Crypto And DeFi Markets Growing In Asia Despite Market Rocking

Asia's Tech News Daily

The growing Crypto market has, for several years, had a thriving community in Asia. The world’s most populous continent has seen enthusiastic Crypto adoption across the region, with large economic hubs like Singapore, Beijing, and Seong having sizable populations of Crypto users. However, recent developments in the region have shaken the market and created no small amount of concern.

formally banned, South Korea, recent article

Alex Lemberg, CEO, Nimbus

In early October, the People’s Republic of China formally banned cryptocurrencies. Mining, trading, and investing using Crypto became illegal in the nation. Similar bans and stricter government regulations appeared in South Korea and Hong Kong. It became clear that the governments of these major economies no longer wished to have currencies that were out of their control flowing through their countries.

Naturally, there was a plunge in Crypto value as many of the major currencies saw their worth drop with the seeming loss of these markets. However, despite the blanket bans and increased regulations from the countries, the same enthusiasm for Crypto remains in these nations. According to a recent article from CNBC, traders in Hong Kong have protected their assets by using foreign wallets, and the trading in Crypto remains strong. Despite the Communist Party’s attempts at quashing cryptocurrency trading, the market remains strongly supported by independent citizens.

Similar stories come from South Korea and Hong Kong prove that stricter regulations are unable to stop people from investing further in Crypto. For many people, particularly in tightly controlled China, Crypto represents the best chance they have at financial independence and that is not a dream that they are letting go of easily. If anything, pushing a blanket ban seems to have reinvigorated the interest in the Crypto market.

Alex Lemberg, the CEO of Nimbus – a DeFi based company, sees this continued support as an example of why decentralized finance and Crypto will grow to augment the traditional economy in major ways. “DeFi might not substitute the bank as an intermediary needed to process transactions, but it might substitute it as a source of permissionless financing”. In highly state-controlled economies like China, DeFi allows unparalleled flexibility for users.

Obviously, the more heavy-handed regions do not want major currencies to arise that they do not have a hand on. To this end, China has created more specialized software that searches for Crypto-based transactions and alerts the watchdogs of its presence. Similarly, the newly formed regulatory bodies in South Korea have eliminated many of the al-coin trading hubs, to a mixed reaction.

South Korea’s economy is capitalist, and as such does not have direct government intervention to the same extent as China. These regulations haven’t necessarily been targeting the elimination of Crypto, but instead have been put into place to eliminate Crypto scams. Some people there have been supportive of this because it offers protection to the newer users, which is a major issue with Crypto. However, others decry this as too heavy-handed and damaging the independent nature of the DeFi market.

Lemberg points out that the market is much like the equities market, where the benefits and risks are something that all users must be aware of before they embark into it. However, unlike traditional equities, Crypto is something that can be used by any individual regardless of their location or economic status.

The Nimbus platform, for instance, is a platform that is designed for intuitive use regardless of a person’s background or experience with the market. Attaching a virtual wallet to the platform ensures that it has access to the DeFi market without having to worry about a third party. Furthermore, flexibility is guaranteed through the cross-chain nature of the platform, which allows users to choose whether they want Ethereum or Binance Smart Chain as their blockchain.

Diversification of assets is something that is strongly supported amongst more forward-thinking individuals. With recent economic crises showcasing the weaknesses of traditional economies, many are seeking new ways to branch out. The Nimbus platform offers users new ways to utilize and expand their assets through IPO participation, staking, lending, and startup crowdfunding with access to equity. Users can leverage their digital assets as they choose, and diversify what they have in possession without third-party interference.

This stands directly against traditional markets where diversification of assets can be difficult or impossible for someone in, say, a lower economic state. This is partially why the Crypto market has been embraced with such enthusiasm in Asia. More impoverished people are able to find a new route for them to increase revenue, while a more independent-minded individual sees the deregulated nature of Crypto and DeFi as a liberating avenue to pursue.

It is clear that these further regulations have eliminated some, but certainly not all, of the Crypto users in the Asian region. Further support of the market will be more limited as in Korea or forced underground in more state-run areas such as the People’s Republic of China. While the world economy continues to rebuild as the global pandemic winds down, cryptocurrencies remain one of the most sought-after assets in the world. As states continue to stiffen their resistance to these changing trends, users will be forced to adapt their approaches to the market as access becomes more difficult.

Despite these challenges, or perhaps because of them, users are determined to continue supporting and using Crypto across the Asian-Pacific region.

Note: Investment in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.

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Asia's Tech News Daily
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