Bitcoin is Bigger in Asia with U.S. Supply Dropping 11% This Year

Bitcoin is Bigger in Asia with U.S. Supply Dropping 11% This Year

According to on-chain data, Asia has surpassed the United States in terms of active capital in Bitcoin and crypto markets.

Glassnode, an on-chain analytics service, announced on June 5 that the gap between US and Asia Bitcoin supplies held or transacted had grown.

 

According to Glassnode, the year-over-year change in BTC supply by geographical region shows a notable disparity. The US entities’ extreme dominance in 2020-21 has obviously reversed, with US supply dominance declining by 11% since mid-2022. Also, over the last year, European markets have been rather neutral, whereas Asian trading hours have seen a major increase in supply dominance.

The gap has grown wider as America becomes more hostile to Bitcoin and overall cryptocurrency sector while Asia opens up. “This is a distinct reversal from the 2020-21 bull cycle,” Glassnode observed.

The United States’ supremacy began to decline in 2021 and switched negative in mid-2022. This occurred at the same time as the Terra/Luna ecology collapsed and regulatory pressure increased. Since then, the government and federal officials have been on a mission to put an end to the industry through regulatory action.

Glassnode also noticed significant changes in stablecoin supply. Since the beginning of the year, the aggregate stablecoin supply from the top five issuers has decreased by 7.5%, or $10 billion.

A substantial chunk of this fall can be attributed to Circle’s USDC, which was once favored by US financial institutions. In 2023, the USDC supply has fallen by $15.7 billion, or 35%. Circle was also severely harmed as a result of its exposure to the now-defunct Silicon Valley Bank.

Why Is Southeast Asia a Crypto-Friendly Region?

Although cryptocurrency may have started in the G7 (if presumed that Satoshi Nakamoto is Japanese), underdeveloped countries have often been the most enthusiastic about adopting decentralized virtual currencies. The explanation is simple: the promise of financial democratization offered by cryptocurrency has a tremendous appeal in nations where huge segments of the population lack access to key banking services.

It is no coincidence that Asia’s two greatest developing countries, China and India, have imposed severe sanctions on cryptocurrency while rising Southeast Asia has not. Approximately 80% of individuals in both nations have bank accounts.

In comparison, up to 70% of Vietnamese, 66% of Indonesians, and 44% of Filipinos are unbanked. Regulators in these countries are, predictably, slower to restrict access to cryptocurrencies than their colleagues in China and India.

Also, this month, Hong Kong began enabling exchanges to facilitate trading, while in the West, legal proceedings against key exchanges in the United States represented a watershed moment for the industry.

Brian Armstrong, CEO of Coinbase, one of the targets of the SECs legal action, cautioned in an opinion article for MarketWatch that weak regulation would harm the United States.

“In the 1990s and early 2000s, smart—and tailored—regulation enabled the United States to define the Internet Age,” he wrote.

Regarding Hong Kong, Armstrong stated that China’s drive for the crypto story was “no surprise.”

Be it as it may,  some people familiar with the situation believe that US regulatory action against two big cryptocurrency exchanges, Coinbase and Binance, may serve as a model for Hong Kong and Singapore as they seek to combine expansion with investor safety.

The revelation has rattled investor confidence just as Hong Kong is attempting to position itself as a trading hub alongside Singapore, which already has such a framework in place.

US Actions May Be Used as Point of Reference

According to experts, the two cities may use the US action as a reference point, which might mean greater inspection of Bitcoin and crypto trades in Asia.

Anndy Lian, Singapore-based author of the book “NFT: From Zero to Hero” said that there would be a fallout for sure.

“Hong Kong and Singapore are taking measures to regulate the cryptocurrency industry by proposing new licensing regimes for virtual asset trading platforms,” he said .

The Securities and Futures Commission (SFC) in Hong Kong has asked for an evaluation of a proposal that would urge crypto trading platform operators to get the same licenses as securities traders.

According to Lian, other firms that were not applying had been asked to prepare for an orderly closure as well.

Securities, unlike other financial assets, are heavily regulated and require extensive disclosures to notify investors of potential dangers.

“These developments indicate that cryptocurrency exchanges seeking approval in Hong Kong and Singapore will have to adhere to new regulatory requirements and may be subject to increased scrutiny from regulators,” Lian concluded.

Julian Hosp, the CEO and co-founder of Cake Group, a fast-growing Southeast Asia’s digital assets innovator, asserted that the war that the US is waging on cryptocurrencies “shows no signs of abating, and it will only intensify as time wears on.”

He went on to say that the regulator’s action is part of a bigger trend that would most likely continue through the 2024 presidential election.

Rajagopal Menon, vice-president of WazirX stressed that the SEC’s lawsuit primarily focuses on actions that have taken place in the United States and their impact on American citizens. However, he warned that for regulators in Hong Kong, such as the Securities and Futures Commission, and Dubai’s Virtual Asset Regulatory Authority, the SEC’s lawsuit could serve as a point of reference or information.

 

Source: https://www.ccn.com/bitcoin-is-bigger-in-asia-than-us/

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”.

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Chained Together: How Blockchain is Improving Supply Chains

Chained Together: How Blockchain is Improving Supply Chains

Chained Together: How Blockchain is Improving Supply Chains is an online event organized by the Boston Blockchain Association.

Blockchain is radically improving supply chains by making products easier to track, from the raw materials to the finished goods.

Imagine a world where you’ll be able to see not just where your coffee was grown or your iPhone was assembled, but every step in the process, all recorded on a transparent blockchain.

This has huge implications for everything from fair trade and fair wages, to making companies and governments far more efficient.

The Boston Blockchain Association has put together a distinguished panel of supply chain and blockchain experts to give all a state of where the industry stands today, including:

Leanne Kemp, CEO and Founder of Everledger: Perhaps the most well-known blockchain + supply chain project in the world, Everledger started as an immutable ledger for diamond identification and transaction verification — and has grown into a platform for measuring the “value chain” of everything from rare earth metals to designer handbags:

https://www.linkedin.com/in/leannekemp/

Kristen Michaud, Managing Director at InBlock: Those of you who attended our “Diversity and Inclusion” event during Boston Blockchain Week raved about Kristen. Now is your chance to hear her talk about her experience driving global business processes and leading large-scale transformation efforts in operations and technology:

https://www.linkedin.com/in/kristen-michaud-5773a0/

Anndy Lian, Author of “Blockchain Revolution 2030”. A seasoned business strategist with 15 years of experience in Asia, Anndy has recently worked with the blockchain division of Hyundai Motors and advised the government of South Korea on its blockchain initiatives. Check out his impressive CV here:

https://www.linkedin.com/in/anndylian/

Moderated by Andrea Frosinini from the Canadian Blockchain Supply Chain Association, who is deeply embedded with the Hyperledger supply chain community:

https://www.linkedin.com/in/andreafrosinini/

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”.

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Fireside Chat on the Impact of Blockchain Technology in the Supply Chain Sector with Anndy Lian

Fireside Chat on the Impact of Blockchain Technology in the Supply Chain Sector with Anndy Lian

Aaron Tan, Wadz VP and Anndy Lian, Book Author “Blockchain Revolution 2030” had a fireside on the impact of Blockchain technology in the supply chain sector. Anndy Lian comes from a background as an all-rounded business strategist with over 15 years experience in Asia. He currently plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organisation committed to improving productivity in the Asia-Pacific region. During the fireside chat, Anndy provided valuable insights on the surrounding Blockchain industry and as well as his opinion on the ideal implementation of Blockchain technology into supply chain processes.

https://www.youtube.com/watch?v=GBBCj27-0uE

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”.

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