Ten years after the launch of the Bitcoin whitepaper, there has been less than 20 per cent purchase of the digital assets, and corporate trust in cryptocurrencies remains low.
While media outlets and online forums across Europe and North America are home to endless debates over the merits and demerits of cryptocurrencies, Asia is fast emerging as a world leader in digital asset innovation.
Throughout the region, startups, large corporations, and regulators alike are embracing the digital assets industry, leading the charge in the development and assimilation of this new asset class within traditional markets.
From Chinese government’s plan to launch its cryptocurrency to Japanese e-commerce giant Rakuten’s foray into the digital assets exchange market and Singapore’s tax-cutfor payments made in cryptocurrency, it is increasingly apparent that Asia’s economies are not only embracing digital assets but also leading the charge.
Asia’s love affair with digital assets is nothing new. 2017—the year which saw the price of bitcoin rise by some 2,000 per cent—was the first showcase of Asia’s unparalleled interest in digital assets.
The propulsion of digital assets to mainstream attention and astronomical market highs was primarily driven by Asian investors and regulatory proactivity within the region.