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12
Dec, 2019

Asian Countries bet on Blockchain

Asia is an emerging power in global economy and most of its countries in geographical center have started to implement new initiatives regarding blockchain technology.

 

Pakistan

 

Despite the fact of cryptocurrency ban from Pakistan’s Central bank, local communities have find ways of overcoming legal procedures. The case of TenUp, a venture capital startup focused on crypto projects, which supports mining companies but have legal troubles in many cases.

 

Except blockchain, Pakistan is trying to digitize every aspect of governmental affairs. The initiative won’t be held only for easing civilians’ life but also complying with anti-money laundering.

 

Kazakhstan

 

In the opposite side, Kazakhstan excepts miners for corporate taxes. The only tax obligation is created if holders exchange their crypto in fiat currency, when they are taxed for capital gains.

 

Regarding the existing legal framework, the local government has no official regulation or recognition for crypto assets. A special regime will be implemented for crypto development as “significant technological process”. The adoption of cryptocurrencies in Kazkhstan is remaining low but the willingness for more initiatives can overthrow the situation.

 

Afghanistan

 

In Afghanistan, there were many initiatives and applications for blockchain on urban development and public health. FantomOperations, a blockchain startup, signed an MoU with the Ministry of Health, for implementing blockchain in different health sectors.

 

In the same framework, the United Nations decided to use blockchain for new urban development policies in Afghanistan, in the following years.