A PYMNTS Company

Southeast Asia Emerges as Crypto, Blockchain, and AI Hub

By  |  February 27, 2024

Southeast Asia is rapidly positioning itself as a hub for crypto, blockchain, and AI technologies, with countries in the region making significant strides towards embracing these innovations. According to Chainalysis’s 2023 global crypto adoption index, Southeast Asian nations like Vietnam, the Philippines, and Thailand are poised for a transformative crypto revolution.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    In an exclusive interview with Cointelegraph, Nathan Kim, the marketing director at Unopnd and the driving force behind Southeast Asia Blockchain Week, shed light on the region’s burgeoning prominence and its welcoming stance towards these emerging industries.

    Among the frontrunners in Southeast Asia is Thailand, which has emerged as a beacon of blockchain adoption across various sectors. Kim emphasized Thailand’s commitment to fostering innovation, positioning it as a key player in the regional blockchain landscape.

    Singapore, renowned for its leadership in the Web3 space, has also been proactive in supporting fintech solutions. In 2023, the city-state’s central bank allocated $112 million to bolster local fintech initiatives, particularly those leveraging emerging Web3 technologies. Notably, Singapore has attracted major crypto platforms like Blockchain.com, Circle, Crypto.com, and Coinbase, which have sought licenses to operate within its jurisdiction.

    Read more: Is Blockchain the Real Antitrust Game Changer?

    Collaboration has been a key theme in the region’s journey towards embracing Web3 technologies. Last June, regulators from Japan and Singapore joined forces to regulate and pilot test cryptocurrency projects as part of Singapore’s Project Guardian initiative. However, despite these advancements, Kim highlighted the regulatory fragmentation across Southeast Asian countries as a challenge.

    “This regulatory diversity underscores the challenges and opportunities inherent in the region’s journey towards adopting and regulating Web3 technologies,” Kim remarked. “We hope that as leading countries in Southeast Asia mature in Web3 adoption, the region can create more synergy for the Southeast Asian region as a whole.”

    Kim stressed the importance of a collaborative spirit in Southeast Asia, emphasizing its role in fully realizing the potential and benefits of ongoing Web3 adoption.

    Source: Trading View