In our ongoing mission to decipher the complexities of the global crypto landscape, for overseas web3 teams, this year we started conducting regular webinars focusing on the evolution and current trends of cryptocurrency in Asia. Here’s a quick overview of what we discussed, and an open invitation to our next session scheduled for June 27, 2023, at 1:00 pm UTC.
Our expert speaker began by shedding light on the history of cryptocurrency in three major Asian countries: China, Japan, and Korea, each showcasing its own unique stance towards crypto.
China’s Regulatory Tango with Crypto:
China’s relationship with cryptocurrencies has been a series of regulatory whipsaws, from banning financial institutions from using Bitcoin in 2013 to a complete prohibition on crypto-related activities in 2021. However, despite the government’s official stance, millions of Chinese-speaking users continue to engage with crypto through VPNs, demonstrating the resilience and tenacity of the blockchain community.
Japan: Rising from the Ashes
Japan was an early adopter, recognizing cryptocurrencies as a legal form of payment in 2017. However, significant hacks and regulatory clampdowns brought a chilling effect to the market. The tides started turning towards the end of 2022 with a renewed positive approach, including plans to lift restrictions on foreign-issued stablecoins and an ambitious aim to become a leading Web3 advanced country by 2025.
Korea: A Paradigm Shift
South Korea, once a crypto heaven, started tightening regulations amid concerns over financial risks. Plans are afoot to levy an additional 20% tax on crypto gains exceeding KRW 2.5 million ($1,900), postponed to 2025. Also, stricter AML and KYC rules are being implemented to increase oversight over crypto exchanges.
The second part of our webinar touched upon the latest Web3 trends in Asia, showcasing new policies and regulations.
China’s New Prodigy: Hong Kong’s Web3 Policy
Japan: Pioneering NFT & Stablecoin Regulations
Korea: Weathering the Terra Incident
This webinar was a riveting journey through the highs and lows of the Asian crypto landscape, highlighting how each country is adapting and innovating in the face of evolving technologies and market dynamics.
And the journey is far from over. We invite you to join us at our next webinar on June 27, 2023, at 1:00 pm UTC, as we delve deeper into the world of crypto.
Apply here: https://forms.gle/zQc1rapYkLihkzZn8
Whether you’re a seasoned crypto enthusiast or a curious newcomer, we promise you an informative and engaging discussion.
Mark your calendars, set your reminders, and join us for another enlightening session about the fascinating world of cryptocurrency!
Stay tuned for more details and registration links on our website and social media channels.