Asian cryptocurrency traders soar overnight as Trump is elected
The cryptocurrency industry celebrated Donald Trump’s victory in the 2024 US presidential election as Bitcoin hit an all-time high. Asian markets have joined the rally, local sources told the magazine.
“Many Asian traders have been working through the night to capture this surge and are profiting from the ‘buy the rumor, sell the news’ dynamic, especially with already confirmed Polymarket bets,” said Hong Kong-based market analyst Justin d’Anethan. The magazine tells it.
Trump’s victory also sparked optimism in the cryptocurrency sector in Singapore, a city-state competing with Hong Kong to attract digital asset companies.
Vince Yang, CEO of zkLink, a Singapore-based blockchain infrastructure company, told the Magazine: “Asia has traditionally been mindful of regulatory dynamics, but we’re looking forward to seeing what policy changes in the U.S. will mean for global cryptocurrency growth.” He said.
“While it is still too early to predict the long-term impact, a more cryptocurrency-friendly stance in the United States could increase confidence and drive innovation across the global cryptocurrency landscape, including in Asia.”
Trump’s victory has been a boon for cryptocurrency holders, but a cautionary tale for Asian investors as his historic stance on tariffs adds uncertainty to the region’s economic environment.
President Trump promised to impose tariffs of at least 10% on imported goods and 60% on imported goods from China, Asia’s largest economy.
“But the ‘America First’ mentality translates well to betting on digital assets in the cryptocurrency market,” he says. “Some people are salivating at the prospect of Gary Gensler and other regulators leaving. “We will be able to navigate more cooperative waters compared to the legal threats that have plagued us over the past few years.”
Shanghai holds digital yuan pilot application deployment meeting
China has set a goal of accelerating the adoption of central bank digital currency (CBDC) and establishing a comprehensive digital yuan ecosystem in Shanghai by the end of 2025, according to state media outlet Cailian Press.
On November 4, the Digital Currency Research Institute of the People’s Bank of China held a meeting to outline the roadmap for ‘steady development of digital yuan research and application’. The digital yuan, also known as e-CNY, has been undergoing pilot testing in major Chinese cities since April 2020. According to data, as of June 2024, the cumulative transaction volume using digital yuan reached 7 trillion yuan (about $977.5 million). From the Atlantic Council.
Shanghai’s intense focus on CBDC development follows a general meeting of senior Communist Party officials in July where the digital yuan was designated as China’s only legal digital currency. All other digital currencies are considered illegal for payment purposes within the country.
Winston Ma, an adjunct professor at New York University’s School of Law, told the magazine in a previous interview that China’s new commitment to digital currencies is a “completely antithetical sign” of a potential cryptocurrency ban reversal. This rumor surfaced this year.
Meanwhile, other central banks, especially in Asia, are also exploring restrictions on cryptocurrencies. India is reportedly considering a new ban on Bitcoin as it moves forward with its own CBDC, a digital rupee. Reserve Bank of India Governor Shaktikanta Das recently joined a panel with other central bankers to criticize stablecoins while touting the benefits of CBDCs.
CBDCs are often positioned by central banks as a response to non-governmental cryptocurrencies such as Bitcoin, but they have drawn criticism from cryptocurrency advocates who argue that CBDCs undermine the decentralization and financial freedom advocated by blockchain technology.
In the United States, President-elect Trump, a cryptocurrency advocate, announced his intention to ban CBDC.
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Korean companies likely to open cryptocurrency accounts soon
Financial authorities are officially considering allowing companies to open cryptocurrency accounts.
The Financial Services Commission (FSC) Virtual Asset Committee held its inaugural general meeting on November 6 and focused on issuing corporate real-name accounts. The newly established policy advisory group plans to share the final guidelines in December.
To trade cryptocurrency on a domestic exchange, you must have a real-name account at a registered bank, which cannot be owned by a company, and financial authorities have reportedly warned banks not to issue such accounts to companies. There is a trend around the world to allow companies to invest in cryptocurrencies, and the United States is expected to spark another push under President Donald Trump, a cryptocurrency proponent.
“The push for corporate accounts (in Korea) is underway, but I think it will take a long time. “This issue was under consideration even before Trump was elected,” Joo Ki-young, CEO of blockchain data company CryptoQuant, told the Magazine.
According to the Korea Economic Daily, despite attempts by financial authorities to block corporate cryptocurrency trading accounts, government ministries appear to have opened their own accounts.
According to data submitted by the Financial Supervisory Commission to Rep. Park Sang-hyuk, 47 corporate accounts are opened at five officially approved domestic exchanges.
Upbit, Korea’s largest and exclusive exchange, holds the largest amount of accounts, with 39 corporate accounts belonging to government ministries and 1 belonging to a local government.
An Upbit official told local media, “This account was opened at the request of a government ministry,” but declined to reveal specific details.
Bithumb has one government account, and Korbit has corporate accounts for five general corporations and one local government.
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Coinbase joins Singapore expansion
Singapore’s cryptocurrency ecosystem continues to attract major global players and add to the region’s existing list of players.
On November 6, Coinbase announced the launch of a new engineering hub in Singapore, highlighting “the company’s deep commitment to Singapore as a key hub for blockchain innovation in the Asia Pacific region.”
The Engineering Hub is part of Coinbase’s broader APAC expansion plans, providing Singapore-based engineers with resources and training aimed at nurturing local talent.
Coinbase currently employs 70 people in Singapore out of its 600-strong Asia Pacific workforce, a number expected to grow with the opening of the new hub.
The move adds Coinbase to the list of companies announcing APAC expansion, with a focus on Singapore.
Just last week, Coinbase’s U.S. rival exchange Gemini said it had received in-principle approval for a cryptocurrency business license in Singapore (which Coinbase obtained in October 2023). Gemini’s Singapore office serves as the APAC regional headquarters.
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Yoon Yohan
Yohan Yoon is a multimedia journalist covering blockchain since 2017. He contributed as an editor to Forkast, a media outlet specializing in cryptocurrency, and covered Asian technology stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking and experimenting with new recipes.
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