Due to the regulatory uncertainty in the US, Bitcoin trading is increasingly shifting to Singapore, Japan and South Korea, and Hong Kong, which just introduced a new regulatory framework for cryptocurrency exchanges, despite crypto trading remaining banned in China and high taxes in India. Institutional investors perceive the regulatory environment in Asia as less risky, and the countries’ vast population represents a huge opportunity for the crypto market. Despite Europe’s strides in crypto regulation, the EU-wide Markets in Cryptoassets regime will only take effect in 2024.
