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Asia Ascends Through Crypto Space as US Trading Volume Plummets

source-logo  coinedition.com 08 June 2023 10:11, UTC

Prominent crypto influencer, Crypto Banter, has thrown light upon the adverse effects of the increasing regulatory environment in the United States for the country’s biggest crypto investors. He exposed the scary fact that the previous year’s 27.2% crypto trading volume in America has plummeted to just 10.3% this year subsequent to the US regulator’s stringent restrictions.

In addition, the analyst provided a clear picture of the efforts made by Asian countries, particularly the Chinese city of Hong Kong, in fostering the growth of the crypto industry while America chokes the space. He pointed out that while the percentage of crypto trade in America had a massive fall, Asia exhibited a substantial increase.

Despite the anti-crypto rules in China, Hong Kong has taken a different approach by embracing crypto-friendly regulations, aspiring to become a full-fledged crypto hub. While Hong Kong marked its first move to establish retail crypto trade, the Beijing authority showered a supporting shoulder for the city’s objective.

Highlighting the city’s progress, Dave Chapman, the Hong-Kong based entrepreneur, drew the attention of the spectators to the gradual journey of Hong Kong to reach its ultimate aim of a crypto hub though the world ignored the city’s efforts in the beginning. He added that though Hong Kong is a part of China, its systems are very similar to “the English system or the Singapore system,” distinguishing itself from the mainland’s regulatory landscape.

The video further turned the focus onto the chaotic conditions of the US when it comes to crypto trading and regulations. The host talked about the hostile attitude of the crypto regulators as well as the democratic government towards the industry. Echoing these concerns, Canadian-American venture capitalist Chamath Palihapitia commented, “Crypto is dead in America.”