Cryptocurrencies Regulation in Asia
Asia and Cryptocurrencies
Asia has been one of the most prominently displayed players in the world of cryptocurrencies today and most of the countries today have been leading the path in allowing the Asian market to be able to comprehend exactly what the cryptocurrencies are and their exact mechanism as well as how they are related to the market and market conditions. Their adoption in this place has allowed many countries to take immediate leads in the prominent world of cryptocurrency and pioneer many parts of the market and industry today.
China for example has become responsible for nearly half of the mining power of the world today and the coins and other cryptocurrencies that are mined all over the world have a sizeable chunk of them coming in from China. The market also shows some of the most tremendous growth compared to any other market in the world and Asian countries have some of the best growth in the cryptocurrency market overall. For example, just a short while back Korea,was not even treated seriously as a potential market and was barren in terms of the world of cryptocurrency especially. However, as it stands today the Ethereum transactions have 2 out of every 5 transactions happening within Korea and it is responsible for some of the most active markets in the world of cryptocurrency today.
Japan has taken this even further for example by stating cryptocurrency to now be a legally accepted method of payment within the country itself. With around 4 to 5 thousand points of commerce now accepting payments of bitcoin to a large extent. However, the prevalence and sudden boom in both the interest and the currencies themselves have called for fear on part of most Asian governments unlike Japan and have resulted in measures being taken to ensure that the cryptocurrency market is well regulated. If you would like to read more about cryptocurrencies regulations visit this article.
Potential Impact of the Blockchain Framework
In many ways the blockchain framework on its own along with most of the cryptocurrencies in the market today are dangerous in more than one way. Since they can be potentially destructive to the government along with the control that it is able to hold on the economy of the country. Since many cryptocurrencies have a difficult nature to deal with therefore they are not only difficult to place taxes on but also can be difficult to track and even see who owns what exact cryptocurrencies.
Furthermore, the ways in which IPO fundraising actually begins to take place goes through several different laws that would otherwise be present and are prominently present in the IPO fundraising in a traditional framework. Since many companies are not fair as well and they can be committing fraud and can take the money they supposedly raised to do business and run leaving nothing in their wake. If you would like to read more about market regulations in Asia visit this article.
China and Cryptocurrencies
China was one of the first and foremost companies that ended up responding to cryptocurrencies in general. In September of 2017 China started to restrict the extent to which the citizens of China could be given and have access to the cryptocurrencies on the blockchain framework and this was done by banning most of the ICOs and many domestic exchanges for cryptocurrency related coins were also shut down. Miners were also told to stop and websites that even mentioned or talked about cryptocurrency in even the slightest capacity or encouraged it immediately became blacklisted as a result. Ironically enough however, since this move from China which many expected would serve as a method to make the rest of the world wary of the cryptocurrencies and blockchain ended up having the opposite effect.
The price of bitcoin was not even affected and in fact continued to climb even higher than before. The amount of discretion with which the government of China tends to operate makes it difficult to perform any gainful interpretation on the actual mindset behind the declaration. However, one thing that is clear is that the bitcoin present will not be tolerated in any way or form within the bounds of China and this regulation and harsh environment has made many cryptocurrency related companies mostly exchanges make sure that they are removed and able to be present in a much friendlier legal environment. As it stands today however, cryptocurrencies are right now being used and traded in China. If you would like to read more about cryptocurrency regulations in Asia visit this article.
Japan and Cryptocurrencies
In contrast to a place like China, Japan has opened itself up to cryptocurrencies and cryptocurrency related objects. The liberal outlook it has towards cryptocurrencies have led to the country becoming a magnet for most of the best talent that the world of cryptocurrency has to offer at this stage in time. Since the Korean and Chinese government have made their environment extremely inhospitable for anything related to cryptocurrency. Therefore, cryptocurrency exchanges are being offered a helping hand from Japan which they are openly accepting.
While Japan seems optimistic about the future for crypto there are still incidents that somewhat tarnish its reputation for example the hacking of the Japanese cryptocurrency exchange. Japan has created a body that will be regulating the cryptocurrency industry and all of the exchange that takes place within it at the same time.
The company has licensed several different exchanges throughout though as it stands right now they are attempting to just implement a system that can allow them to create proper standards for the industry so that it works well, and this is not something which you could realistically achieve overnight so these initial steps are vital. While right now the plans have to be hashed out even further the system of regulation that is present within Japan will become more fleshed out as the progress is made further.
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