The 21st century is famously known for the rise of smartphones, social media, GPS navigation, drones and many other things including blockchain and cryptocurrency, two names that have also seen rapid growth.
Blockchain provides a method to secure and distribute knowledge, data and information so it can be shared without alteration, interference or control. It also assists in tracking assets in a business network wherein the asset can be tangible or intangible. Virtually anything of value can be tracked and traded on a blockchain network and it can also reduce risks and costs for all the involved parties.
With the increasing boom of blockchain innovations, several countries are significantly investing, building and supporting blockchain technology to revolutionize their industries.
Due to its business-friendly policies, regulatory clarity and powerful infrastructure, Singapore is a blockchain innovation and cryptocurrency adoption hub in Asia. Many startups and global tech companies find support in Singapore’s blockchain initiatives, supporting partnerships between academia, industry and the public sector to enhance R&D in the field.
Yesterday, Singapore was granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS) enabling it to offer Digital Payment Token services in Singapore.
Switzerland has global recognition as “Crypto Valley,” led by a high concentration of blockchain startups and cryptocurrency projects.
A tech-savvy population and an encouraging regulatory framework make South Korea an important player in the cryptocurrency and blockchain space. Recently, South Korea’s taxation body announced that in 2023 individuals and firms disclosed $98.5 billion in foreign cryptocurrency assets, which accounts for 70.2% of the total disclosed foreign assets.
Meanwhile, Malta earned the title “Blockchain Island,” known for its upfront approach to blockchain regulation and adoption. It has become a major blockchain hub in Europe.
The U.S. with its prominent blockchain and cryptocurrency projects leads the pack in terms of blockchain innovations and attracting venture capital investments.
UAE is also in the race to explore blockchain technology’s potential across diverse industries like finance, real estate, healthcare and logistics. It launched the Emirates Blockchain Strategy for transforming into a smart region across government services and private businesses adopting blockchain for greater efficiency.
Recently, a former Softbank executive launched a stablecoin pegged against the UAE Dirham. Also, at the recent Future Blockchain Summit in UAE, Web3 gaming emerged as the new frontier of digital entertainment.
In early August, Binance became the first crypto exchange to be fully licensed in El Salvador after meeting the stringent requirements set by Salvadoran agencies. It is the first country to adopt Bitcoin (CRYPTO: BTC) as a legal tender indicating Blockchain adoption.
The government in Portugal launched a blockchain-based system to reduce corruption and increase transparency.
Grand View Research saw the global blockchain tech market reach $1.432 billion by 2030, with a CAGR of 85.9% between 2022 and 2030. Meanwhile, a report on ResearchandMarkets stated the global Fintech Blockchain Market was seen expanding to $21.67 billion by 2028 from $3.17 billion in 2023 led by rising demand for distributed ledger technology and rapid adoption of advanced blockchain solutions within financial institutions.
Meanwhile, a Deloitte report cited a World Economic Forum1 survey for Blockchain technology that highlighted “financial services will be transformed by this technology with expectations of at least 10% of the global GDP being stored on blockchain platforms by 2025.”
Produced in association with Benzinga
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