Home Cryptocurrency News Bitcoin Cryptocurrencies Continue to Thrive in Asia Despite China’s Regulations

Cryptocurrencies Continue to Thrive in Asia Despite China’s Regulations

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When looking at the cryptocurrency market, it is evident Asia is still a force to reckon with. Although China is no longer a big factor, other countries have taken over. Both South Korea and Japan are the biggest Asian cryptocurrency hubs as of right now. Especially the surge in popularity over in Japan has caught a lot of people by surprise. At the same time, the best things have yet to come in Japan by the look of things. Major shakeups are happening, which is a good sign.

No one can deny Asia is the most important region for cryptocurrency right now. China is no longer a factor, which is often considered to be a good change. After their regulatory shenanigans, the government played its trump card and lost out miserably. They failed to keep Bitcoin down and curb its popularity. In fact, all of their guidelines have caused the opposite effect. It was the wrong decision, but the damage is done permanently.

Asia Still Matters to all Cryptocurrencies

Japan, on the other hand, has genuinely embraced Bitcoin. It is a legal currency in the country. Plenty of retailers accept BTC payments as we speak. Some people even receive their salaries in Bitcoin, simply because it is such an appealing form of money. Plus, there are official educational seminars regarding Bitcoin and other cryptocurrencies. Such efforts are direly needed all over the world.

It is not surprising to see other countries in Asia bet big on Bitcoin as well. South Korea has some of the world’s largest exchanges by trading volume. Moreover, local trading platforms introduced self-regulation about a week ago. Although the government added some more requirements, it seems things will only improve from here on out. Nothing has been said in stone just yet, though. Sensitive topics like these are always subject to sudden change.

How all of this will play out in Asia in the future, remains to be seen. Cryptocurrency trading across the continent is adaptable, to say the least. Prices in Japan and South Korea are a lot higher compared to Western trading platforms. This is mainly due to higher local demand. It is evident any cryptocurrency waiting to succeed will need to make its mark in these countries. Asia will always remain a big area for cryptocurrencies in general, that much is evident.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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