The Asian cryptosphere is a major player in the cryptodom. However, they seem to be in a love-hate blockchain-crypto relationship. Although it would seem like European countries and the U.S. is at the top of blockchain innovation, regulation, adoption, and solutions. Asian countries also hold their own weight.
Currently, China is responsible for more than 50 percent of the world’s mining hash, while for a country like Japan, Bitcoin is now a legitimate form of payment with the country having over 4000 business points accepting bitcoin as a means of payment.
However, China has a rigid regulatory system despite been a Mining Center. Also in South Korea and India, digital forms of money are not considered. However, the story in Asia is changing as a report by InWara reveals that Asian based blockchain-crypto companies were able to raise over $200 million in funds just in Q1.
According to the report, blockchain and crypto startups in Asia were able to secure more Venture Capital funding than their Western counterparts.
Just in the month of April, the sum of $341 million was distributed to blockchain-crypto ventures with companies in Korea getting as much as $200 million which is nearly 60% of the total funds raised by blockchain-crypto ventures.
Chinese entities received $40 million in VC investment. Utop, a Vietnamese startup received $3 million in VC investment as well. In total, an investment of $243 million was invested in Asian Blockchain-crypto startups which represent 71% of the total venture funding in April.
Venture Capitalists are not the only ones interested in the Asian blockchain-crypto sphere as ICOs have provided opportunities for retail investors as well.
In April, Singapore takes the lead for being the highest ICO fundraiser with $200 million which represents 40% of the ICO funds raised globally. South Korea raised $27 million, India was able to rise above $5 million, Japan 30 million and China over $45 million.
Companies from the UAE, on the other hand, were able to raise $67 million in funds through security token offerings (STO) which represents 55% of the total funds raised.
While India is still considering a crypto ban, more Asian countries are considering implementing crypto friendly regulations. It is no wonder that Asia attracted more blockchain-crypto Venture Capitalist ahead of their European counterparts.
Do you think that Asia will adopt a more lenient crypto regulation? Kindly share your thoughts with us in the comment section below.