Blockchain adoption in Asia Pacific will expand into SMEs — Blockdaemon

While blockchain infrastructure continues to be adopted by bigger institutions in the Asia-Pacific (APAC) region, a Blockdaemon executive has predicted that the technology could soon expand into small and medium-sized enterprises.  

Andrew Vranjes, the head of international and vice president at blockchain infrastructure provider Blockdaemon, told Cointelegraph that blockchain technology will ultimately reach smaller companies as it develops in the APAC region. He explained: 

According to Vranjes, the APAC region has been proactive and supportive of blockchain technology in terms of regulations. 

APAC takes proactive steps to explore blockchain technology 

Vranjes said that Singapore and Japan are taking steps to regulate and explore blockchain technology. The executive said supportive policies, regulatory sandboxes and public sector blockchain initiatives encourage institutional participation. He explained: 

In a study conducted by Henley & Partners, Singapore took the top spot in crypto adoption. According to the report, Singapore scored high in categories like regulations, infrastructure adoption and economic factors. 

Meanwhile, Japan has been looking to boost its local Web3 industry by implementing tax reforms that favor startups. Japan’s minister of economy, trade and industry, Takeru Saito, said that he would help the local Web3 scene attract businesses and developers across the globe through favorable tax conditions. 

Institutional hurdles in adopting blockchain infrastructure

While many institutions are interested in adopting blockchain technology, Vranjes believes there are still hurdles holding some organizations back from implementing blockchain solutions.

In addition, the executive said that one of the biggest challenges is the lack of uniform regulations on blockchain and digital assets. Vranjes said that different countries, even in the same regions, have varying rules for crypto, tokenization, data privacy, and smart contracts. 

“These challenges primarily stem from the decentralized, cross-border nature of blockchain and the rapidly evolving regulatory landscape,” he added.   

Source >> https://cointelegraph.com/news/blockchain-adoption-apac-expands-smes