Some countries in Asia such as China and India have been clamping down on crypto while others have an open door policy and embrace the fledgling industry. South Korea, Thailand, Vietnam and the Philippines have all seen new exchanges open their digital doors in recent weeks.
The majority of trade volume in the region is currently generated in Japan and South Korea. The latter has been sending mixed messages with regards to regulation for some months now but it seems that tensions are relaxing in South Korea. A new exchange called Coinbit has recently been launched by game developer Axia Soft Co. According to the website 50 cryptocurrencies will be listed initially expanding to over 100 by the end of the year.
In Vietnam Kenniex exchange recently launched in the capital Ho Chi Minh City. According to the blurb on its website it will be;
“the first live cryptocurrency exchange in Vietnam and the first e-money trading platform in Vietnam to have a trading office where investors can experience our services as well as receive effective investment advice,”
The government in Vietnam has generally been tough towards crypto in recent months with raids and domain name seizures following a number of high profile scams in the country.
Over in the Philippines South Korean blockchain company Glosfer is collaborating with Coinvil to open and operate a crypto exchange in the island nation. Coinvil CEO, Park Rae-hyun, has grand ambitions for crypto in the country;
“The Philippines will become the largest cryptocurrency trading market that connects Europe and Asia,”
Thailand meanwhile has just introduced a law to regulate all digital asset trading and transactions. BX Thailand, the country’s largest crypto exchange said;
“The government has announced the royal act to regulate digital assets which takes effect from 14th May 2018. Our company, BX is relentlessly working and allocating all the information about tax capital gains 15% to customers.”
The imminent threat of heavy taxation is likely to drive traders out of Thailand and to crypto friendlier shores such as Singapore or Hong Kong. In addition to the 15% capital gains tax the government intends to add 7% VAT onto all trades whether they make or lose. It comes as a surprise then than new exchanges are still willing to enter the market. The latest is Jibex, which opened doors in May with a wallet for five coins it supports and commission free trading for a month.