Asia has become the top region for crypto and digital asset developers after increasing its share to 32%, up from 13% in less than a decade.
At the same time, the number of North American developers has been cut in half, according to an article by Maria Shen, general partner at Electric Capita. Although more and more blockchain developers are expanding beyond US borders, the United States still has the largest number of developers of any country.
The news comes amid growing concerns over the lack of a crypto and digital asset framework in the United States. Without a consistent set of rules to follow, U.S. regulators like the Securities and Exchange Commission have taken an enforcement-focused approach to the crypto industry.
“The only thing that is clear is that nothing is clear,” said James Wester, director of cryptocurrencies at Javelin Strategy & Research, in conversation with PaymentsJournal. “It becomes difficult for companies to create products in this area because they don’t know they are doing something wrong until they receive an enforcement notice. Imagine not knowing the speed limit until you are stopped for a ticket. This is how things are evolving at the moment.
An exodus of crypto talent
Regulatory uncertainty in the United States has led to fears of an exodus of crypto talent to other parts of the world. The European Union will roll out its comprehensive crypto framework, Markets in Crypto-Assets (MiCA), later this year, making the EU an attractive alternative for crypto talent.
Many crypto efforts have also been made in Asia, where innovations such as instant payments, digital wallets and contactless payments have quickly gained traction. China has long pushed for its central bank digital currency, commonly known as the digital yuan, to take greater precedence in a culture dominated by mobile payments.
India has been a strong player in instant payments with its UPI system, which has quickly become the predominant payment method in the country. Today, India is making progress in crypto: according to Shen, although 18.8% of all crypto developers are based in the United States, India comes next with 11.8%.
