Crypto pioneer Cameron Winklevoss recently commented that the next bull run in the crypto market will start in the East. This is a reminder that crypto is a global asset class and that the West, specifically the US, has two options: embrace it or be left behind. This comes as the US Securities and Exchange Commission (SEC) is ramping up its enforcement of the industry, going after everything from stablecoins to staking to crypto custody.
The outlook in Asia is far more encouraging, as Hong Kong is set to open its doors to the digital asset industry in June. This will provide a path for Chinese institutions to enter crypto markets, and large Asian banks such as DBS are already applying for licenses to offer crypto services to clients in Hong Kong. Singapore is also very forward-looking regarding a fully regulated digital asset industry.
Industry analysts have also predicted that an Asian stablecoin will be rolled out during the next bull market cycle. China is particularly keen to distance itself from US dollar hegemony, and Chinese government researchers proposed a digital currency based on a basket of Asian currencies in October 2022. This could be a major step forward for the crypto industry in Asia, and could have a significant impact on the global crypto market.