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<a href="https://bitcoinworld.co.in/asia-poised-to-lead-global-digital-asset-industry-amid-us-regulatory-conflicts/" title="Asia Poised to Lead Global Digital Asset Industry Amid US Regulatory Conflicts" rel="noopener noreferrer nofollow"></a> 
Amidst the conflicts and uncertainties surrounding cryptocurrency regulations in the United States, Asian governments are stepping up to seize an emerging opportunity in the digital asset industry. Hong Kong, Singapore, and Japan are among the jurisdictions drawing up new rules to attract investments and jobs from these burgeoning sectors. As the US grapples with arguments and lawsuits over cryptocurrency definitions, Asia’s shift from Web2 consumer to Web3 creator presents a chance for the region to take center stage in the global digital asset market. 
At the forefront of this shift is Circle’s Yam Ki Chan, the vice-president of strategy and policy at the Boston-based issuer of the world’s second-largest stablecoin, USDC. Chan believes that the ongoing regulatory scrutiny in the US will be a long-term positive for the development of the digital asset industry. The crypto industry is shedding its bad actors and attracting interest from traditional finance institutions like Citadel Securities and BlackRock, signaling a shift from speculative to utility-driven digital assets. 
Stablecoins, in particular, are gaining momentum in Asia, offering various benefits for businesses in the region. With higher trade-to-GDP ratios compared to the US and Europe, Asian economies face higher costs and settlement times for cross-border transactions. Stablecoins are seen as a potential solution, helping businesses reduce costs and shorten settlement times for international transactions. 
Another area where stablecoins can make a significant impact is in trade financing. The Asia Development Bank estimates a $500 billion financing gap in Asia, hindering businesses from engaging in exports due to insufficient funding. Stablecoins can provide a digital-native approach to bridge this gap, enabling faster and more accessible trade financing options. 
Furthermore, stablecoins offer a transformative solution for cross-border remittances, which are common in Asia due to a significant number of migrant workers. With transaction costs of around 3.5% per remittance, stablecoins can lower costs, shorten settlement times, and enhance safety for users, particularly by being fully reserved, transparent, and regulated. 
While the US remains a crucial and vibrant market, the lack of regulatory clarity has prompted some Web3 firms to consider relocating to Asian jurisdictions that are more favorable to their activities. Asia’s young and tech-savvy population, combined with cheap and powerful technology, positions the region as a potential creator of innovative solutions rather than just consumers. Policymakers and companies in Asia are eager to harness local talent and open-source technology to build and own digital asset innovations. 
Although the regulatory landscape requires more harmonization work, Asian countries are already preparing to support the growth of the industry, ready to take the lead once there is greater clarity from the US. As the global digital asset industry continues to evolve, Asia stands at the forefront, providing enticing opportunities for investors, developers, and policymakers alike. 
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The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/asia-poised-to-lead-global-digital-asset-industry-amid-us-regulatory-conflicts/">Asia Poised to Lead Global Digital Asset Industry Amid US Regulatory Conflicts</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Asia Poised to Lead Global Digital Asset Industry Amid US Regulatory Conflicts

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