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22 Crypto-Friendly Countries in 2023: Regulations, Taxes, and Adoption

22 Crypto-Friendly Countries in 2023: Regulations, Taxes, and Adoption

The world of cryptocurrencies is constantly evolving, and so are the regulations and policies of different countries. While some nations have imposed strict bans or restrictions on crypto activities, others have embraced the innovation and potential of digital assets. In this post, I will list 22 of the most crypto-friendly countries in 2023, based on their regulatory environment, taxation, and adoption.

1. Switzerland
Switzerland is a global leader in finance and innovation, and it has also become a hub for blockchain and crypto companies. The Swiss city of Zug, nicknamed “Crypto Valley”, hosts many prominent crypto firms, such as Ethereum Foundation, Cardano Foundation, Tezos Foundation, and more. Switzerland has a favorable regulatory environment for cryptocurrencies, with clear and supportive guidelines for initial coin offerings (ICOs) and token classifications. The country also offers low or no taxes on crypto profits for individuals and businesses.

2. Malta
Malta is another small European nation that has earned the reputation of being a “Blockchain Island”. The island nation has attracted some of the biggest names in the crypto industry, such as Binance, OKX, BitBay, and more, due to its progressive and comprehensive crypto regulations. Malta has enacted three laws that provide legal certainty and protection for crypto businesses and investors: the Virtual Financial Assets Act, the Innovative Technology Arrangements and Services Act, and the Malta Digital Innovation Authority Act. Malta also does not impose any capital gains tax on crypto transactions.

3. Estonia
Estonia is a Baltic country that has embraced technology and innovation. The country is known for its e-government services, such as e-residency, e-voting, e-health, and more. Estonia is also applying its digital-first approach to the cryptocurrency sector, by offering a licensing system for crypto exchanges and wallet service providers. Estonia has a low corporate tax rate of 20%, which is only payable on distributed profits. Additionally, Estonia does not levy any capital gains tax on the sale of digital assets.

4. Singapore
Singapore is a global financial center and a leading fintech hub in Asia. The city-state has also become a hotspot for crypto businesses and investors, due to its supportive and pragmatic regulatory framework. Singapore has introduced the Payment Services Act, which regulates crypto service providers under the supervision of the Monetary Authority of Singapore (MAS). The act also provides a clear distinction between payment tokens (such as Bitcoin), utility tokens (such as Ether), and security tokens (such as tokenized shares). Singapore also does not tax crypto profits for individuals, unless they are derived from trading activities.

5. Japan
Japan is one of the most advanced and mature markets for cryptocurrencies in the world. The country has recognized Bitcoin as a legal form of payment since 2017, and has implemented strict but clear regulations for crypto exchanges under the Financial Services Agency (FSA). Japan has also established a self-regulatory body called the Japan Virtual Currency Exchange Association (JVCEA), which sets standards and best practices for the industry. Japan imposes income tax on crypto profits for individuals, ranging from 15% to 55%, depending on the amount.

6. Canada
Canada is another North American country that has a friendly attitude towards cryptocurrencies. The country has a well-developed crypto ecosystem, with many local exchanges, start-ups, and communities. Canada has also introduced regulations for crypto businesses under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which requires them to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and comply with anti-money laundering (AML) and counter-terrorism financing (CTF) rules. Canada taxes crypto profits as either income or capital gains, depending on the nature and frequency of the transactions.

7. South Korea
South Korea is one of the most active and enthusiastic countries for cryptocurrency trading and adoption in the world. The country has a large number of crypto exchanges, users, and merchants that accept digital currencies as payment. South Korea has also legalized and regulated crypto activities under the Act on Reporting and Use of Specific Financial Transaction Information, which requires crypto service providers to register with the Financial Services Commission (FSC) and partner with local banks to offer real-name accounts to their customers. South Korea taxes crypto profits as income at a flat rate of 20%.

8. Lithuania
Lithuania is a small Baltic country that has emerged as a leading fintech hub in Europe. The country has attracted many foreign crypto companies, such as Revolut, Wirex, Bitstamp, and more, due to its favorable regulatory environment and incentives. Lithuania has issued guidelines for ICOs and token classifications under the Bank of Lithuania (BoL), which oversees the crypto sector. The country also offers tax exemptions for crypto transactions that do not involve fiat currencies.

9. Portugal
Portugal is another European country that has a positive stance on cryptocurrencies. The country has created a welcoming environment for crypto users and investors, by exempting them from paying any taxes on crypto profits. Portugal’s tax authority, the Autoridade Tributária e Aduaneira (AT), has clarified that crypto transactions are not subject to value-added tax (VAT) or personal income tax. However, crypto businesses are still subject to corporate tax and VAT on their services.

10. The Bahamas
The Bahamas is a Caribbean island nation that has become a pioneer in launching its own central bank digital currency (CBDC), called the Sand Dollar. The Sand Dollar is a digital version of the Bahamian dollar, which can be used for peer-to-peer transactions, online payments, and cross-border remittances. The Bahamas has also introduced regulations for crypto service providers under the Payment Systems and Services Act, which requires them to obtain a license from the Central Bank of The Bahamas (CBOB) and comply with AML and CTF rules. The Bahamas does not impose any income tax or capital gains tax on individuals or businesses.

11. Germany
Germany is one of the largest and most influential economies in Europe and the world. The country has also shown a progressive and supportive attitude towards cryptocurrencies and blockchain technology. Germany has recognized Bitcoin as a legal form of payment since 2013, and has regulated crypto service providers under the Banking Act, which requires them to obtain a license from the Federal Financial Supervisory Authority (BaFin) and comply with AML and CTF rules. Germany also offers a tax exemption for crypto transactions that are held for more than one year.

12. Slovenia
Slovenia is a small Central European country that has a vibrant and innovative crypto community. The country hosts many crypto events, projects, and initiatives, such as the Bitcoin City, which is a shopping mall that accepts Bitcoin as payment. Slovenia has also adopted a friendly and flexible regulatory approach for cryptocurrencies, by allowing them to operate without any specific licenses or permits. However, crypto profits are subject to income tax or capital gains tax, depending on the type and frequency of the transactions.

13. Netherlands
The Netherlands is another European country that has a strong and active crypto scene. The country has many crypto exchanges, start-ups, and organizations, such as Bitonic, BitPay, Bitfury, and the Bitcoin Foundation. The Netherlands has also adopted a self-regulatory model for crypto service providers, by requiring them to register with the Dutch Central Bank (DNB) and adhere to AML and CTF rules. The Netherlands does not tax crypto profits for individuals, unless they are derived from trading activities.

14. Georgia
Georgia is a former Soviet republic that has become one of the leading countries in cryptocurrency mining in the world. The country has abundant and cheap electricity, which attracts many local and foreign miners to set up their operations there. Georgia has also introduced favorable regulations for crypto businesses, by exempting them from paying any taxes on their income or profits. However, individuals are still subject to income tax on their crypto earnings.

15. Luxembourg
Luxembourg is a small landlocked country in Western Europe that has a high standard of living and a strong financial sector. The country has also been supportive of cryptocurrencies and blockchain technology, by granting legal status to Bitcoin as a form of payment in 2016, and by regulating crypto service providers under the Law on Payment Services Providers, which requires them to obtain a license from the Commission de Surveillance du Secteur Financier (CSSF) and comply with AML and CTF rules. Luxembourg also taxes crypto profits as income at progressive rates.

16. Argentina
Argentina is a South American country that has experienced economic instability and currency devaluation for many years. As a result, many Argentinians have turned to cryptocurrencies as a hedge against inflation and capital controls. Argentina has also become a hotspot for crypto innovation and adoption, with many local exchanges, start-ups, and projects, such as Ripio, Bitso, RSK, Decentraland, and more. Argentina does not have any specific regulations for cryptocurrencies, but they are subject to income tax or capital gains tax depending on the nature of the transactions.

17. Cyprus
Cyprus is an island nation in the Mediterranean Sea that has a history of financial crises and bailouts. The country has also been one of the early adopters of cryptocurrencies in Europe, with many local businesses accepting Bitcoin as payment since 2013. Cyprus has also established itself as a hub for blockchain education and research, by hosting the University of Nicosia (UNIC), which offers the world’s first master’s degree in digital currency. Cyprus does not have any specific regulations for cryptocurrencies, but they are subject to income tax or capital gains tax depending on the type of transaction.

18. Taiwan
Taiwan is another crypto-friendly country in Asia, as it has a progressive and open-minded approach to crypto regulation and innovation. Taiwan does not impose any specific taxes or restrictions on crypto transactions, making it a favorable environment for traders and investors. Crypto businesses are also allowed to operate freely in Taiwan, as long as they comply with existing laws on AML/CTF and consumer protection. Taiwan is also home to many crypto influencers, such as Justin Sun of Tron, Changpeng Zhao of Binance and Arthur Hayes of BitMEX, as well as projects such as IOTA, VeChain and Kusama.

19. Indonesia
Indonesia is the largest economy and the most populous country in Southeast Asia, with more than 270 million people. Indonesia has a young and tech-savvy population, who are increasingly adopting crypto as a way to access the global digital economy. Indonesia has legalized crypto as a commodity that can be traded on licensed platforms, but has banned its use as a payment method. Indonesia also imposes a 10% VAT on crypto transactions, which could deter some users and investors.

20. Philippines
The Philippines is an archipelagic country with more than 7,000 islands and 110 million people. The Philippines has a large remittance market, as many of its citizens work overseas and send money back home. Crypto offers a cheaper and faster way to transfer money across borders, which has attracted many Filipinos to use it. The Philippines has a progressive and pragmatic approach to crypto regulation, allowing its use as a payment method and issuing licenses to crypto exchanges and service providers. The Philippines also has a vibrant crypto community, with many events, meetups and initiatives taking place there.

21. Hong Kong
Hong Kong is a major financial hub and a gateway to mainland China. The city has a relatively liberal and open attitude towards crypto, allowing its residents to freely trade and use digital assets without imposing taxes or restrictions. Hong Kong also has a thriving crypto scene, with many exchanges, funds, media outlets and events based there. The Hong Kong Monetary Authority (HKMA) is currently approaching the crypto industry from three dimensions: stablecoins that can be used for payments, investor protection, and how authorized institutions deal with digital assets. The HKMA plans to adopt a so-called “same risk, same regulation” approach to crypto.

22. Turkey
Turkey is another country that has shown a high level of interest and adoption of crypto in recent years. Turkey has one of the highest rates of inflation in the world, which has eroded the value and trust in its national currency, the lira. As a result, many Turks have turned to crypto as an alternative store of value and medium of exchange. Turkey does not have any specific laws or regulations for crypto, but treats it as an asset that is subject to capital gains tax. Turkey also has a growing number of crypto service providers and platforms that cater to its local market.

Summing up
In conclusion, the cryptocurrency landscape in 2023 is a dynamic and rapidly evolving space, with various countries positioning themselves as crypto-friendly destinations. From the innovative and regulation-savvy Switzerland to the progressive Malta and Estonia, and the bustling crypto scenes in Singapore, Japan, Canada, and South Korea, the global crypto map is expanding.

Each of these 22 crypto-friendly countries offers unique advantages for cryptocurrency enthusiasts, investors, and businesses. Whether it’s clear regulatory frameworks, low taxation on crypto profits, or a supportive ecosystem for blockchain technology, these nations are paving the way for the future of finance.

As the world continues to adapt to the ever-changing crypto landscape, it’s essential for individuals and businesses to stay informed about the latest developments and opportunities in these crypto-friendly jurisdictions. The choices made today can significantly impact the future of digital assets and financial innovation worldwide.

 

Source: https://in.investing.com/analysis/22-cryptofriendly-countries-in-2023-regulations-taxes-and-adoption-200598629

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Why regulated decentralized exchanges are the wave of crypto trading’s future

Why regulated decentralized exchanges are the wave of crypto trading’s future

The world of cryptocurrency trading is undergoing a profound metamorphosis, fueled by a growing wave of investors seeking alternatives to the well-established centralized exchanges (CEXs) that have long reigned supreme. These CEXs have traditionally acted as intermediaries, facilitating transactions between buyers and sellers of digital currencies like Bitcoin and Ethereum. While CEXs offer certain advantages such as liquidity, convenience and security, they also carry significant downsides, including hefty fees and privacy concerns as well as susceptibility to hacking and fraud.

Rise of decentralized crypto trading

Crypto’s shifting landscape has propelled decentralized exchanges (DEXs) into the limelight. DEXs are platforms that empower users to engage in direct peer-to-peer trading of crypto assets, eliminating the need for intermediaries. Harnessing the power of blockchain or distributed ledger technology, DEXs introduce a range of advantages over their centralized counterparts, including:

1. Lower fees: DEXs typically impose more favorable fee structures than CEXs, which often burden users with high commissions, spreads and withdrawal charges.

2. Enhanced privacy: Unlike CEXs, which demand personal information and identity verification, DEXs operate with greater privacy, sidestepping anti-money laundering (AML) and know-your-customer (KYC) regulations.

3. Greater control: DEXs empower users by allowing them to maintain full control over their crypto assets and private keys, unlike CEXs that hold users’ funds in their own wallets or custodial services.

4. Fostering innovation: DEXs provide access to a broader spectrum of crypto assets and services, including lending, borrowing, staking, yield farming, non-fungible tokens (NFTs) and more.

Nonetheless, decentralized exchanges grapple with their own set of challenges, such as:

1. Limited liquidity: DEXs often face lower trading volumes and liquidity compared to CEXs, resulting in higher price slippage and longer transaction processing times.

2. Increased complexity: DEXs may require users to possess a higher degree of technical expertise compared to CEXs, potentially discouraging novice or casual traders.

3. Security concerns: DEXs are not immune to cyberattacks or technical glitches, posing risks to the platform’s integrity and the functionality of underlying smart contracts.

4. Regulatory uncertainty: Operating within a legal gray area, DEXs often lack clear definitions or regulations in most jurisdictions, raising questions about their compliance.

The birth of RDEXs

Is it possible to marry the strengths of centralized exchanges and decentralized exchanges? Can we envision a decentralized exchange that adheres to regulatory standards? The answer is affirmative. Enter the regulated decentralized exchange (RDEX). An RDEX allows users to engage in direct crypto asset trading while adhering to relevant laws and regulations in its jurisdiction of operation. It preserves the fundamental tenets of decentralization — transparency, immutability and censorship resistance — while bolstering them with legitimacy, accountability and security.

So, how does an RDEX function? It achieves this delicate balance by incorporating a regulatory framework into its protocol design, employing smart contracts to enforce user and transaction rules and standards. For instance, it may mandate user registration with real identities and source of funds verification before permitting trading. It may also impose limits on trade amounts or frequencies and report transactions to authorities for tax and compliance purposes.

Some of them will adopt a hybrid approach, blending on-chain and off-chain components. By leveraging off-chain service providers for KYC/AML checks and liquidity pools, they maintain decentralization and security through cryptographic proofs, ensuring the honesty and integrity of these services.

Value of RDEXs

Why are RDEXs so vital in the crypto space? It presents a pragmatic solution to one of the crypto industry’s foremost challenges: regulation. As governments and regulators worldwide grow increasingly concerned about the economic and societal implications of crypto activities, regulation becomes inevitable. While constructive regulation can offer clarity, security and recognition, excessive restrictions can stifle innovation and growth.

RDEXs can serve as a bridge between the crypto industry and regulators. They demonstrate that crypto activities can be conducted in a responsible, compliant and transparent manner, preserving decentralization’s core values. By fostering trust among users, investors and authorities, RDEXs mitigate the risks of fraud, manipulation and abuse.

Moreover, RDEXs empower the future of decentralized trading by granting access to a broader array of crypto assets and services. These include the trading of security tokens, which represent real-world assets like stocks, bonds, real estate or art. While security tokens promise to revolutionize the financial industry, their strict regulations demand compliant platforms, which RDEXs can provide.

Central bank digital currencies (CBDCs) are another facet of the crypto landscape that RDEXs can facilitate. CBDCs, digital versions of fiat currencies issued by central banks, promise faster, cheaper and more secure transactions but pose unique challenges for the crypto industry. It can integrate CBDCs with other crypto assets and services, ensuring privacy, interoperability and competition.

RDEXs in action

RDEXs are not just theoretical concepts; they are tangible realities. Projects like eToroX, backed by eToro and licensed by the Gibraltar Financial Services Commission, is an example of the RDEX in action — enabling users to trade crypto assets, including security tokens and stablecoins pegged to fiat currencies while adhering to regulatory frameworks.

Injective Protocol, supported by Binance, another major player in the crypto space, offers a layer-2 DEX built on Ethereum. It facilitates the trading of crypto assets, including derivatives, futures, options and synthetics, and collaborates with central banks on CBDC integration.

Projects like Bitverse, supported by Bybit and the Mantle Network, are pioneering a credit rating system. This system allows users to leverage their crypto assets and reputation to access a range of financial services and products in the Web3 space. Regulators could explore such platforms to verify user creditworthiness, both on and off-chain. (I do not have any ties to any of the projects or companies mentioned in this piece.)

On the horizon

In summary, RDEXs represent a new breed of decentralized exchanges that adhere to regulation. They bridge the gap between the crypto industry and regulators, providing platforms that cater to both sides’ needs. It unlocks access to a broader spectrum of crypto assets and services, empowering the future of decentralized trading.

However, RDEXs are not the final destination of crypto’s evolution. Numerous challenges and questions remain, including those related to interoperability, scalability, security and the ever-growing complexity of crypto assets and services.

Furthermore, the crypto industry continues to dream beyond RDEXs. Web 4.0, the hypothetical next chapter of the internet, hints at an even more immersive, intuitive and intelligent way of interacting with information and value in the most decentralization manner governed by artificial intelligence may be the way forward. While Web4 remains speculative, it underscores the crypto industry’s relentless pursuit of innovation, openness, fairness and decentralization. This concept also works well with RDEXs, where no single person is running the exchange, it is run by codes and AI.

The crypto industry’s evolution is far from over, with more innovative solutions and revolutionary ideas on the horizon, all aimed at shaping a more decentralized future.

 

Source: https://forkast.news/egulated-decentralized-exchanges-crypto-future/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Op-ed: JPEX – A crypto scandal that shakes Hong Kong’s reputation

Op-ed: JPEX – A crypto scandal that shakes Hong Kong’s reputation

Hong Kong, a global financial hub and a gateway to China, has been rocked by a massive crypto scandal involving JPEX. This Dubai-based cryptocurrency exchange allegedly defrauded thousands of investors of more than $160 million. The case has exposed the regulatory loopholes, the lack of investor protection in Hong Kong’s nascent crypto industry, and the risks of relying on social media influencers to promote unlicensed platforms.

JPEX, which stands for Japan Exchange, claimed to be the world’s first crypto exchange offering its users dividends. It also boasted of partnering with major institutions such as HSBC, Standard Chartered, and Alibaba. It lured investors with promises of high returns and low fees and used aggressive marketing strategies such as billboards, online ads, and influencer endorsements.

Among the influencers who promoted JPEX were Joseph Lam, a barrister turned insurance salesman who called himself Hong Kong’s “Trolling King”, and Chan Yee, a YouTube personality with 200,000 subscribers. They showed their followers how Bitcoin profits could help them buy houses and cars and encouraged them to sign up for JPEX using their referral codes.

The SFC revealed that it had issued a warning letter to JPEX in June 2023, asking it to cease its activities in Hong Kong or apply for a license. However, JPEX ignored the letter and continued to operate illegally. The SFC also said it had no jurisdiction over JPEX’s operations in Dubai, where it was registered.

The Hong Kong police launched an investigation into JPEX after receiving complaints from more than 2,000 investors claiming to have lost HK$1.3 billion ($166 million). The police arrested 11 people, including Lam and Chan, on suspicion of fraud, money laundering, and conspiracy to defraud. The police also seized computers, mobile phones, bank cards, and documents from the suspects’ premises.

The case has sparked public outrage and raised questions about Hong Kong’s regulatory framework for crypto assets. Hong Kong has been trying to position itself as a global hub for innovation and technology, especially after introducing the national security law in 2020 that eroded its autonomy and freedoms. In November 2020, the SFC announced a new licensing regime for virtual asset trading platforms to enhance investor protection and combat money laundering.

The regime only took effect in June 2023, leaving a gap of more than six months for unregulated platforms like JPEX. Moreover, the regime only covers platforms that trade at least one security token, a type of crypto asset representing ownership or rights in an underlying asset or business. Platforms that trade only non-security tokens, such as Bitcoin or Ethereum, are not required to obtain a license from the SFC.

This means there is still a large segment of the crypto market that is unregulated and unsupervised in Hong Kong. According to CoinMarketCap, more than 11,000 crypto assets are in circulation, with a total market capitalization of over $2 trillion. Many of these assets are highly volatile and speculative; some may be fraudulent or illegal.

The JPEX case also highlights the dangers of trusting social media influencers who endorse crypto products or platforms without proper disclosure or due diligence. Influencers may have ulterior motives or conflicts of interest when they promote certain platforms or tokens. They may also lack the expertise or credibility to provide accurate or reliable information about the risks and rewards of investing in crypto assets.

Investors should be wary of any platform or product that promises unrealistic returns or guarantees without disclosing the risks involved. They should also do their own research and verify the credentials and reputation of any platform or product they intend to use. They should also check whether the platform or product is licensed or regulated by any authority in Hong Kong or elsewhere.

The JPEX case has also drawn attention to the role of Dubai as a crypto haven for shady operators. Dubai, part of the United Arab Emirates (UAE), has been attracting crypto businesses with its low taxes, lax regulations, and friendly attitude.

Dubai has no specific law or authority to regulate crypto assets and does not require crypto platforms to obtain a license or register with any agency. Dubai also does not have an extradition treaty with Hong Kong, making it difficult for the authorities to pursue JPEX or its founders.

However, Dubai’s crypto-friendly stance may come at a cost for its reputation and security. Dubai may become a magnet for scammers, hackers, and terrorists who use crypto assets to evade sanctions, launder money, or finance illicit activities.

Dubai may also face pressure from other countries or international organizations to tighten its crypto industry oversight and compliance. Dubai may have to balance its ambition to become a global leader in innovation and technology with its responsibility to prevent and combat financial crimes and risks.

The JPEX case is not the first nor the last crypto scandal that Hong Kong will face. This is not only a wake-up call for investors but also for regulators and policymakers. As the crypto industry grows and evolves, new challenges and opportunities will emerge for Hong Kong and its stakeholders. Hong Kong needs to learn from the JPEX case and take proactive and preventive measures to safeguard its interests and values.

Hong Kong needs to enhance its regulatory framework, enforcement of the crypto industry, and its education and awareness campaigns for the public. Hong Kong must cooperate and coordinate with other jurisdictions and agencies to combat cross-border crypto crimes and risks.

The JPEX case is a crypto scandal that shakes Hong Kong’s reputation as a global financial hub and a gateway to China. It exposes the regulatory loopholes and the lack of investor protection in Hong Kong’s crypto industry, as well as the risks of relying on social media influencers to promote unlicensed platforms.

Hong Kong needs to strengthen its oversight and enforcement of the crypto industry and its education and awareness campaigns for the public. Hong Kong also needs to balance fostering and regulating the crypto industry and protecting and empowering its investors. Only then can Hong Kong maintain its edge and competitiveness in the global arena.

Source: https://cryptoslate.com/op-ed-jpex-a-crypto-scandal-that-shakes-hong-kongs-reputation/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j