Asia proved itself to play a significant role in the cryptocurrency world when countries like china and South Korea sent prices of digital tokens tumbling after pronouncements of tightening regulations that surround the technology.
This is evident when cryptocurrencies faltered last year in the wake of China’s order to halt trading at the cryptocurrency exchanges, as well as processing new registrations, amid fears of a rapid rise of inflation. Bitcoin, which came out after the 2008 financial crisis, fell as low as 40 percent following that announcement.
Meanwhile, the virtual currency also plunged earlier this year following a series of statements from South Korea which has launched a crackdown against the technology.
But digital currencies like Bitcoin always prove that there is a calm after the storm. They may plummet for a while in the face of bad news, but they almost always rebound, and sometimes harder than ever.
Asia as crypto dragon
The reason why Asian markets impact the cryptocurrency space so dramatically is because the demand for these virtual tokens sprouted from the eastern soil. And despite regulatory headwinds, which are expected to become tighter in the days ahead, Asian countries are showing a greater demand for the technology more than ever to the extent of changing the way people do business today.
One factor in determining the growth of cryptocurrency in the region is the fact that Asian investors have been betting aggressively on initial coin offerings (ICO). Just last month, SwissBorg said most of the participants were Asian investors who purchased about 30 percent of the wealth manager’s ICO.
These included Beijing’s Bitmain, which is touted as one of the giants in the manufacture of processors for bitcoin mining.
This put the Fintech firm’s total funds raised through the ICO at $54 million, which will be used to build a dashboard, a cryptocurrency exchange and a platform for investors.
For Japanese billionaire investor Taizo San, ICOs are poised to be one of the "greatest major methods" for startups to raise funds in the future. As for Japan, the economic superpower is advancing in the crypto world as its slack regulatory environment paves the way for growth, filling the void presented by China and South Korea.
Opportunities amid crackdown
India is also benefiting from its neighbors’ crackdown on crypto trading. After all, the country has proved itself to be the second-highest in turnover rates for Bitcoin as early as 2016. With all these potential to further spur the growth in the region, Global Blockchain Technologies Corp. (OTCMKTS: BLKCF) is one firm emerging to provide easily accessible blockchain investments.
The firm recognizes the difficulties involved for new investors, such as gaining exposure and attracting wealth managers to join ICOs. Those onboarding are also challenged with the lack of technical expertise such as the processes on how to launch an ICO.
Global Blockchain’s strategy is to invest in tokens that have strong fundamentals and can meet the same standards of evaluation of traditional securities analysis.
As the firm sees cryptocurrency playing a significant role in fundraising and commerce in the global market, it makes sense to suspect that financial auditing or corporate standards are coming in the way for cryptocurrencies. Those handled by professional experts like Global Blockchain are surely poised to pass the strict regulations and survive in the industry.
