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Author: Ray Chan, blockworks Translation: Shan Oppa, Bitchain Vision
The Asia Pacific (APAC) has become a strong driver of Web3 innovation and adoption in 2023.From promoting capital inflows into Web3 media and investment, hosting some of the world’s largest blockchain events, to leading the integration of traditional finance and decentralized finance (DeFi), the Asia-Pacific region has shown extraordinary vitality and momentum and is now in line for the next roundThe bull market lays the foundation for encrypting the market cycle of the world.
Media and Investment: The Center for Momentum in Asia-Pacific
Investment in the Asia-Pacific region is accelerating in a year when global Web3 investment seems to slow.
A classic example is a Singapore-based company that acquired The Block, a top cryptocurrency news and data provider, for up to $70 million.The investment company focuses on blockchain technology and cryptocurrency businesses, with its portfolios including Galxe, SEI and Story Protocol.In addition, they have previously invested in crypto media companies in the Asia-Pacific region such as BlockTempo in Taiwan and CoinNess in South Korea.
This media investment trend extends to the rise of Asia-Pacific media companies such as Blockhead and Coinlive from Singapore, and further highlights the region’s influence in shaping global Web3 narratives.
The Asia-Pacific region has also become the global stage for important Web3 events.
TOKEN2049 in Singapore has become the world’s largest Web3 event in 2023, attracting more than 10,000 attendees, 5,000 companies, 300 exhibitors and 450 surrounding events.Similarly, South Korea’s Blockchain Week and Hong Kong FinTech Week have also attracted widespread attention, further consolidating the region’s position as a global center for blockchain and Web3 discourse.These events demonstrate the growing influence of the Asia-Pacific region in the cryptocurrency sector.
The importance of these developments cannot be overstated – these investments, acquisitions, activities and the emergence of local media mark a strong institutional support for Web3 in the Asia-Pacific region, solidifying the region as the next wave of cryptocurrency adoptionThe status of key players.
Blinking the gap between TradFi and DeFi
Financial institutions in the Asia-Pacific region have taken quick action to bridge the gap between traditional finance and DeFi.
UBS allows wealthy customers to trade cryptocurrency ETFs in Hong Kong, marking a major move to embrace DeFi.At the same time, HSBC uses distributed ledger technology to trade tokenized ownership of physical gold through gold-focused products, adding fuel tokenization.In Asia, gold products are loved because they symbolize prosperity and wealth that can be passed on to the next generation.As one of the most trusted brands in Hong Kong, HSBC’s decision to tokenize gold ownership meets the cultural preferences and investment needs of Asian investors.These initiatives mark the region’s forward-looking thinking in integrating digital assets into traditional financial systems.
A clear and consistent regulatory guide
Clear and consistent regulatory guidelines complement growth in the cryptocurrency sector in the Asia-Pacific region.
For example, Hong Kong officially opened cryptocurrency trading to retail investors and granted the first license to HashKey and OSL.In Singapore, Ripple has obtained a cryptocurrency payment license to promote its growth in the Asia-Pacific region, and Coinbase has obtained a major payment agency license issued by the Monetary Authority of Singapore.These developments underscore the region’s commitment to creating a regulatory environment that benefits consumers and cryptocurrency projects.
The lessons learned in the Asia-Pacific region are obvious as we look back on the past year.The future of Web3 is not just about technology;It also involves fostering a supportive ecosystem that includes investment, activities, regulatory clarity and integration with traditional finance.It involves regions such as the Asia-Pacific region to promote the next wave of cryptocurrency adoption and lay the foundation for the next bull cycle.
Looking to the future
As we look forward to the development of cryptocurrencies in 2024, SocialFi seems ready to play a key role in the next wave of cryptocurrency adoption, especially in the Asia-Pacific region.
Why?People in the region, many of whom have extensive experience in using WeChat, have already developed a mindset and a range of expectations about how social media, communication services and value (native digital value) can be seamlessly integrated.And, according to Bain, nearly 70% of Southeast Asia used at least one virtual universe-related technology in 2011.
This familiarity leads to faster adoption of SocialFi products in the Asia-Pacific region.Consider it: Almost everyone’s smartphone is at the center of social media apps, but surprisingly, top Web3 plans haven’t taken advantage of SocialFi yet.In my opinion, this represents a huge and untapped market opportunity in the Asia-Pacific region in the coming years.
