Asia's Crypto Landscape

Market snapshot

Asia’s Crypto Landscape ” authored by Mira Christano of Messari is by far the most comprehensive report that covers exchanges, market makers, funds, regulations and trends in key Asian markets.

Here are some highlights from the report:

  • 6 out of the top 10 largest crypto unicorns were located in Asia by the end of 2020

  • Asian companies account for 98% of ETH and 94% BTC futures volumes

  • As of January 12, of the top 20 token projects with headquarters, 42% of the market capitalization is based in Asia

  • China controls 65% of bitcoin’s hashrate

For those who do not have time to go through the report, I highly recommend Laura Shin’s podcast interview with Mira Christano “Why Asia is Critical to Crypto

Risks facing Tether. The legal case of Bitfinex and Tether had been like a Sword of Damocles hanging over the crypto industry. Tether is the most used stablecoin in the world, in particular, in Asia. If investors for some reason, are not willing or able to use Tether, that would affect the liquidity of the crypto market. What a relief to see the case is settled with New York State’s Attorney General’s Office.

It does not mean Tether is 100% out of the woods. Another potential risk may come from China’s CBDC DC/EP. Once DC/EP is officially launched China’s central bank may then move to root out Tether outright. Since China has banned its citizens from trading crypto with fiat, Tether has served as an intermediary through OTC markets.

We also want to recommend a panel discussion hosted by BWG's Michael Ippolito " A Deep Dive on Asia's DeFi"

Asia is different from the West in many ways. For example, there is no tax for staking or yield farming income in Hong Kong or Singapore. Products' user interfaces in Asian countries also vary from country to country. There is no one-fit-for-all strategy.

For more stores, please visit Blockchain Asia for the latest issue.