The US goes Asian. Certainly, the USAunder the impetus of the SEC (Securities Exchange Commission) Gary Gensler, brake in the face ofcrypto innovation. But this is far from being the case everywhere on the planet. Asiaon the contrary, embraces this new monetary technology… to the point of pushing the Chicago Mercantile Exchange (CME) to specifically address this market.
Cryptos popular in Asia: the CME gets in on the act
While the American regulator fights to force crypto companies to get down on one knee, l’Asia as for her opposite. Typically, in early July, the city of Hong Kong had deployed a task force dedicated to the development of Web 3. A bill has even been proposed to encourage the government to launch its own stablecoin. We’re at the opposite end of the spectrum from the current heavy atmosphere in the USA.
On the CME side, analysts have found that almost half of its crypto-related trading volumes come from foreign players. In fact, 37% of volumes take place outside US trading hours. And around 11% of total volumes come from Asia.
In fact, the famous marketplace has justannounced the introduction of reference rates on Bitcoin and Ethereum specific to this region of the globe. To this end, it has teamed up with crypto data provider CF Benchmarks.
This data is used as a credible source for providing crypto prices in futures trading. Clearly, these price indications used by investors to take their positions. Until now, however, these reference prices have only been published in the London and New York time zones, completely out of sync with Asian trading periods.
>> The crypto ecosystem is rocking, surf the markets with Vertex Protocol (affiliate link) >>
Asian regions at the forefront of the crypto scene
From September 11, two new reference rates for BTC and ETH will be published once a day at 4pm Hong Kong time. This is the announcement made by CME’s director of crypto products, Giovanni Vicioso :
« These dedicated Asia-Pacific rates will enable market participants to trade more efficiently and accurately, with publication timing aligned with their portfolios. »
Supported by hubs of technological innovation, such as Hong Kong and Singapore, Asia is moving towards clear crypto regulations. These regions are thus becoming attractive to crypto companies looking for territories in which to grow their businesses. Inevitably, Asia is gradually taking on an important role in the crypto markets. For the time being, these markets remain shunned by the United States and Europe, to the point of scaring off their own leaders.
Professionals in the employment sector in Asia are expecting a flood ofjob offers related to web 3 in the next six months. While the markets are quiet this summer, behind the scenes, a tidal wave is brewing. And this timetable could well be superimposed on another major event: a craze that periodically resurfaces around cryptos every time the the halving of Bitcoin.
The financial giants aren’t letting up: why leave Bitcoin and crypto trading to them? Beat them to the punch on DEX Vertex Protocol (affiliate link) >>