Blockchain Adoption Expected To Expand To SMEs In APAC Region

According to Cointelegraph, blockchain infrastructure is increasingly being adopted by larger institutions in the Asia-Pacific (APAC) region, and a Blockdaemon executive predicts that the technology could soon extend to small and medium-sized enterprises (SMEs). Andrew Vranjes, head of international and vice president at Blockdaemon, stated that as blockchain solutions become more mature and scalable, their adoption will expand beyond multinational corporations to include SMEs, which play a critical role in the APAC supply chain. Vranjes highlighted that the APAC region has been proactive and supportive of blockchain technology in terms of regulations. Vranjes noted that countries like Singapore and Japan are taking significant steps to regulate and explore blockchain technology. He mentioned that supportive policies, regulatory sandboxes, and public sector blockchain initiatives are encouraging institutional participation. Specifically, the Monetary Authority of Singapore (MAS) has been a global leader in fostering fintech innovation, while Japan's regulatory clarity around crypto assets has made it a hub for blockchain firms. A study by Henley & Partners found that Singapore leads in crypto adoption, scoring high in categories such as regulations, infrastructure adoption, and economic factors. Meanwhile, Japan is looking to boost its local Web3 industry by implementing tax reforms favorable to startups. Japan's minister of economy, trade, and industry, Takeru Saito, has expressed intentions to attract businesses and developers globally through favorable tax conditions. Despite the interest from many institutions in adopting blockchain technology, Vranjes believes there are still hurdles preventing some organizations from implementing blockchain solutions. These hurdles include unclear tax regulations and the lack of uniform regulations on blockchain and digital assets. Vranjes pointed out that different countries, even within the same region, have varying rules for crypto, tokenization, data privacy, and smart contracts. He added that these challenges primarily stem from the decentralized, cross-border nature of blockchain and the rapidly evolving regulatory landscape.