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The editors of Crypto.ru continued to seek the opinion of industry analysts about which countries can win the status of a single global cryptocurrency hub and become a haven for industry companies. Experts told what they think about the capabilities of individual states and their regulatory framework.
Independent financial market analyst Andrei Volkov stressed that he does not believe in the potential of France in this sense. The specialist noted that there are market participants who want to preserve the anonymity of users and autonomy, freedom from regulation. These are developers of coins, wallets, payment systems, and even market maker coins like Ethereum.
Secondly, the expert noted the Ripple cryptocurrency, whose developers took for granted the need for licensing and communication with regional regulators. The analyst also pointed out that there are regions where governments create attractive conditions for the crypto industry, trying to strengthen and increase the overall volume of the economy. For example, these are the countries of Latin America.
Then, according to the expert, there are regions where “real drivers for the turnover of cryptocurrencies” have been launched. It was about the market in Dubai (UAE). In addition, there are territories where the main advantage is the protection of banking secrecy and the maximum anonymization of owners and majority shareholders, beneficiaries. These are Singapore and Hong Kong.
Finally, according to him, there are those on the market who are in the lead in terms of the technology itself, and in the readiness of regulatory scenarios at the same time. These are the cities of Zug and Lugano in Switzerland. Volkov added that surprisingly, Australia has made real progress.
StormGain crypto exchange expert Dmitry Noskov noted that the US will lose its positions in this field. Such a scenario, in his opinion, is associated with huge pressure on crypto companies from regulators.
In this regard, market participants will look for new locations in order to change jurisdiction. The authorities of various countries will try to take advantage of this situation in order to attract companies leaving the United States. According to the analyst, Hong Kong will play a big role in this, since, despite the ban on operations with cryptocurrencies in China, introduced in 2021, the authorities of the country are now favorably looking at the liberalization of this direction in Hong Kong.
Many major crypto exchanges have already applied for licenses, such as Huobi. As for London and Paris, according to Noskov, the situation is likely to be less favorable for crypto market participants due to more complex European regulation.
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