Cryptocurrencies’ popularity has risen to the extent that the sector’s market capitalization currently stands at $1.79 trillion.
Leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are being viewed as alternatives in the financial scene.
Market analyst and Bitcoin advocate Lark Davis sees cryptos as game-changers as they enable anyone to participate in the financial system. He acknowledged:
“Crypto basically lets anyone anywhere be able to invest in early-stage ventures, something previously restricted to only the rich. Failure rates are high, but success gains are insane.”
Davis further pointed out:
“Ethereum has already become a unit of account for the digital age, while Bitcoin is used as a trading mechanism on exchanges, a huge range of products like NFT are being priced and sold in ETH.”
Recently, Piyush Gupta, the CEO of Singaporean multinational banking corporation DBS, pointed out that digital currencies and tokenization of assets are now a reality, and may become a dominant factor in the future.
Crypto interest in Asia is brewing
Cryptocurrencies are continuously stamping their authority in the financial sector as they are no longer ignored. Crypto interest in the Asian continent is brewing, as evidenced by the fact that South Korea’s biggest search engine and internet conglomerate, Naver, invested $120 million in decentralized platform Hashed in December 2020.
Furthermore, the Bank of Japan governor recently remarked that the nation should prepare “thoroughly” for the issuance of its central bank digital currency (CBDC).
The icing on the cake is that crypto businesses have been given the green light to set up in Dubai’s free zone dubbed the Dubai Multi Commodities Centre (DMCC). It was established in 2002 as a government entity mandated with enhancing commodity trade flows through Dubai.
Asia, therefore, seems to have set its eyes on being a crypto/blockchain haven based on some of the notable developments occurring on the continent.