Several prominent cryptocurrency industry analysts have expressed their view that Asia will shape this industry and pave the way for the rest of the world. According to them, a progressive country such as Singapore is the best choice for leading fintech companies or startups involved in cryptocurrencies and blockchain, as clear regulatory boundaries not only facilitate their creation, but also provide access to more than 600 million consumers in the segmented market of South -Eastern Asia.
The Payment Services Law, a promising and reliable framework developed by the Singapore Parliament to regulate payment service providers in Singapore, protect consumer interests and stimulate growth and development in this area, is ready for implementation and full functioning from January 28, 2020. The new directive is expected to open the doors of Singapore for more investment.
Liu Tianwei, CEO of Xfers, a crypto startup that seeks to simplify bank transfers, believes that digital assets will undoubtedly thrive as a class. According to him, a clearly defined regulatory framework in the ASEAN region will make it an attractive industry not only for the derivatives market, but also for new names and young talents from around the world.
Bobby Ong, co-founder of the CoinGecko crypto-rating application, believes that the active support of Chinese President Xi Jinping blockchain technology will attract more investment in the field and ultimately take the industry to the next level in 2020.
Ben Chan, technical director of the BitGo multicurrency crypto wallet, suggests that the modern world is known for its economic uncertainty, since fiat currencies do not achieve their intended goals. According to him, this is precisely this factor that can cause a growing interest in the digital currencies of the central bank.
The cryptocurrency market researcher, CoinMarketCap, previously showed that a significant part of the market growth can be related to bitcoins and their “fascinating journey” in the price market.
Spencer Yang, who is vice president of operations, believes BTC will continue to identify all cryptocurrency trends in 2020. In addition, cryptocurrency adoption, volatility and liquidity will remain hot topics for discussion throughout the year. Ian also states that Asia will lead innovation in the field of cryptography, which will contribute to their frequency presence in our daily lives.
Finally, Eddie Chu, vice president of corporate affairs at Bitmain, a cryptocurrency mining giant who is currently experiencing hard times due to corporate inconsistencies and legal issues, believes that the ambiguity of Asian cryptocurrency regulatory standards will ultimately help integrate digital assets.