Asia is certainly a very hot market for cryptocurrency now. And for a lot of participants, it’s a more logical place to start.
In the podcast, our co-founder “David Harris” had a great discussion with “Eric Hess” who is the founder of Hess Legal Counsel and also a founder of Helical.
Another interesting question to “Eric Hess” that how does he see it?
“It’s a combination obviously. Some of it is homegrown in the U.S., particularly as relates to the tech stack or supporting technology.
“As you start to sort of delve into the more regulated or potentially regulated component, you’re looking at offshore.
“Asia is certainly a very hot market for cryptocurrency now. And for a lot of participants, it’s a more logical place to start. Singapore is a very friendly jurisdiction. You don’t have all the confusion that you have in the U.S. And I get that the U.S. regulators are trying to work their way through. So in Singapore, you don’t really get that as much but it’s not a light regulatory system. They just focus on some of the core components and there’s much more certainty. There are other jurisdictions that are obviously favorable.
“Personally I love Bermuda although that hasn’t really taken off. I had a client last year that applied for a digital asset business license so I got very familiar with the regulatory framework there. In my view, it is the best framework for regulation at least from a prescriptive, as opposed to a prescriptive, which is more principles-based.
“Bermuda goes to a lot of depth as I say in my article ‘If you’re thinking about developing an exchange in the U.S. and you want to self-regulate, look at Bermuda.’ The thought that they put into it is amazing and you even have jurisdictions like Wyoming learning from Bermuda and adopting their own regulations so it’s pretty impressive.
“I was at a digital conference in Bermuda about two years ago and the level of support and thought that went into their regulatory structure was really incredible. They built it correctly from the beginning.”