Recent developments in the cryptocurrency market have witnessed significant advances, especially in blockchain technologies. In the first half of 2024, cryptocurrency initiatives launched in Africa and Asia reached historically high levels and received a significant share from the USA and Canada. This period occurred amid regulatory uncertainty.
Blockchain startup accelerator Alliance emphasized in an article published on July 10 that Europe surpasses the United States and Canada with its 31.4% share of new cryptocurrency startups. Asia ranked third with a share of 26.8%. Alliance DAO members Qiao Wang and Chloexyg attributed this trend to regulatory uncertainties in the US as well as increasing crypto asset applications in emerging markets. While Africa's share increased to 5.2%, it remained slightly below Latin America. Oceania, on the other hand, saw only 1.8% of total crypto startups in the first half of the year. The Alliance announced that it compiled this data through its startup accelerator program, which receives 3,000 applications annually.
Regulatory uncertainties have caused some companies, such as Phoenix Wallet and Wasabi Wallet, to exit the US market, according to data cited by the Alliance. While many companies are directing expansion opportunities to other regions, this seems to be linked to the regulatory approach of the US Securities and Exchange Commission. Additionally, it is stated that the number of startup founders from large technology companies has decreased by more than 15% since 2021.
Key Takeaways:
Regulatory uncertainties in the US have directed cryptocurrency initiatives to other regions.
Europe is a leader in cryptocurrency startups.
Annual 3,000 application data provides important information about the future of the industry.
Crypto asset applications are growing rapidly in emerging markets.
As a result, developments in the cryptocurrency market around the world continue to take shape, especially under the influence of regulatory uncertainties. The increasing shares of Europe and Asia and the decline of the USA and Canada are just a few examples of these dynamics. Entrepreneurs and investors should continue to follow these changes closely.
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