The US is on Asian time. Certainly, the USAat the instigation of the boss of the SEC (Securities Exchange Commission) Gary Gensler, brake of the four irons facing thecrypto innovation. But this is very far from being the case everywhere on the planet. Asiaon the contrary, embrace this new monetary technology… to the point of pushing the Chicago Mercantile Exchange (CME) to address this market specifically.
Popular cryptos in Asia: the CME is getting up to speed
While the american regulator fight to force crypto companies to kneel downL’Asia as for her, she does everything opposite. Typically, in early July, the city of Hong Kong had deployed a task force dedicated to the development of the web 3. A bill has even been made with the aim of encouraging the government to launch your own stablecoin. We are here at the antipodes of the heavy atmosphere which currently reigns in the USA.
On the CME side, analysts have found that almost half of its crypto-related trading volumes come from foreign players. Indeed, 37% of volumes take place outside of US trading hours. And about 11% of all volumes come from Asia.
In fact, the famous marketplace has just announced the implementation of reference rate on Bitcoin And Ethereum specific to this region of the world. For this, it has partnered with the crypto data provider CF Benchmarks.
This data is used as a credible source for providing crypto prices for futures trading. In other words, these price indications are used by investors to take their positions. However, until now, these reference prices were only published on the time slots of London and New York, completely out of step with the periods of Asian activity.
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Asian regions at the forefront of the crypto scene
Thus, from next September 11, two new benchmark rates for BTC and ETH will be published once a day at 4 p.m. HK time. This is the announcement made by CME’s Director of Crypto Products, Giovanni Vicioso :
“These dedicated rates for Asia-Pacific will allow market participants to trade more efficiently and accurately, with publication timing aligned with their portfolio. »
Driven by technological innovation hubs, such as Hong Kong and Singapore, Asia is moving towards clear crypto regulation. These regions thus become attractive for crypto companies looking for territories in which to make their businesses prosper. Inevitably, Asia is gradually taking an important place in the crypto markets. These remain for the moment shunned by the United States and Europe, to the point of scaring away their own leaders.
Professionals in the employment sector Asia expect a surge ofjob offers related to web 3 in the next six months. While calm reigns in the markets this summer, behind the scenes, a tidal wave is brewing. And this calendar could well be superimposed on another major event: a craze that periodically resurfaces around cryptos whenever bitcoin halving.
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