As Cointelegraph reported, Blockdaemon’s head of international, Andrew Vranjes, predicted that blockchain technology will expand to small and medium-sized enterprises (SMEs) in the Asia-Pacific region.
Vranjes said that as blockchain solutions mature and become more scalable, adoption will extend beyond multinational corporations to include small and medium-sized enterprises that play a key role in Asia-Pacific supply chains.
He pointed out that Singapore and Japan have taken positive steps in the regulation and exploration of blockchain technology. The Monetary Authority of Singapore (MAS) is a global leader in promoting fintech innovation, while Japan has become a hub for blockchain companies through clear crypto asset regulation.
The Henley & Partners study showed that Singapore ranked first in cryptocurrency adoption, with high scores in categories including regulation, infrastructure adoption and economic factors.
Japan is promoting the development of the local Web3 industry through tax reforms, and Economy, Trade and Industry Minister Takeru Saito said that he would attract global companies and developers through favorable tax conditions.
Despite the interest of many institutions in adopting blockchain technology, Vranjes believes that obstacles such as tax regulations remain. He pointed out that the tax treatment of cryptocurrencies and digital assets in many jurisdictions is still unclear.
In addition, the lack of uniformity in regulations on blockchain and digital assets in different countries is also a major challenge. Vranjes believes that these challenges mainly stem from the decentralized and cross-border nature of blockchain and the rapidly changing regulatory environment.
