Asian cryptocurrency traders see overnight surge as Trump wins election

The cryptocurrency industry celebrated Donald Trump’s victory in the 2024 United States presidential election as the price of Bitcoin surged to up-to-date record highs. Local sources tell Magazine that Asian markets have joined the rally.

“Many Asian traders have been working overnight to capture this rally and are profiting in a ‘buy the rumor, sell the news’ dynamic, particularly on Polymarket bets that have already been settled,” Justin d’Anethan, a Hong Kong-based market analyst, says Warehouse.

Trump’s victory also sparked optimism in the cryptocurrency sector in Singapore, a city-state racing with Hong Kong to attract digital asset companies.

“While Asia has traditionally been mindful of regulatory dynamics, there is a sense of anticipation about what U.S. policy change could mean for global cryptocurrency growth,” Vince Yang, CEO of Singapore-based blockchain infrastructure company zkLink, tells Magazine.

“While it is still early to predict long-term impacts, a more cryptocurrency-friendly stance from the United States could increase confidence and spur innovation across the global crypto landscape, including in Asia.”

While Trump’s victory delivered gains for cryptocurrency owners, it also brings caution to investors in Asia as his historic stance on tariffs adds uncertainty to the region’s economic landscape.

Trump announced the introduction of at least 10% tariffs on imports, including 60% tariffs on imports from China, Asia’s largest economy.

“But the ‘America First’ ethos translates well to cryptocurrency markets as a bet on digital assets,” he says. “Some people salivate at the thought of Gary Gensler and other regulators [departing]. Perhaps, compared to the legal threats that plagued previous years, we could simply navigate a sea of ​​cooperation.”

Shanghai holds meeting to implement pilot yuan digital applications

China has accelerated efforts to adopt a central bank digital currency (CBDC), setting a goal in Shanghai to establish a comprehensive digital yuan ecosystem by the end of 2025, according to state-backed media. Cailian Press.

On November 4, the Digital Currency Research Institute of the People’s Bank of China hosted a meeting to outline a roadmap for “steady progress in the research and application of the digital yuan.” As of April 2020, the digital yuan, also known as e-CNY, has been in a pilot phase in major Chinese cities. According to the data, as of June 2024, the cumulative value of digital yuan transactions has reached 7 trillion yuan (about $977.5 million). With Atlantic Council.

Shanghai’s increased focus on CBDC development comes after: July plenary session officials of the Communist Party, where the digital yuan has been designated as China’s only legal digital currency. All other digital currencies are considered illegal for payment purposes in the country.

Winston Ma, an assistant professor of law at Modern York University, told the Magazine in an earlier interview that China’s re-engagement with digital fiat signals “the complete opposite” of a potential reversal of the cryptocurrency ban – a rumor that emerged earlier this year.

Meanwhile, other central banks, particularly in Asia, are also exploring cryptocurrency restrictions. India is reportedly considering a up-to-date ban on Bitcoin as it develops its own CBDC, the digital rupee. Reserve Bank of India Governor Shaktikanta Das recently joined a panel with other central bankers to criticize stablecoins while promoting the benefits of CBDCs.

CBDCs are often positioned by central banks as an answer to non-governmental cryptocurrencies such as Bitcoin, but they face criticism from cryptocurrency advocates who argue that CBDCs undermine the decentralization and financial freedom championed by blockchain technology.

In the United States, President-elect Trump, a supporter of cryptocurrencies, has stated that he intends to ban CBDCs.

South Korean corporations may soon open cryptocurrency accounts

South Korea’s financial authorities are officially considering allowing corporations to open cryptocurrency accounts.

The inaugural meeting of the Financial Services Commission’s Virtual Assets Committee took place on November 6, focusing on issuing real invoices for corporations. The newly formed policy advisory group plans to release final guidance in December.

To trade cryptocurrencies on South Korean exchanges requires a real-name account with a registered bank, which corporations cannot hold, as financial authorities have reportedly warned banks against issuing these accounts to corporations. There is a trend around the world to allow corporations to invest in cryptocurrencies, with the United States expected to drive another push under President-elect Trump.

“Emphasis on corporate accounts [in South Korea] It’s a work in progress, but it looks like it’s going to take a long time. This issue was being analyzed even before Trump was elected,” Ki Teenage Ju, CEO of blockchain data firm CryptoQuant, tells Magazine.

Despite attempts by financial authorities to block cryptocurrency trading accounts for businesses, government departments appear to have opened their own accounts, according to a local financial outlet Korean business daily.

According to data provided by the committee to lawmaker Park Sang-hyuk, there are 47 corporate accounts open on five fully licensed local exchanges.

Upbit, the country’s largest and monopolistic exchange, holds the most, with 39 corporate accounts owned by government departments and one owned by municipalities.

Representative of Upbit he told local media“These accounts were opened at the request of government departments,” but he declined to provide specific details.

Bithumb has one government account, while Korbit has corporate accounts for five general corporations and one municipal government.

Coinbase joins the Singapore rush

Singapore’s cryptocurrency ecosystem continues to attract the world’s largest companies, expanding the list of established players in the region.

November 6 Coinbase announced the launch of a up-to-date engineering center in Singapore, which highlights the company’s “deepening commitment to Singapore as a key blockchain innovation center in the Asia-Pacific region.”

The engineering center is part of Coinbase’s broader expansion plans in the APAC region, providing Singapore engineers with resources and training to cultivate local talent.

Coinbase currently employs 70 people in Singapore out of 600 employees in the Asia-Pacific region, and this number is expected to escalate with the opening of the up-to-date center.

The move adds Coinbase to the growing list of Singapore-based companies announcing expansion into the APAC region.

Just last week, Coinbase’s US rival exchange, Gemini, revealed that it had received approval in principle for a Singapore cryptocurrency business license – one that Coinbase obtained in October 2023. Gemini’s Singapore office serves as its regional headquarters in the APAC region.

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Yohan Yun

Yohan Yun is a multimedia journalist covering blockchain since 2017. As an editor, he worked with the cryptocurrency website Forkast, and as an assistant reporter for Bloomberg BNA and Forbes, he covered Asian technology stories. She spends her free time cooking and experimenting with up-to-date recipes.