Although the news around regulation in the United States has not been great in recent months, a different vibe emerges from Asia. In particular, we see bullish news coming out of Hong Kong, China and South Korea. Will the next bull market start in the Orient? The 'China coins' are already moving in the right direction.... 

Out of necessity, we always pay close attention to news from the US. It is of course a country with a lot of capital and a money printer that can move markets. But with the US seeming increasingly stuck in a regulatory stalemate, it is good to look at other countries. 

'China coins' doing well

In the last few days, coins like VeChain, Filecoin and Qtum have done well, gaining dozens of percents. Filecoin is traditionally popular among Chinese private investors. The other coins mentioned also have a relationship with China. VeChain, for instance, originated in China (read more).  

So why are they pumping right now? The Chinese government has turned the money printer back on in full force in recent weeks. This may even be a major reason for the broad uptick in crypto prices since early January! 

The recent hype around China coins is just that: a hype, a narrative. The coins do not fundamentally outperform others. Nor is it even certain that they are bought by Chinese investors. They just benefit from the association is with China. 

The Chinese government seems to be relaxing a bit when it comes to crypto. Three weeks ago, for instance, news came along that China seems to be planning to tax crypto. It has also launched a state-owned marketplace for NFTs in January 2023. 

Heading further east

Let's have a look at some other developments in countries where people open their portfolio app a few hours earlier than us. 

Wealthy crypto investors have long known that Abu Dhabi, Qatar, and Dubai are good places to set up shop. It's tax savvy but also good for entrepreneurs for other reasons. For instance, it was announced that Abu Dhabi is going to make $2 billion available for Web3 startups. If only the Dutch government would do that! 

Moving further east, it is striking that Hong Kong is increasingly establishing itself as a crypto-friendly domain. For instance, by June 2023, a law will go into effect that will allow buying and trading for high-net-worth investors - unfortunately not all individuals yet.

Then there is Busan. This city wants to become the Miami of South Korea, in other words create a friendly investment climate for crypto. In doing so, it hopes to attract young people in a somewhat ageing population.