Overview

• Asia's rise as a critically important region in the crypto world is largely due to digital asset hubs like Singapore, Hong Kong, and Japan, which are often referred to as 'crypto-friendly' but actually have some of the toughest rules in the world.
• Singapore, known for its pro-crypto reputation, is not 'crypto-friendly' as it discourages crypto trading by the general public and prohibits crypto service providers from advertising in public areas.
• Hong Kong, despite appearing to be more outwardly friendly to crypto trading than Singapore, imposes strict conditions on crypto exchanges, including the requirement for 98% of an exchange’s assets to be held in cold wallets.
• Japan, aiming to become a Web3 capital, has implemented stablecoin regulations that set a very high bar, allowing only banks, trust companies, and fund transfer services to issue stablecoins.
• The United States' approach to crypto regulations contrasts with that of Singapore, Hong Kong, and Japan, as it lacks a national crypto framework, leading to ongoing debates about what constitutes a security and what is a commodity.