At the Collision Conference in Toronto, Siu discussed the main differences between crypto environments in North America and Asia, saying it is not 'as bad as it sounds'.
The crypto space has been in an uneven state around the world, with Web3 startups flourishing in the Middle East and Asia, while North American crypto entrepreneurs face challenges under tough macroeconomic and regulatory conditions, according to Animoca Brands CEO Yat Siu.
According to him, Web3 startups can still raise funding from venture firms, but current conditions like higher interest rates across the globe along with a downturn in crypto assets prices have raised the bar for newcomers. Despite being active, the space isn't as strong as it used to be. According to a recent PitchBook’s Crypto Report for the first quarter of 2023, crypto companiesVenture capital activity across various quarters. Source: PitchBook
In contrast, Hong Kong has implemented a licensing system for crypto businesses in order to mitigate the risks associated with the digital asset markets. The United Kingdom took a similar approach, approving a legislation that gives regulators power to introduce and enforce regulations for crypto businesses.
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