Asia is Quickly Becoming a Blockchain Hub as Crypto Assets Continue Worldwide Adoption
There are a number of advantages associated with blockchain technology. Most view the technology as a means to achieving efficient supply chain management and self-sustaining data centers. Interestingly enough, Asian countries are heading the transition toward the widespread adoption of these technologies.
Singapore seems to be at the forefront of cryptocurrency and blockchain adoption. The country’s government seems to be especially receptive toward cryptocurrencies, initial coin offerings, and blockchain technology. Many businesses from China. Hong Kong, and South Korea have moved their operations to Singapore due to their countries’ negative sentiment toward the technologies. Banks have been quite lenient toward the technology as well, making it easier for startups to receive financing.
Thailand is also a promising country, especially due to the blockchain regulations in place. Further, one of the country’s largest banks in terms of asset management, Kasikorbank, announced that it will be using distributed ledger-based applications to process international payments, supply chain financing, and document authorization. The bank also intends to launch a state-supported token for the settlement of securities.
Veerthai Santiprabhob of the Bank of Thailand also commented on blockchain technology, stating that the technology
“can help safeguard financial information and reduce the number and magnitude of fraudulent activities.”
Malaysia is also supportive of blockchain and cryptocurrency technology. The country features the NEM Foundation, massive blockchain center that works to educate individuals on the benefits and disadvantages of decentralized technology and applications.
Moreover, the country’s central bank, Bank Negra of Malaysia, is interested in bringing blockchain technology to traditional banking for faster payment speeds and accountability. As for cryptocurrency, there are nine cryptocurrency regulators that are registered with the country’s regulatory authorities.
Indonesia is participating in the action as well. Many startups and crypto-specific businesses have established themselves in the country. One of the most popular and prominent blockchain application is Online Pajak, which focuses on enhancing transparency and reducing the burden concerning filing taxes.
Vietnam is seeing a strong establishment of a startup ecosystem with several entities focusing on blockchain technology development and fintech. The country’s government has also prepared a fintech sandbox that promotes blockchain utilization. There are also local companies, such as Viettel, a mobile network provider, and Napas, an intermediary payment service provider, that are working on their blockchain technologies.
Other countries, such as Brunei, Cambodia, Myanmar, and Cambodia have also taken initiatives to promote the proliferation of blockchain-related businesses within their borders.