Polymesh releases new report, Regulatory Developments in Digital Assets: APAC (2023)

The Polymesh Association is pleased to publish its report on Regulatory Developments in Digital Assets: APAC, examining recent regulatory initiatives in South Korea, Singapore and Hong Kong!

Featuring insights from industry experts at OSL, Huobi, Fair²Lab, KDAC, BDACS, and Investax, this 2023 report 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.

Last week, a judge ruled favorably for Ripple in its case against the SEC, potentially setting a very positive precedent. The outcome of Ripple's case offers a beacon of hope that the U.S. will catch up to its global peers in providing clarity and understandable rules 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) and the unique K-culture tokenization projects pushing its frontiers
• Singapore’s intent to harness blockchain for transactions and settlement and the Monetary Authority of Singapore's views on utility tokens, stablecoins, and security tokens
• Hong Kong’s new rules around retail participation lending credibility to crypto and the industry reaction
• How each fare up when it comes to promoting a coherent global regulatory effort
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“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 polymesh.network