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Asian crypto traders catch late-night surge as Trump wins election
The cryptocurrency industry celebrated Donald Trump’s victory in the 2024 United States presidential election, as Bitcoin surged to new all-time highs. Asian markets joined in the rally, local sources tell Magazine.
“A lot of Asian traders were working overnight to catch this surge and are taking profit in a ‘buy the rumor sell the news’ dynamic, especially with the Polymarket bets that were settled already,” Hong Kong-based market analyst Justin d’Anethan tells Magazine.
Trump’s victory sparked optimism in Singapore’s crypto sector as well, a city-state in the race with Hong Kong to attract digital asset firms.
“Although Asia is traditionally mindful of regulatory dynamics, there is a sense of anticipation about what a US policy shift might mean for global crypto growth,” Vince Yang, CEO of Singapore-based blockchain infrastructure firm zkLink, tells Magazine.
“While it’s still early to predict the long-term effects, a more crypto-friendly stance from the US could boost confidence and drive innovation across the global crypto landscape, including Asia.”
While Trump’s victory delivered gains for crypto owners, it also brings a note of caution for investors in Asia, as his historical stance on tariffs adds uncertainty to the region’s economic landscape.
Trump has vowed at least 10% tariffs on imports, with 60% tariffs on imports from China, Asia’s largest economy.
“But the ‘America First’ ethos translates well in crypto markets as a bet on digital assets,” he says. “Some people are salivating at the prospect of Gary Gensler and other regulators [departing]. We might just navigate a more cooperative sea, compared to the legal threats that plagued previous years.”
Shanghai holds a meeting to deploy digital yuan pilot applications
China has accelerated its push for the adoption of its central bank digital currency (CBDC), setting a goal in Shanghai to establish a comprehensive digital yuan ecosystem by the end of 2025, according to state-backed media outlet Cailian Press.
On Nov. 4, the Digital Currency Research Institute of the People’s Bank of China hosted a meeting to outline a roadmap for “steadily advancing digital yuan research and application.” The digital yuan, also known as the e-CNY, has been in pilot testing in major Chinese cities since April 2020. As of June 2024, cumulative transactions using the digital yuan have reached 7 trillion yuan (about $977.5 million), according to data from the Atlantic Council.
Shanghai’s intensified focus on CBDC development follows a July plenary session of senior Communist Party officials, where the digital yuan was designated as China’s sole legal digital currency. All other digital currencies are deemed illegal for payment purposes within the country.
Winston Ma, an adjunct professor of law at New York University, told Magazine in an earlier interview that China’s renewed commitment to its digital fiat signals “the complete opposite” of a potential crypto ban reversal — a rumor that has surfaced this year.
Meanwhile, other central banks, particularly in Asia, are also exploring restrictions on cryptocurrencies. India is reportedly considering a new ban on Bitcoin as it progresses with its own CBDC, the digital rupee. Reserve Bank of India Governor Shaktikanta Das recently joined a panel with other central bankers to critique stablecoins while promoting the benefits of CBDCs.
CBDCs are often positioned by central banks as a response to non-governmental cryptocurrencies like Bitcoin, but they face criticism from crypto advocates who argue that CBDCs undermine the decentralization and financial freedom championed by blockchain technology.
In the US, President-elect Trump, a pro-crypto advocate, has stated intentions to ban CBDCs.
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South Korean corporations may soon open crypto accounts
South Korea’s financial authorities are officially considering allowing corporations to open cryptocurrency accounts.
On Nov. 6, the Financial Services Commission’s Virtual Asset Committee held its inaugural meeting and focused on the issuance of real-name accounts for corporations. The newly established policy advisory group plans to share finalized guidelines in December.
To trade cryptocurrencies on South Korean exchanges, a real-name account at a registered bank is required, which corporations cannot own, as financial authorities have reportedly warned banks against issuing these accounts to corporations. Globally, there is a trend toward allowing corporations to invest in cryptocurrencies, with the US expected to fuel another push under President-elect Trump.
“The push for corporate accounts [in South Korea] is underway, but it seems like it will take a long time. This issue has been under review since before Trump was elected,” Ki Young Ju, CEO of blockchain data firm CryptoQuant, tells Magazine.
Despite financial authorities’ attempts to block corporate crypto trading accounts, it appears government departments have opened up accounts of their own, according to local finance outlet Korean Economic Daily.
According to data submitted by the commission to lawmaker Park Sang-hyuk, there are 47 corporate accounts opened in the five fully licensed local exchanges.
Upbit, the nation’s largest and monopolistic exchange, holds the most, with 39 corporate accounts belonging to government departments, and one belonging to a municipal government.
An Upbit representative told local media, “These accounts were opened upon request by government departments,” but declined to provide specific details.
Bithumb has one government account, while Korbit has corporate accounts for five general corporations and one municipal government.
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Coinbase joins rush to Singapore
Singapore’s crypto ecosystem continues to attract major global firms, adding to its roster of established players in the region.
On Nov. 6, Coinbase announced the launch of a new engineering hub in Singapore, underscoring the company’s “deepening commitment to Singapore as a key hub for blockchain innovation in the Asia-Pacific region.”
The engineering hub is part of Coinbase’s broader APAC expansion plans, providing Singapore-based engineers with resources and training aimed at cultivating local talent.
Coinbase currently employs 70 people in Singapore out of its 600-strong APAC workforce, with numbers expected to grow with the opening of the new hub.
The move adds Coinbase to a growing list of firms announcing APAC expansions centered in Singapore.
Just last week, Coinbase’s US rival exchange Gemini revealed it had received in-principle approval for Singapore’s crypto business license — one that Coinbase obtained back in October 2023. Gemini’s Singapore office serves as its APAC regional headquarters.
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Yohan Yun
Yohan Yun is a multimedia journalist covering blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.