Asia, being the world’s largest cryptocurrency trading market, also has one of the most diversified regulatory frameworks. Several Asian countries have opened the way for cryptocurrency adoption. Others have enacted laws to restrict or outrightly ban cryptocurrencies due to fraud and money laundering concerns. Despite the potential benefits, cryptocurrency regulation has been slow to move in Asia. Hong Kong’s regulatory sandbox framework and Singapore’s licensing regime are examples of soft regulatory approaches. The Conflicting Reactions — Pakistan, India, Singapore, and Thailand As a country that has gained independence from the British empire, Pakistan faces the challenges of foreign investment. While the economy has not shown signs of significant growth in recent years, it is still one of the top 3 crypto holders globally. However, alongside their Central bank, their government is making moves to ban crypto transactions. Despite recent developments, India is still one of the leading jurisdictions globally when it comes to regulating crypto. India is actively encouraging the use of blockchain and cryptocurrencies. India’s government announced new proposals on Feb. 1, which will likely become official in the coming months. The new proposals include a 30% tax on all crypto gains and a 1% tax deducted at source on all transactions. While many countries in the region have weak regulations, Singapore and Thailand have relatively...
