According to a report published by Forkast, South Korea, Singapore, and Thailand are issuing clearer cryptocurrency regulations compared to the ongoing "warfare" in the US regulatory landscape. Unlike recent actions by the US Securities and Exchange Commission (SEC), which have involved lawsuits and fines, Asian nations are focusing on providing clarity and avoiding court battles.
John Rizzo, SVP of public affairs at the Clyde Group, mentioned that the US is in a state of political and regulatory conflict regarding cryptocurrency management. While Congress is making progress on frameworks for stablecoins and crypto market structure, the SEC seems determined to restrict the industry's growth.
Zennon Kapron, founder of Asia-based fintech consultancy Kapronasia, noted that unclear regulations in the US have led many firms to focus on overseas markets. Nick Ruck, COO at blockchain infrastructure platform ContentFi Labs, pointed out that outdated regulatory frameworks are causing issues for the US crypto industry, while Asian countries are attracting crypto companies with their adaptability and clarified rules.