Asia today — a real headliner in the world of the blockchain and cryptoeconomy, where he tested a huge number of innovative ideas and projects. And Asian governments are seriously considering the blockchain and its derivatives as a new economic environment and not potentially dangerous economic tool. This is the main reason why so many companies are looking to Asian markets.
For example, South Korea is actually a tiny country, where less than one percent of the earth’s inhabitants. But in the Korean market performed 30% of all cryptocurrency transactions in the world. Or Singapore, which in 2017 has become a real Mecca for blockchain startups after in many countries have tightened legislation and a huge number of blockchain projects were forced to seek new homes. And found a place in Singapore.
On this and many other we talked to Christina JUSTO Fund Veen, a specialist in international marketing, working in the markets of Asia for more than three years.
According to her, now in the Asian markets there is a situation that if there is innovation, there will be the South Koreans. Perhaps this is a bit unusual, if we take into account the fact that South Korea has very strong traditional financial institutions, but in all that concerns technology, this country is very active and tries immediately to become a leader in all positions relating to technology. And cryptocurrencies are no exception to the rule. In fact, following the trends of modern life in South Korea, and information about any change is almost a continuous flow. This background has created a unique blockchain community.
And at the moment, thanks to such giants as IBM-Korea and LG, tightly engaged in its own developments in the field of blockchain, a digital community has become truly enormous. Of course, in the polls, the transition to the blockchain there is a lot of risk, but without it will not become part of the trend. And people are willing to take risks, this can be seen by the fact that in Europe most of the startups in the cryptocurrency areas consists of young people, and the events in Korea the average age of most startups significantly above forty years.
The reason for this phenomenon is that Koreans see the future of digital technologies and new markets. They understand that their experience is not too relevant, and I don’t want to stagnate. This position — their character and part of the Asian culture. A good example is plastic cards. Quite recently they didn’t want to have anything to do, and now the clearing is everywhere.
Probably one of the most positive features of the South Koreans is a flair for trends that will hit in the future. There is therefore nothing unusual when professionals older decide to start a new business only on the basis of their faith in a possible trend. This is quite common situation.
At the same time, in neighbouring countries, everything is different. When there was a mass hacking of cryptocurrency companies, many organizers have re-registered their companies in Singapore and Hong Kong. But now, according to the prevailing trend all the back to South Korea, despite steady demand for cryptocurrency services in the host countries. Largely because the South Korean government pays great attention to the blockchain and cryptocurrency. On any conferences — a huge number of officials, delving into themes. Moreover, it is important that many of them have a balanced approach to cryptocurrency. People think not only in the context of “how we regulate the industry, but how to most effectively apply technology for the benefit of the economy”.
The advantages for the economic situation in Asia. For example, in the Philippines , where a solid percentage of citizens employed abroad, the blockchain app to transfer money save up to 13% of all funds previously teravicta for Bank transfers. Also, according to the estimates of Nomura, during the first 3 months of 2018, the growth of bitcoin has increased Japan’s GDP by 0.3%, and this trend is likely to continue.
But in Asia there are countries with the opposite approach, such as India. There all efforts are based on finding means of cooperation with government, and to work differently it is simply impossible. But, of course, and Korea is not so simple: the government has not yet made a decision about the legislation in the field of cryptocurrency, that does not prevent many members of the market to maintain an optimistic attitude. In fact, in South Korea people build a digital economy all together, regardless of rank, it is real teamwork.
It should be noted that Korea has signed many treaties on mutual understanding with its neighbours, and thus the technological aspects of the blockchain relatively quickly spread almost all over Asia. We can say that the government here really did a great job, because to introduce foreign experience is very difficult, and now the retail sector Korea is ready to cryptocurrency and only awaits the go-ahead from the regulator.
Actually, if you compare the Korean market, of course, is not the greatest, but at a Roadshow held in United States, for it showed a very specific interest. Everyone wants to be represented in this market, and the reason is that the Asian CryptoStor is constantly growing. While in Europe there are already clear rules and opportunities for market growth are severely limited.
But do not think that in Asia everything is so good. If you take China, there are significant nuances, which many people are rather interested in the fact that to leave the country, not to develop an industry inside of it. So what to say about the Asian markets that everything is fine, you can’t, no one knows what will happen in the future. But while Asian markets unconditionally waiting for the rise and further growth. And such prospects always have a positive effect on the people employed in the industry, and stimulate them to engage in new projects.
According to a report prepared by Morgan Stanley, the Asian markets are in the lead with a solid margin, second only to Malta (and the Maltese superiority is largely facilitated by the exchange Binance, initially in Asia and moved because of unfriendly legislation). But even with this factor in terms of trade with the Asian stock market is superior to Europe, despite the fact that Britain was one of 22 crypto currency exchange, which is more than in all of Asia.