Against the background of the notorious events in China, where the government declared a real war on the crypto community, supporters of digital assets began to look for a haven for their activities in other countries. Based on the results of many studies, it becomes clear that the main region chosen by mining companies and traders to conduct their work has become Asia.
So, for example, a fundamental analysis of the cryptocurrency world, conducted by Chainanalysis, showed that the “new money” industry in Asian countries has been developing at the speed of light throughout the past year. According to official figures, $1.16 trillion worth of crypto transactions were carried out in Asia in 2021. This indicator, by the way, is equal to 28% of the total number of transactions using digital assets carried out in the past year.
Analysts, having studied all the statistics and the results of many surveys, concluded that as of today, Asia can be called without exaggeration the third region in which the largest percentage of the crypto community is focused. As proof of this, we can mention some indisputable facts - over the past year in Central and South Asia, the number of transactions involving virtual money has increased by 706%.
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Among other things, in this context, it is worth highlighting a few more points that contribute to the development of the digital asset industry in Asia. So, many traders are primarily attracted by the legitimacy of using cryptocurrencies and clarity in their regulation - these aspects, of course, are not typical for all Asian countries, but Singapore is very friendly towards blockchain developers and crypto enthusiasts. Most other Asian states, by the way, also look positively at the introduction and development of innovations, despite the lack of a full-fledged legal framework. Against this background, it is not difficult to conclude that traders and mining farms “escaping” from the Chinese regime will choose one of the most favorable countries in Asia for their further activities.
By the way, it is worth adding here that the geography of the activities of migrating companies was distributed depending on the direction of their work. Almost all mining companies (miners) moved to the United States and Kazakhstan, but traders and cryptocurrency exchanges decided to settle in Hong Kong and Singapore.