Institutional adoption of digital assets in Asia is gaining momentum as regulatory clarity improves in the region.
During Korea Blockchain Week, industry insiders revealed that South Korea, Hong Kong, Japan, and Singapore are actively seeking opportunities in the crypto space, according to a report form TechCrunch.
The positive shift comes after a series of setbacks in the past year that hindered the industry's progress, such as the collapse of Terra/LUNA and FTX's filing for bankruptcy.
Compared to the United States and Europe, institutional adoption is more prevalent in Asia because companies in this region are more open to listening and educating themselves about the industry, Justin Kim, the Head of Korea at Ava Labs, said.
Other regions "cross their arms and want to wait and see," he added.
Furthermore, regulators in Asia are increasingly giving the green light to crypto companies, creating a favorable environment for institutional investors.
Charles d'Haussy, the CEO of the dYdX Foundation, said that more and more crypto companies are receiving regulatory approval in Asia, leading to a rapid growth in institutional appetite for cryptocurrencies.
Hong Kong, in particular, is becoming "super friendly" towards crypto regulation, d'Haussy said, adding that it has the potential to outpace Singapore due to its larger financial industry and connectivity to mainland China.
It is worth noting that institutional adoption varies across Asian countries.
Singapore was the first to make significant progress in institutional international adoption, followed by Korea and Japan, Jason Atkins, chief commercial officer of global algorithmic trading and market making firm Auros, explained.
South Korea, with its capital control currencies
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