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Cryptogambling / Top 5 Countries That Will Drive The Next Crypto Bull Run

Top 5 Countries That Will Drive The Next Crypto Bull Run

Publish Date: 18/05/2023

What I am about to tell you might come as a shock to you, but just relax. I will tell you why I am saying this towards the end of this article.

According to Gemini’s c0-founder, Cameron Winklevoss, the next crypto bull run will come from Asia. This is based on the sensible fact the countries in the East have been embracing crypto by introducing and enforcing regulations that could result in high investments from institutions.

This article will tell you the top 5 countries that could drive the next crypto bull run and which cryptocurrencies will benefit from this.

United Arabs Emirate (UAE)

The UAE is not strange to cryptocurrency. In fact, the country has been at the forefront when it comes to innovation and regulations that support various crypto and blockchain initiatives,

The country introduced its first pro-crypto regulation in 2018. the country also explicitly announce its blockchain strategy in 2021.Β  In 2022, the country issued a federal crypto licence for VASPs which is the first nationwide crypto-focused regulation. Following the month this was introduced, there was no shortage of headlines, schools accepting cryptocurrency as means of payment as well as investors in Metaverse and NFT.

By the end of 2022, the UAE is home to over one and a half crypto projects and companies, including the Coinbureau.

The strategy for blockchain adoption includes improving the quality of life in the country as well as saving, improving and reduction of work hours and expenditures for document circulation.

One major challenge facing the UAE and hindering it from reaching its full potential is access to banking. This is because these regulations are not making banks comfortable and recently, the Financial Action Task Force puts UAE on its grey list in March.

Saudi Arabia

The second country to look out for is Saudi Arabia. Unline UAE, in 2018, Saudi Arabia, banned banks from transacting crypto. The government at some point, declared that trading crypto was illegal, although the country didn’t attach punishment to his declaration.

This is probably the reason why a significant percentage of Saudi citizens still hold and trade crypto. According to a survey by Kucoin in May 2022, about 14% of Saudi adults held or traded crypto in the last six months and this has since then increased to 17%.

Recently, crypto adoption has increased in Saudi due to the so-called Halal crypto-approved product. similarly, the Saudi central bank also hired a crypto expert to assist in policy formulation.

The country hosts one of the biggest crypto exchange companies, Binance and has also partnered with the crypto project, the sandbox,Β  for Metaverse development.

With this development, the country can compete with other golf countries.

Hong Kong

This is another country to watch out for is Hong Kong. With regard to cryptocurrency legislation, Hong Kong has taken a reasonable and well-balanced approach, enabling licensed crypto service providers to operate under specific restrictions and exemptions.

Although just like UAE and Saudi Arabia, Hong Kong which is part of China was seen as a safe haven for Chinese crypto adoption, crypto companies and projects. but this changed after mass protests in 2019 and 2020. The year doubles as the year Hong Kong banned crypto retail and the country also targeted stablecoins because it could undermine the Hong Kong CBDC.

The fact is that Kong Kong might be trying to escape the U.S. influence as its dollar is pegged to the US dollar.

By the end of 2022,Β Hong Kong has committed to attracting over 1000 crypto companies and projects.Β  these crypto projects are to span 3 years. the country has also started looking at legalizing crypto retail and investment.

Don’t be surprised if you read that the Chinese government did sign off on Hong Kong’s crypto plans later this year.

Singapore

Unlike the formerly listed countries, Singapore seems to have a middle-rate crypto acceptance. The country denied much crypto-related advertising and banned licences as well as shut down ATMs early last year.

However, in early 2022, banks in Singapore started expanding their services to retail investors and companies like Circle and Coinbase sets bases in the country.

Aside from this, major companies have been exploring the possibility of crypto payment while the government have been exploring tokenizing assets on smart contract.

Although the major problem facing Singapore is that of direct Financial damage as a result of the FTX collapse as a result of the $275 million loss incurred by Singapore’s wealth fund Temasek.

This apparently has been causing issues for Binance and other top crypto companies as the country now works closely with the Federal Reserve on a CBDC. For those who don’t know, Binance has been facing serious regulatory scrutiny from the U.S. Regulators

However, crypto investment in Singapore is at the minimum and could later be increased once the country finalises its crypto regulation.

France

The last but not the least country to have in mind is France. France is the most crypto-friendly country in Europe. There is a lot of crypto-related news coming out of this country since the re-election of the President, Emmanuel Macron.

The country is offering crypto custody services to institutional investors at a time when companies like Binance are facing some challenges in the U.S.

Earlier this year, Binance partnered with a fresh company to test a crypto payment. Regulators in the country are also open to coming up with better and clearer crypto regulations to support this movement.

The E.U has also introduced some laws which are aimed to attract big industry investors with big incentives so as to retain economic growth and maintain a divergent stance.

Conclusion

While the global crypto market is influenced by various factors, these five countries have emerged as key players in driving market growth and fostering favourable environments for crypto-related activities.

Their proactive approach towards embracing cryptocurrencies and blockchain technology positions them as potential catalysts for the next surge in crypto market activity.

However, it’s important to note that the cryptocurrency market is highly volatile and subject to numerous external factors, including regulatory changes, market sentiment, and technological advancements. Therefore, while these countries have demonstrated the potential to drive the next crypto bull run, market conditions can shift rapidly, and other unforeseen factors may also come into play.

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