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Economics and regulation
In recent years, the cryptocurrency environment has changed dramatically and there are plenty of new cryptocurrency hotspots that are popping up all over the world. Gone are the times when certain territories like Zug, Prague and other hub-blockchain cities dominated the headlines. Now a variety of different regions such as Malta, South Korea, Hong Kong and Japan are also rapidly becoming cryptocurrency hotspots.
Read also: Other exchanges of Japanese Crypto to self-regulate
Four digital currency hubs shine in 2018
Digital resources are becoming increasingly popular every year because the technology that Satoshi released a decade ago continues to advance today. A few years ago, before the bull run in 2017 and the subsequent bear markets in 2018, there were only a few cryptocurrency hotspots in the world with places like San Francisco, Zug and Prague. Now the areas mentioned above still have a large amount of cryptocurrency, but there are other regions that have shone during the last year and are steadily becoming some of the major cryptocurrency hubs in the world.
Japan
<img class = "alignright wp-image-270867″ title=”Four critical points of cryptocurrency that have seen tremendous growth in 2018 ” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/bitcoinjapan-300×200.png” alt=”Four Cryptocurrency Hotspots that have seen tremendous growth in 2018 "width =" 207 "height =" 138 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/bitcoinjapan-300×200. png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/bitcoinjapan-768×511.png 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/ bitcoinjapan-1024×682 .png 1024w, https://news.bitcoin.com/wp-content/uploads/2019/01/bitcoinjapan-696×463.png 696w, https://news.bitcoin.com/wp-content/uploads/ 2019/01 /bitcoinjapan-1068×711.png 1068w, https://news.bitcoin.com/wp-content/uploads/2019/01/bitcoinjapan-631×420.png 631w, https://news.bitcoin.com/wp- content / uploads /2019/01/bitcoinjapan.png 1200w "sizes =" (maximum width: 207px) 100vw, 207px”/>Japan started to gain ground in 2017 as regards the adoption of cryptocurrencies and the country continued this effort in 2018. In addition, since the Japan Financial Services Agency (FSA) promulgated the "Payment Services Act" of April 1, 2017, for about two years, officials in the country have created a wide range of regulatory rules relating to digital currencies and have begun trading trading platforms. The country has seen an assault of start-ups and other crypts that want to put their business models in the region. This trend has prompted Japan's regulatory authorities to back down in the last 12 months.
For example, in 2018 the FSA required that exchange platforms should add some security features such as cold-walled storage after dealing with the logistics of the Coincheck violation. Last December, before the new year, the FSA published its final report outlining certain requirements for cryptocurrency service providers. Even with all the new rules, Japan has continued to thrive as a cryptocurrency hub. Last month the FSA say news.Bitcoin.com that 190 companies are trying to enter Japan's thriving cryptocurrency ecosystem. Finally, the Japanese yen was a superior cryptocurrency trading pair in 2018, as the volume of trade in yen exceeds most of the other legal currencies.
Malta
<img class = "alignright wp-image-270880″ title=”Four critical points of cryptocurrency that have seen tremendous growth in 2018 ” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/shutterstock_1110008444_1600-300×300.jpg” alt=”Four Cryptocurrency Hotspots that have seen tremendous growth in 2018 "width =" 204 "height =" 204 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/shutterstock_1110008444_1600-300×300. jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/shutterstock_1110008444_1600-150×150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2019/01/ shutterstock_1110008444_1600-768×768 .jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/shutterstock_1110008444_1600-1024×1024.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/ 2019/01 /shutterstock_1110008444_1600-696×696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/shutterstock_1110008444_1600-1392×1392.jpg 1392w, https://news.bitcoin.com/wp- content / uploads /2019/01/shutterstock_1110008444_1600-1068×1068.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2019/01/shutterstock_1110008444_1600-420×420.jpg 420w, https: //news.bitcoin. com / wp -content / uploads / 2019/01 / shutterstock_11100 08444_1600.jpg 1600w "sizes =" (maximum width: 204px) 100vw, 204px”/>The Republic of Malta, a European island country in the Mediterranean Sea, has also become a focal point for cryptocurrencies last year. In the same way as Japan, the region launched a "Blockchain Strategy" program supported by Maltese Prime Minister Joseph Muscat in April 2017. In 2018, the area began to heat up when a large number of cryptic companies began to study the creation of stores in the country. The Maltese government created Malta's Digital Innovation Authority (MDIA), which had planned to help approve regulatory standards in the island.
Well known trading platforms like Binance, waves, Okex e Bittrex began operations in Malta in 2018. Last October, many suppliers who had planned to work with cryptocurrencies and initial coin offerings (ICOs) in Malta had to pass an examination to operate legally, but only 39% passed. The following month, in November, the Maltese regulators were published test criteria for distributed ledger technology projects (DLT) and ICO. Throughout the year, Malta has become famous for being a more forward-looking region towards cryptocurrency and blockchain solutions.
South Korea
Although South Korea has been big on the rules of this year, the country is still one of the best destinations with regards to the acceptance of cryptocurrency. Once again, like many other new focal points, South Korea's crypto-fever began in 2017 with a large amount of commercial volumes deriving from exchanges like Bithumb and Upbit. The news on the South Korean authorities that increase the regulations were the first news of the first two months of 2018. Officials of the country launched a national cryptocurrency account system, which disapproved of the trade in anonymous cryptocurrencies. With the new rules applied, South Korea has promulgated a real-name protocol, a system that required cryptocurrency traders to present identification to trade.
However, despite the regulatory clampdown in 2018, the volume of currency trading in the country remained high, as the Korean won is generally a pair of fiat tops with USD, JPY and EUR. In May, news.Bitcoin.com reported on over 100 power plants operating in the country and a large majority of these companies do not follow the region's cryptocurrency account system. A recent report published last December he also stressed that South Korea would play a fundamental role in the adoption of cryptocurrency. At the end of the year, the main financial regulator of South Korea say news.Bitcoin.com that you are new digital currency banknotes have been submitted to the National Assembly.
Hong Kong
<img class = "alignright wp-image-270881″ title=”Four critical points of cryptocurrency that have seen tremendous growth in 2018 ” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/HK-300×300.jpg” alt=”Four critical cryptocurrency points that have seen tremendous growth in 2018 "width =" 187 "height =" 187 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/HK-300×300 .jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/HK-150×150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2019/01 / HK-768×768 .jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/HK-1024×1024.jpg 1024w, https://news.bitcoin.com/wp-content/uploads / 2019/01 /HK-696×696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/HK-1392×1392.jpg 1392w, https://news.bitcoin.com/wp -content / uploads /2019/01/HK-1068×1068.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2019/01/HK-420×420.jpg 420w, https: //news.bitcoin .com / wp -content / uploads / 2019/01 / HK.jpg 1600w "sizes =" (maximum width: 187px) 100vw, 187px”/>Hong Kong has always been animated by capitalist energy and entrepreneurship, but since China has banned cryptocurrency trading and the first coin offerings (ICO), Hong Kong has been a mecca for the digital revolution. Many cryptocurrency companies operate in the region, including companies such as Anx, Bitspark, 300cubits, Bit-z, Okcoin, Genesis Block, IOHK, BTCC and more. In May, the Government of Hong Kong published his report on the risk of money laundering and terrorism in 2018 which found that organized crime syndicates did not use bitcoins.
Last August, the Hong Kong authorities explained to the press that they were trying to attract financial technology talent and blockchain start-ups. In 2018, three of the largest producers of mining rigs in the world, Bitmain, Canaan, is And bang, presented for initial public offers (IPO) in the country. In November, the Securities and Futures Commission of Hong Kong published two circulars, which outline new regulatory guidelines for cryptocurrency operations in the region. Although the rules apply to all forms of cryptographic intermediaries, companies continue to flock to Hong Kong to operate there. For example, the Shanghai Invault startup has recently received a fiduciary license for the management of digital goods custody services.
Many other regions continue to embrace the cryptocurrency industry
All four of these jurisdictions saw exceptional growth in the growing digital asset hub in the world. As mentioned above, although they have seen heavier regulatory actions by government officials in 2018, this has not yet hindered progress in these areas. Both the Japanese yen and the Korean won recorded a much higher volume of trade in 2017 than in 2018, but numbers have significantly reduced in almost all other countries. Also, places like Zug and San Francisco are still very crypto-friendly and host a lot of startup blockchain and cryptocurrencies. Alongside this, many other regions such as Puerto Rico, the Philippines, Argentina, Madrid and Vancouver have continued to show friendship with the cryptocurrency industry last year.
What do you think of the four cryptocurrency hotspots that shone in 2018? Let us know what you think of this topic in the comments section below.
Images via Shutterstock, Bithumb, Bic Camera, Genesis Block and Pixabay.
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