Block Chaining the Asian Cryptocurrency Exchange Market: The Key Players

Block Chaining the Asian Cryptocurrency Exchange Market: The Key Players

Asia. One big marketplace where everything is either manufactured or sold. No product, that holds any value, goes to waste in this consumer wonderland. Then why wouldn’t cryptocurrency, the latest buzzword in forever make its presence felt?

Unsurprisingly, Asians are slowly edging their way to leading the rank of being the biggest investors of this new age currency. Many tried going the traditional route of mining Bitcoin on their own, but, government restrictions have bound them. Hence, over a period of time, the number of cryptocurrency exchanges wherein one an easily invest, buy, sell and Hodl cryptos has increased tenfold.

3 Asian Countries and their Government Policies

The government of many major Asian countries continues to be vary of cryptocurrency. Mind it, they are bending over backwards to implement Blockchain technology, but the minute it comes to a decentralized cryptocurrency, they turn skeptics. To add kindle to the fire, they preach out false prophecies about the risks involved in dealing with them and how the value of the same is unstable. These things unfortunately work as there still exists a major ignorance in the public’s mind in regard to all things crypto.

Let’s take a quick recap of the government policies in 3 countries in Asia that are making their presence felt on a global scale.

  • Japan: Japan takes the lead simply because it accepts cryptocurrencies as legal tender. But, being ever cautious, it has not stopped it from implementing a truckload of policies onto the multiple crypto exchanges that operate there. Failure to comply, results in immediate cancellation of certificate of practice. This ensures that the consumer always comes first and gets the most out for their money. Also, the strict policies keep in check any flaws that exist in is cybersecurity structure.
  • India: On the other hand of the spectrum is India. As one of the largest democracies in the world, India has the potential and the technical know how to make cryptocurrency the next best thing since ‘Chai Tea’. After their ‘Demonetisation Rule’ that shocked the nation, many have ingeniously moved their assets into cryptos. Once the government in question realised this shift in people’s monetary settings, they went out of their way and declared cryptocurrency as illegal. The fine line of this declaration was that, they declared it as an illegal tender but did not ban it. So, the cryptoexcanghes in India toe a fine line between the government’s policies and the ever-fluctuating market to give its utmost to the consumer. A ray of hope for cryptocurrency resides in the announcement of Jio Coin. A Cryptocurrency that shall have the backing of Reliance Ltd, one of the biggest industry in all of India. Keep your eyes peeled for that one folks!
  • Dubai,UAE: There can be no better example than Dubai when it comes to embracing technology and its many wonders. Dubai for its part, has opened different doors in implementing Blockchain Technology and making it the ‘happiest city’ in the world. It hopes to achieve this title with the help of the different options that it aims to offer its citizens. The most notable amongst them is uploading their digital identities on to a blockchain with which multiple agencies such as Transportation, housing, medical and even remunerations can be connected. This way with a click of a button they can finish legalities and have more time with their family. So, it comes as no surprise, that the country that had the first gold ATM installed would make policies that support cryptocurrency exchanges. With multiple announcements of different Blockchain based companies arising and with them introducing their own platforms to further launch cryptocurrency exchanges, Dubai is heading only to the top of the world!

3 Asian Cryptocurrency Exchanges And The Difference They Are Making.

While there are many crypto exchanges that are available online, we have focused on 3 are the most popular. Irrespective of the geographical locations, these exchanges offer its services to everyone albeit they deal in currency of their choice and not just US Dollars or Euros. Let’s have a look at those that have brought in a hint of stability in this uncertain market.

1. Palmex (UAE):

This cryptocurrency exchange is a special one. They offer its users a state of the art cybersecurity protocol. They deal in Bitcoin, Ethereum, Ripple and have even announced their own, soon to be launching cryptocurrency known as DubaiCoin (DBIX). It is also the first MENA Region based cryptocurrency exchange that is fully operational. With zero registration fees, they aim to offer their customers the very best. They do however charge a nominal fee for the withdrawal and trading of the currencies. An unconventional yet effective way of dealing with any type of potential hacks is being implemented by them. The most prominent amongst them is the balance of hot and cold wallet use. It ensures heightened security of all the currencies on the platform. 2 factor verifications, email verifications at the time of trading also helps in taking that extra step which results in keeping your asset safe.

See Also: Cryptocurrency Exchanges: Metamorphosis on the Horizon

2. Koinex:

India’s strong answer to any cryptocurrency exchange in the world, Koinex is truly Indian and by the Indians. What is more, it is not restricted to just the Indians. As a platform that caters to almost all altcoins, Koinex holds the rank amongst the biggest crypto exchanges in India. Simply trade with Indian Rupees (INR) and one can trade in any token or crypto. With a strict KYC policy in place and an audit system that checks nodes on regular basis, it isn’t easily hackable. Special emphasis has been placed on the cybersecurity protocols. What keeps Koinex a step ahead from its peers is that it offers instant deposits and withdrawals and in crypto trading world that is a big boon! Koinex does not allow its users to have more than one account for their trading. This ensures that in case of a hypothetical hacking scenario, it can quickly block and stop all transactions in the user accounts saving their asset.

3. Bithumb:

From far east comes a crypto exchange unlike any. Bithumb is the largest and most popular in all of East Asia. Known for trading, buying, selling and hodling Bitcoin and Ethereum amongst others. Bithump offers its customers additional services like remittances and gift vouchers. While it trades in Korean Won (KRW) it is still counted as the biggest Bitcoin trading exchange in the world. It may have a chequered past with the 2017 hack, but it has since bounced back. Battling all the negative backlash that it faced at that time, Bithumb, compensated each and every wallet holder who had been affected. A minor point that is many a times overlooked is that the hack affected only 3% of the wallets that traded on it. An insider hack, it was shut down as soon as practically possible. Unfortunately for an exchange its size, very little is known of its core team because of which, there still resides this air of enigma around it. Currently trading in Bitcoin, Ethereum, Ripple, Dash amongst others, Bithumb is definitely the king of cryptocurrency exchanges in all of Asia.

In Conclusion: The force is strong

There still exists an ignorance in the general public’s mind in regard to all things crypto. To diminish this, many crypto exchanges have begun to offer its users a detailed guide of what to expect before they venture out onto this mad joyride. So dear investor, before you decide to invest your hard-earned money, think twice and choose only the very best for yourself. It doesn’t matter which part of the globe you are. This decentralized money is here to stay and the above-mentioned cryptocurrency money exchanges are the pillars that support it.

Next Read: Dash: Cryptocurrency On The Go

A traveler who has eaten with Bedouins, gotten lost in mist, and walked a kilometer to get net connection. When not writing, Nisha reads tech magazines to shampoo bottle labels

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