• Is Malaysia the next Asian crypto capital?

  • Fusang, which is located in Malaysia’s Labuan area, is doing well. Labuan, which was founded in 1990, is being marketed as Malaysia’s Hong Kong. This mid-shore jurisdiction is within the country but is exempt from its legislation and taxes.

    Labuan was relatively unknown until Fusang’s digital equity and bond offerings put it on the map. “Paper shares now, digital shares tomorrow,” CEO Henry Chong says, emphasizing that this isn’t a new asset class necessitating a new set of laws.

    There is already clarity because securities regulations are in existence. Chong believes that there is a high level of confidence in the market for digital assets. Those who disagree are irritated by the requirement to follow the rules.

    Malaysia Is Getting Ready to Become a Crypto Destination

    Chong believes that jurisdictions will become more competitive, and that Malaysia is well-positioned to become the next crypto destination.

    CoinGecko, a serious competitor to CoinMarketCap, was founded in Malaysia and is still headquartered there, albeit it has a presence in Singapore.

    Malaysia continues to be tax-free on bitcoin capital gains, and its educated, English-speaking workforce is rapidly making an impression on stakeholders in the decentralized finance (DeFi) industry.

    Malaysians adore cryptocurrency.

    It is estimated that around 1 million Malaysians, or 3.1 percent of the total population, possess cryptocurrency.

    In early April 2020, crypto exchange Luno Malaysia claimed a 33% rise in active users, while Tokenize reported a 40% increase in average daily transactions.

    According to an early 2019 poll, there is already a high level of awareness of cryptocurrencies (84 percent), and nearly half of Malaysians (47 percent) expressed an interest in investing in cryptocurrencies in the future.

    Singapore Is Creating a Pro-Crypto Climate

    Meanwhile, Singapore wants to become a crypto powerhouse, and the government is considering regulating the cryptocurrency industry.

    Singapore was among the first countries to accept cryptocurrencies. A crypto-hub usually necessitates three things: a strong economy, effective legislation, and a bilingual workforce.

    Singapore is competing for crypto businesses with Malta, Switzerland, and El Salvador. The work is difficult since, in many cases, the crypto industry has thrived with few rules, and people are averse to government attempts to impose limitations.

    Binance, the world’s largest digital asset exchange, has a top crypto platform in Singapore that is already functioning.

    Other Singapore government agencies worked together to construct the OpenCerts platform, which employs Ethereum smart contracts to develop and confirm digital credentials for graduates of local educational institutions.

    Singapore, being an internationally renowned and well-regarded country with favorable tax legislation, also offers further advantages.

    In contrast, despite everyone’s best efforts, Hong Kong takes a fragmented strategy that frequently feels like a square peg in a round hole.

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