Thailand, Philippines and South Korea are gearing up to become the next crypto-based valley. Since early 2018 they’ve started to recognize the success from Malta & Switzerland in creating environments friendly for crypto business and enthusiasts.
S.E Asia countries, including Thailand and Vietnam have tightened up on security regulations and block-chain based development over the past year. Thailand disclosed few months back its intent to tax cryptocurrency investors and trading platforms.
Thailand has a bright future for startups and crypto with innovative spaces like True Digital Park.
South Korea and the Philippines are in the lead!
Last month it was announced that Cagayan Economic Zone Authority, a special economic zone, regulated by the Philippines government, is going to issue 25 cryptocurrency exchange licenses. These licenses will help to enable cryptocurrency startups to work with tax exemptions. In addition, they will get a lot of other benefits.
Lito Villanueva, the FintechAlliance chairman, told in his interview with Nikkei, read the country will merge their power to build the new Asian crypto valley. To achieve that, they are going to create a blockchain app which costs about $100 million.
Villanueva said that those startups bring huge investments. And of course, each country really benefit from participation in the process. Working with fintech and blockchain players will bring a lot of benefits and excitement.
Sample opinion startups such as Coins closed $10 mln funding round from Quona Capital and Naspers. It helped them to become the largest platforms besides finance and crypto ones. Coins.ph at its peak reached the top 10 list of the most popular apps in the Philippines.
And at the same time, South Korea also took a lot of efforts to legitimize the blockchain and cryptocurrency industries. What did they do? They drew up the first blockchain and cryptocurrency legislation. Focusing on blockchain in the big data, the South Korean government plans to invest about $4.4 bln to support technology companies.
The governments of Korean regions like Busan, Seoul, Sejong, and Jeju Island supported the idea. They will become the Asian blockchain capitals. What will help them to achieve that? They are going to widely implement the blockchain and cryptocurrency.
Jeju Island governor, Won Hee-ryong, told that the blockchain Technologies are a great chance to become the Global Internet development leaders. Unfortunately, they are far behind Japan and China yet.
The Asian market growth
Japan is the world cryptocurrency exchange market leader. That’s why Asia is already the most significant blockchain and cryptocurrency region. The initiatives and efforts made by South Korea, Philippines, Japan, and other Asian countries will positively impact the long-term cryptocurrencies development.