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<h2 class="wp-block-heading"><strong>Asian crypto traders catch late-night surge as Trump wins election</strong><p>The cryptocurrency industry <a href="https://cointelegraph.com/news/trump-declares-victory-crypto-community" target="_blank" rel="nofollow">celebrated Donald Trump’s</a> 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.</p><p>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 dAnethan tells Magazine.</p>
 <figure class="wp-block-image alignleft size-full is-resized">
  <img decoding="async" width="640" height="960" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/Donald-Trump-token-crypto-scottsdale-mint.jpg" alt="Donald Trump token crypto scottsdale mint" class="wp-image-37728" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/Donald-Trump-token-crypto-scottsdale-mint.jpg 640w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/Donald-Trump-token-crypto-scottsdale-mint-200x300.jpg 200w" sizes="(max-width: 640px) 100vw, 640px">
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   <em>Bitcoin hits new all-time high as Donald Trump wins US presidential election. (Scottsdale Mint)</em>
  </figcaption>
 </figure><p>Trumps victory sparked optimism in Singapores crypto sector as well, a city-state in the race with Hong Kong to attract digital asset firms.</p><p>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.&nbsp;</p><p>While its 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.</p><p>While Trumps 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 regions economic landscape.</p><p>Trump has <a href="https://cointelegraph.com/news/trump-crypto-inflation-policies-regulation" target="_blank" rel="nofollow">vowed</a> at least 10% tariffs on imports, with 60% tariffs on imports from China, Asias largest economy.</p><p>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.</p>
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<h2 class="wp-block-heading" id="strong-shanghai-holds-a-meeting-to-deploy-digital-yuan-pilot-applications-strong"><strong>Shanghai holds a meeting to deploy digital yuan pilot applications</strong></h2>
<p>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 <a href="https://api3.cls.cn/share/article/1847959?sv=8.4.5" target="_blank" rel="nofollow">Cailian Press</a>.</p>
<p>On Nov. 4, the Digital Currency Research Institute of the Peoples 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 <a href="https://www.atlanticcouncil.org/cbdctracker/" target="_blank" rel="nofollow">Atlantic Council</a>.</p>
<figure class="wp-block-image aligncenter size-full is-resized">
 <img decoding="async" width="800" height="600" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/Peoples-Bank-of-China.jpg" alt="Asian crypto traders profit from Trump’s win, China’s 2025 CBDC deadline: Asia Express" class="wp-image-37729" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/Peoples-Bank-of-China.jpg 800w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/Peoples-Bank-of-China-300x225.jpg 300w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/Peoples-Bank-of-China-770x578.jpg 770w" sizes="(max-width: 800px) 100vw, 800px">
 <figcaption class="wp-element-caption">
  <em>China has been testing its CBDC for over four years. (Bfishadow/Flickr, <a href="https://creativecommons.org/licenses/by/2.0/" target="_blank" rel="nofollow">CC BY 2.0</a>)</em>
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<p>Shanghais intensified focus on CBDC development follows a <a href="https://english.news.cn/20240721/342df6c6e05c4e1a9ce4f6e3b933007b/c.html" target="_blank" rel="nofollow">July plenary session</a> of senior Communist Party officials, where the digital yuan was designated as Chinas sole legal digital currency. All other digital currencies are deemed illegal for payment purposes within the country.</p>
<p>Winston Ma, an adjunct professor of law at New York University, told Magazine <a href="https://cointelegraph.com/magazine/china-crypto-ban-investors/" target="_blank" rel="nofollow">in an earlier interview</a> that Chinas renewed commitment to its digital fiat signals the complete opposite” of a potential crypto ban reversal a rumor that has surfaced this year.</p>
<p>Meanwhile, other central banks, particularly in Asia, are also exploring restrictions on cryptocurrencies. India is reportedly <a href="https://cointelegraph.com/magazine/india-bitcoin-ban-bingx-hacker-lazarus-asia-express/" target="_blank" rel="nofollow">considering a new ban on Bitcoin</a> as it progresses with its own CBDC, the digital rupee. Reserve Bank of India Governor Shaktikanta Das recently <a href="https://cointelegraph.com/magazine/victims-ftx-hong-kong-civil-suit-gemini-singapore-express/" target="_blank" rel="nofollow">joined a panel with other central bankers</a> to critique stablecoins while promoting the benefits of CBDCs.</p>
<p>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.</p>
<p>In the US, President-elect Trump, a pro-crypto advocate, has stated intentions to <a href="https://cointelegraph.com/news/trump-promises-crypto-election-usa" target="_blank" rel="nofollow">ban CBDCs</a>.</p>
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<h2 class="wp-block-heading" id="strong-south-korean-corporations-may-soon-open-crypto-accounts-strong"><strong>South Korean corporations may soon open crypto accounts</strong></h2>
<p>South Koreas financial authorities are officially considering allowing corporations to open cryptocurrency accounts.</p>
<p>On Nov. 6, the Financial Services Commissions 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.</p>
<p>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.</p>
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 <img decoding="async" width="640" height="800" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/South-Korea-retail-crypto.jpg" alt="South Korea retail crypto" class="wp-image-37730" style="width: 100%;height:auto" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/South-Korea-retail-crypto.jpg 640w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/South-Korea-retail-crypto-240x300.jpg 240w" sizes="(max-width: 640px) 100vw, 640px">
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  <em>South Koreas crypto market runs on retail traders, but that’s about to change. (Ethan Brooke)</em>
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<p>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.&nbsp;</p>
<p>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 <a href="https://www.hankyung.com/article/2024103126531" target="_blank" rel="nofollow">Korean Economic Daily</a>.</p>
<p>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.</p>
<p>Upbit, the nations largest and monopolistic exchange, holds the most, with 39 corporate accounts belonging to government departments, and one belonging to a municipal government.&nbsp;</p>
<p>An Upbit representative <a href="https://www.hankyung.com/article/2024103126531" target="_blank" rel="nofollow">told local media</a>, These accounts were opened upon request by government departments, but declined to provide specific details.&nbsp;</p>
<p>Bithumb has one government account, while Korbit has corporate accounts for five general corporations and one municipal government.&nbsp;</p>
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<h2 class="wp-block-heading" id="strong-coinbase-joins-rush-to-singapore-strong"><strong>Coinbase joins rush to Singapore</strong></h2>
<p>Singapores crypto ecosystem continues to attract major global firms, adding to its roster of established players in the region.</p>
<p>On Nov. 6, Coinbase <a href="https://www.coinbase.com/blog/coinbase-is-launching-a-new-engineering-hub-in-Singapore-supported-by-Singapore-Economic-Development" target="_blank" rel="nofollow">announced</a> the launch of a new engineering hub in Singapore, underscoring the companys deepening commitment to Singapore as a key hub for blockchain innovation in the Asia-Pacific region.&nbsp;</p>
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 <img decoding="async" width="640" height="424" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/Singapore-crypto-exapnsion.jpg" alt="Singapore crypto exapnsion" class="wp-image-37731" srcset="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/Singapore-crypto-exapnsion.jpg 640w, https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2024/11/Singapore-crypto-exapnsion-300x199.jpg 300w" sizes="(max-width: 640px) 100vw, 640px">
 <figcaption class="wp-element-caption">
  <em>Singapore continues to attract crypto businesses. (Kin Pastor)</em>
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</figure>
<p>The engineering hub is part of Coinbases broader APAC expansion plans, providing Singapore-based engineers with resources and training aimed at cultivating local talent.</p>
<p>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.</p>
<p>The move adds Coinbase to a growing list of firms announcing APAC expansions centered in Singapore.&nbsp;</p>
<p>Just last week, Coinbases US rival exchange <a href="https://cointelegraph.com/news/gemini-crypto-exchange-preliminary-approval-singapore" target="_blank" rel="nofollow">Gemini revealed it had received in-principle approval</a> for Singapores crypto business license one that Coinbase obtained back in October 2023. Geminis Singapore office serves as its APAC regional headquarters.</p>
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Asian crypto traders profit from Trump’s win, China’s 2025 CBDC deadline: Asia Express

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