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Will Asia Come Out Ahead From The Coronavirus? w/ Joyce Yang of Global Coin Research


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Slides from Flippening Podcast Episode #74 with Joyce Yang of Global Coin Research

This deck covers:
• Common misconceptions about the Asian cryptocurrency market
• Asia’s history of crypto scams & speculation
• Asia’s importance as a geographical hub for blockchain companies
• The state of DeFi in Asia
• How Chinese Bitcoin miners spurred a dedicated crypto lending market
• Singapore’s new Payment Services Act
• Why Asian crypto firms often switch jurisdictions
• Why India is crypto’s “sleeping giant”
• How tough new regs have pushed some crypto companies towards Asia
• The explosive growth of Asian derivatives trading
• How miners survived China’s crypto crackdown
• Why everyone in cryptocurrency should learn Chinese

Published in: Economy & Finance
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Will Asia Come Out Ahead From The Coronavirus? w/ Joyce Yang of Global Coin Research

  1. 1. Crypto Ecosystem Analysis: Will Asia Come Out Ahead from the Coronavirus? Joyce Yang Global Coin Research
  2. 2. Global Coin Research is the Leading Research Platform into understanding Asia Crypto +Blockchain Guest speaker at: Working and advising clients:
  3. 3. Asia Crypto…in a glance
  4. 4. 2017
  5. 5. 2018
  6. 6. 2019
  7. 7. Shifting trends..
  8. 8. Something NEW- Global entrepreneurs building companies out of Asia Largest Mining Company One of the Earliest Derivatives Exchange Some of the top exchanges HQ in Beijing *Bitmain’s last round of public valuation was $15bn *ImToken recently revealed metrics in mid-2018 *Binance 2018 Profit
  9. 9. DeFi- open adaptivity in the East
  10. 10. Top 5 Ecosystem, Infrastructure and Regulatory Developments in Asia
  11. 11. ● Miners in combination with the volatile markets has set off a thriving lending market since 2019 ● Chinese crypto lending startup Babel Finance have grown from: ○ Q1 2019: $52 million worth of USDT ○ End of 2019: $289 million (6x increase) ○ Record of $380 million as of February 2020 (33% increase q/q) ○ 60% loan went to miners ● Participants now include: ○ Cryptocurrency financial services provider such as Babel and Matrixport ○ Wallet / custody service providers such as RenRenbit and Bixin ○ Exchanges such as OKEx, Binance and ● Charge interest rates from 8-20% 1- Thriving and growing centralized crypto lending ecosystem
  12. 12. ● Monetary Authority of Singapore’s newly issued Payment Services Act became effective on January 28, 2020 ● Crypto firms from around the world are eyeing the potential of the license as it is the first comprehensive license allowing companies to handle activities ranging from digital payments to the trading of tokens. ● Applicants include: ○ Coinbase ○ Gemini ○ Bitstamp ○ OKCoin ○ Bitgo 2- Singapore regulations and its attractiveness to crypto companies
  13. 13. Binance ads in Singapore displayed publicly on the streets and subway systems
  14. 14. ● There have been a flurry of exchange and crypto activities in India until 2 years ago when central bank decided to stop offering banking services to crypto businesses ● Nevertheless, there is a strong appetite for cryptocurrencies and derivatives in the nation ● Just in the past month, the Supreme Court of India has ruled against a decision imposed by the country's central bank ● And now things are being turned around at a rapid pace ● OKex, Binance and Kraken are all accelerating and moving into the country ○ Binance already made acquisition with WazirX last year; now have set up a $50 million fund to reinvigorate growth in blockchain startups ○ OKEx now partnered with Mumbai-based CoinDCX 3- India is the sleeping giant
  15. 15. ● Regulations has stifled the development of the retail derivative and futures in the US ● European regulations such as the 5AMLD that pertain to crypto operations is also pushing European trading firms to Asia ○ For example, in March, derivatives exchange Deribit sold 10% of equity to counting on QCP Capital and Three Arrows Capital’s deep Asian ties to help it break into a market ● Market growth now ○ OKEx for example, when OKEx launched its perpetual swap contract in late 2018, its derivatives market was about the same size as spot, but now, it’s two or three times bigger. ○ FTX founder - “there is sort of one side of the divide [between the west and east] that right now has all the volume” 4- Derivative and leverage trading is on fire
  16. 16. ● In October 2019, when President Xi labeled blockchain as one of the main focuses in the country's technology initiative, and highlighted the Digital Currency / Electronic Payments (DCEP) initiative, the speculative sentiment shot back immediately. ● Scammers took advantage of the national hype to issue scams online again ○ Some exchanges have launched a digital asset trading pair with a token referred to as "DCEP". While others have also issued ERC20 tokens called "DCEP" on the Ethereum public chain. ● Large cities have issued policies to increase crackdowns, such as shutting down crypto influencer accounts and sites ○ For example, Tron founder Justin Sun's Weibo account has been blocked about 4-5 times now ● This struggle between the government and citizens will continue for the foreseeable future 5- China’s growing interest in crypto goes hand in hand with increased crackdowns
  17. 17. Asia has the most robust hub for crypto and blockchain
  18. 18. Active projects and funds that have continued to pursue Asia *Joyce is a consultant for Tezos
  19. 19. Thank you! Email me Follow Me on Twitter- JoyceinNYC
  20. 20. What are some of the best ways to learn about Asia? →>> to learn more about what we discussed today, checkout
  21. 21. The Small Handbook to Asia Crypto Regulation Developer Communities Trends Key things to know