Cryptocurrency in Asia

The Crypto market has a stronghold over continents like Europe even in its early years. Similarly, some of the Asian countries are showing some real efforts to stabilize the decentralized currency. Countries like China, the Republic of Korea, and Japan are taking a lead in this field. Three of the top companies that are running cryptocurrency exchanges are registered in China. So, we can say that the region can provide many latest Crypto News Today waiting for us. Let us have a look at the top countries in Asia and their attitude towards the crypto business.

Japan:

It is believed that Japan has the most developed regulatory environment for the cryptocurrency and its exchange. Bitcoin is one of the most famous types of cryptocurrency and Japan has the world's biggest market for it. Bitflyer is a Japenese based cryptocurrency exchange that allows you to buy coins with fiat currency. The benefit to buy coins from this exchange is that it has low fees as compared to others. Although, exchanges in Japan witnessed a series of high profiled hacks. This created tension in Japan's crypto world and the Japenese government has tightened control over cryptocurrency to provide more clarity. Changes were made in the definition and a broader term "cryptographic asset" was introduced, replacing "virtual currency".

China:

China's history with cryptocurrency is not smooth enough but it is one of the most influential figures in breaking crypto news today. The reasons behind this are the instable currency of China and the growth of private wealth. This results in people to explore an alternative currency. China is the leading nation in bitcoin mining with 70 percent of computing power in the country. This is because mining is economical due to China's cheap hardware and energy. However, the government of China has recently been cracked down and proved to be a threat to emerging crypto businesses. Some have speculated that Government is considering lifting its ban. This may be true because of China's competition with other nations. Recently, China has launched its crypto index as well.

Korea:

Korea is said to be a big fan of cryptocurrency because of a big amount of investment and development in the crypto market. A popular suite of the app called "Kakao" includes a payment app named "Kakaopay" is working. Many merchants use it with millions of users. In Korea, hotel and flight bookings are carried out by cryptocurrency. However, the Korean government did not show interest in the technical market and was more concerned with money laundering. It posed severe bans over crypto businesses and local exchanges. New regulations were made and imposed on the blockchain. These steps of Korean government puts restriction over people who invested in cryptocurrency. Some of them called it a dream breaking step of government but regulations are pretty tough.

 When we look at the interest that has been shown by these countries, it is evident that the future of cryptocurrency is bright and will open doors for the development of other nations as well.