate effect on the crypto industry including a 5% rise. Japan is already cryptocurrency heaven as they legalized such currencies in 2017.

The nation has made profits from cryptocurrency trading a taxable event so that people are encouraged to run a business legally. China is currently the leader in Asia in terms of cryptocurrency volume.

The Standing Committee of the 13th National People’s Congress in China passed the first-ever crypto-law effective from January 2020.

What the cryptocurrency thought leaders have to say about the industry

Coinhako managed to interview 20 high-ranked officials of leading crypto firms of Asia. All of them were optimistic about the growth of the virtual currency market globally particularly in Asia this year.

Bobby Ong, co-founder of CoinGecko said that the Chinese government is helping to flourish cryptocurrency technology which has attracted investors of Asia. He is hopeful about the growth of this industry at a good pace in 2020.

Ben Chan, CTO of BitGo expects 2020 to be like 2016 for the crypto industry. Current issues are the unpredictable nature of crypto coins, tighter government regulations and central bank involvement in the technology. In this background firms themed around digital currency’s store of value asset narrative such as DeFi, CeFi, etc. will be at the most profitable position this year.

CoinMarketCap official Spencer Yan views BTC as the topmost contributor of the crypto market. Liquidity and adoption issues will probably continue this year like 2019. In addition, he expects the Asian exchanges to come up with more innovative product ideas as cryptocurrency regulations are getting more transparent in this region. The next move should be to make digital assets a part of our daily lives.