Diverging Cryptocurrency Trajectories For The US And Asia: Korea Blockchain Week

The 6th biannual Korea Blockchain Week's core two-day meeting attracted 263 different blockchain businesses and drew over 6,000 attendees anxious to learn about the industry's ups and downs in a year marked by bear market mood. Impact happened at the Shilla Hotel in the heart of Seoul.

Source: Twitter.com

The 85 audience members mainly discussed the differences between the regulatory frameworks in the U.S., which has historically been the world's biggest just one crypto market and the source of most of the industry's funding, and Asia, where a number of countries that include South Korea and Japan have promoted an environment that is more crypto-friendly for both developers and investors.

Throughout her lakeside chat at KBW, Caroline Pham, a commissioner at the Commodity Futures Trading Commission (CFTC), a U.S. regulator, said she sees a coordinated approach among regulators, lawmakers, and the private sector in Asia that fosters invention. It is claimed that this had less to do with technical ability or understanding and more to do with there being a welcoming attitude to innovation and to improving things.

On US Investigation

The Securities and Exchange Commission (SEC), a different American regulatory body, has increased its examination of the cryptocurrency market this year on the grounds that the majority of cryptocurrencies besides Bitcoin are securities. This reasoning served as the foundation for the agency's legal actions against a number of companies involved in digital assets, such as software provider Ripple Labs, cryptocurrency marketplaces, and Paxos Trust, the company behind the BUSD  stablecoin. Most of the SEC's cases have not yet been resolved because the companies involved contest the assertion that cryptocurrencies are securities. 

The U.S. court decided in July that algorithmic sales of the XRP coin from Ripple do not count as securities offers. The SEC appealed the decision within a month, which was subsequently requested to be rejected by the court by Ripple. Although perspectives on U.S. cryptocurrency legislation varied, the majority of conference attendees concurred that the Asia area is making substantial regulatory progress. 

“I genuinely feel that the Asia-Pacific region has been an important driver”, House said, pointing out how Japan's regulatory structure helped establish the international standard for crypto anti-money laundering.“ Sam Seo, the spokesman and president of Klaytn Foundation, an open-source blockchain network from the top South Korean smartphone company Kakao, predicted that a number of businesses will relocate to Asia in order to benefit from the favorable business climate.

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