Welcome to Token Issue! Delivered every Friday, this free newsletter breaks down the biggest stories in Asia’s crypto scene and beyond. View past issues here or sign up here to receive future newsletters.
Hello readers,
Welcome to the end of yet another dramatic week in cryptoland. This time, it’s a battle between the crypto industry and the US government.
In this war, the government has been investigating and suing “bad” crypto businesses while pressuring their banking partners to stop serving them.
The year hasn’t had a shortage of significant events showing this conflict: prominent crypto exchanges like Binance and Coinbase being sued, major banking partners being shut down, and even celebrities facing lawsuits for promoting crypto projects.
Government officials themselves have hinted at more actions to come. Senator Elizabeth Warren is building an “anti-crypto army” and may propose legislation to ban crypto in the US, saying that it is financing the country’s opioid pandemic. The future outcomes could range from a complete ban to heavy regulation.
Can crypto truly thrive as an alternative financial system free from centralized control? Regardless of the answer, we must acknowledge the hurdles it faces.
The recent US debt default scare highlighted some of these challenges. One of our big stories for the week will give you a different perspective on the issue. The other will ensure you’re updated with crypto regulations from around the world.
— Deepti
🤿 THE DEEP DIVES
1️⃣ Crypto regulations heat map: Where does your country rank?
While progress has been made in addressing issues related to crypto regulations, comprehensive reforms are limited to a few countries.
Our heat map examined regulations in different countries for general crypto activities, token trading, stablecoins, and NFTs. It also assessed aspects such as legality, government involvement, and availability of licenses.
Among the countries analyzed, Thailand surprisingly topped the heatmap despite its previous crypto ban. It has now implemented regulations for crypto assets and even includes provisions for NFTs.
Meanwhile, both Vietnam and China lack clear regulatory frameworks, with the latter taking an anti-crypto stance.
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