When talking about the development of the Asian blockchain market, the outside world will often compare Hong Kong and Singapore. Du Capital founding partner Rae Deng said at the Token 2049 symposium that the two regulators understand and respect the principle of free market. It is also expected that this year’s regulation will be clearer and promote the development of the industry.
She also mentioned that the current research and development of cryptocurrency projects involve new technologies, and they do not want to be influenced by too many external variables. Therefore, they are based in Singapore, which is also a financial center where capital and talents gather, attracting more project development.
China has banned ICO since 2017. Deng believes that from a regulatory perspective, the fight against speculation is fully understandable and the industry is being transferred to Hong Kong and Singapore to create opportunities. For example, as early as 2016, the Chinese government had actively promoted blockchains, such as the White Paper on China’s Blockchain Technology and Application Development by the Ministry of Industry and Information Technology. Last year, China accounted for 42% of the blockchain patents as a whole, indicating that it is in a leading position of the technology.