Asia's 'Crypto-Friendly' Nations Implement Strict Regulations

Singapore, Hong Kong, and Japan impose stringent rules on crypto trading while the U.S. lacks a clear regulatory framework.

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.