Where in Asia crypto payments are legal

  • The main obstacles to legalizing cryptocurrencies are such properties of digital assets as decentralization and anonymity.
  • The countries of the Asian region are actively involved in the use of new technologies and regulation of this sphere.

Why do not countries legalize cryptocurrencies?

  • Cryptocurrency is not backed by anything. Money must be provided with something. Let it not be gold, those days have passed, but the stability of the economy, the reputation of the government, the volume of the industry, and so on.
  • Risks to the economy. No one is responsible for the price of cryptocurrencies — therefore, their future is unpredictable. The collapse of the national currency by 8% per day is almost a disaster. For crypto, this is normal.
  • The emission of cryptocurrencies. One of the most important opportunities for the state to mitigate financial shocks is the right to issue more money. Despite the risk of inflation, it is often an excellent way to deal with a crisis or sudden expenses. In turn, the issue of cryptocurrencies is not subject to financial structures.
  • Crime. Bitcoin is the main means of payment for various illegal goods and services. In addition, due to the privacy of transactions, the crime rate may increase. A fraudster can freely withdraw any amount from the country in an unknown direction without the participation of banks.

Asian countries where crypto payments are legal

Japan

Philippines

India

Singapore

Malaysia

South Korea

Mongolia

Binance and crypto regulation in Asian countries

How to accept crypto in Asia

Conclusion

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