Examines Recent Regulatory Initiatives in South Korea, Singapore and Hong Kong and is available for Download Now
ZUG, Switzerland–(BUSINESS WIRE)–#DeFi—Polymesh Association, the leader in real world asset tokenization and blockchain technology for capital markets, today published its report on Regulatory Developments in Digital Assets: APAC – 2023, which examines recent regulatory initiatives in South Korea, Singapore and Hong Kong and provides compelling insights for organizations and professionals involved in the digital asset economy in the Asia Pacific Region.
Regulators around the world are racing to implement rules for the volatile digital assets sector post FTX collapse, Terra Luna meltdown and other high-profile failures. And now with the SEC lawsuits in the U.S. against the sector’s two largest retail trading platforms, Binance and Coinbase, the industry finds itself in an historic moment.
Against this backdrop, however, there are bright spots, where regulators around the world are working toward building new frameworks to provide clarity and understandable rules of the road for the digital assets industry.
“In April, we saw the European Union lead the world with the landmark MiCA regulatory framework,” said Graeme Moore, Head of Tokenization, Polymesh Association. “Notably, the demand for clear, efficient regulatory frameworks that do not stifle innovation are also emerging from the Asia Pacific Region, particularly in South Korea, Singapore and Hong Kong. Unfortunately, the industry’s entire future in the U.S. is at risk due to repeated enforcement actions without any initiatives on how the industry can move forward. Ultimately, this will prompt innovators and possibly the entire digital asset industry to move overseas.”
Report highlights include:
- Noteworthy developments across three regions – South Korea, Singapore and Hong Kong
- Asia Pacific Region’s changing attitudes towards crypto regulation
- South Korea’s institutionalization of cryptocurrency and legalization of security tokens offerings (STOs)
- Singapore’s Payment Services Act, the position of the Monetary Authority of Singapore (MAS) and view of utility tokens, stablecoins, and security tokens
- Hong Kong’s new rules lending credibility to the crypto sector
“Regulatory Developments in Digital Assets: APAC – 2023” is available for free download here.
About Polymesh
Polymesh is an institutional–grade permissioned blockchain built specifically for regulated assets. It streamlines antiquated processes and opens the door to new financial instruments by solving challenges around governance, identity, compliance, confidentiality, and settlement.
To learn more, visit: https://polymesh.network
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- Source: https://thenewscrypto.com/polymesh-releases-new-report-on-regulatory-developments-in-digital-assets-apac-2023/
