If you do not like the crypto weather in Asia now, just wait a few minutes. The chances are high that it will change. We decided to examine the current situation with digital currencies and ICOs in some major Far Eastern countries in order to produce our own market forecast.

CHINA

While leading in the number of blockchain patent applications, China’s relationships with cryptocurrencies have been somewhat stormier, from constantly tightening the screws on the crypto market, to officially banning all ICOs, to talks about implementing a government-controlled digital currency. All these measures seem to have been taken with one fundamental aim: to protect the yuan. Recently, the country has been taking action that is widely interpreted as a sign that things might start to clear up. In particular, fervent hopes are pinned on Yi Gang, who has been appointed Governor of PBoC. However, the country will not simply veer off course; it has been announced that crackdowns on cryptocurries will continue.

JAPAN

Until quite recently Japan had been rather permissive. Yet the latest news is hinting that it may be getting a bit chilly out there. First, the FSA ordered that Binance, one of the major exchanges, suspend its operation. This was followed by Japan’s financial watchdog closing two more exchanges, and by five more platforms withdrawing their applications with the FSA. More shutdowns are now being expected. In addition, rumor has it that the Japanese government has been ruminating about imposing regulations on ICOs. So the question now is if the chance of showers will be upgraded to a major storm warning?

SOUTH KOREA

South Korea seems to be experiencing the most conspicuous warming in the whole of Asia. The country’s major exchange, Bithumb, is planning on actively integrating cryptocurrencies into daily life: the hope is to make digital payments possible in over 8000 outlets by the end of this year. In addition, the Korean government is often said to be considering easing the ICO ban. The decisive step, however, has yet to be taken: the establishment of a crypto taxation framework is expected in June or July of this year. It is difficult to foresee its outcome right now, though the expectations are generally optimistic.

OTHER MARKETS: MALAYSIA, SINGAPORE, AND THAILAND

The crypto climate in Malaysia is quite mild. The country’s Central Bank, Negara, recently introduced regulations, which turned out to be less stringent than had been expected. Conducting any crypto transaction now requires checking customers’ ID as well as collecting some personal information. Singapore is also assessing needs for issuing regulations on the digital currency market. Nevertheless, the authorities have been repeatedly reaffirming that they have no intention of banning crypto trading in the country. If the cold front is packing a punch anywhere, it is in Thailand. First, the banks in the country were prohibited from carrying out five major cryptocurrency operations. Then, the country introduced a digital currency taxation framework. As a result, more and more local stratups choose crypto-friendlier neighboring countries over Thailand.

FINAL THOUGHTS

Despite the growing number of regulations and crackdowns in Asia, which are making the crypto climate there cooler, electronic currencies and ICOs are still going strong in the region. Asia continues to hold its position as one of the main crypto hubs with a large pool of investors.