Asia is solidifying its dominance in the global blockchain market.
The Asian region is emerging as the blockchain center of the world, boasting the most robust blockchain adoption and usage.
South Korea now accounts for nearly 20% of the global daily cryptocurrency trading volume. China aims to be the world leader in blockchain innovation. The Philippine finance department recently said it was open to using blockchain applications to improve tax collection, transparency, and the ease of doing business, as well as reduce smuggling. Meanwhile, Thailand’s central bank is looking for ways to adopt blockchain technology, while Malaysia and Indonesia rolled out Pundi X with a $35 million hard cap.
South Korea is undoubtedly the leader in the blockchain and cryptocurrency space. A recent study has shown that more than 30% of the Korean workforce has invested in digital currencies.
The large cryptocurrency trading volumes in South Korea mean that any movement in this country is bound to shake the market, as was the case with the recent Coinrail hack. The attack on the digital currency exchange, which reportedly lost 70% of its altcoins (about $40 million), saw Bitcoin prices plunge to about $6,700 on Sunday before recovering to $6,901 at 3 am UTC on Tuesday.
In Singapore, where the government is looking to encourage blockchain adoption through grants, startups like Fluffar are given the opportunity to thrive.
Da Phakousonh, one of Fluffar’s founding partners, said:
“Doing business in countries that not only push innovation [and blockchain ] but that accept and promote it (versus the U.S.) not only increases our ability to do more faster but enables us a unique competitive advantage.”
“We have been involved in blockchain and cryptocurrency for a long time, and understand the wide implications. It’s unfortunate that some countries are fighting it versus accepting it. Regardless, we’re building a business that is powered by blockchain, and for us, it makes the most sense to do business in communities that are welcoming to our technology,” added Ounie, another founding partner of the company that mixes augmented reality with blockchain.