Ethereum Foundation, a non-profit organization backing Ethereum, announced on Wednesday that it will host Devcon 7 in the city of Bangkok, Thailand. This comes as the blockchain aims to tap the growing crypto adoption in Asian markets.
Ethereum Foundation turns to Asia
As the Ethereum Foundation turns to Asia for its next conferences, the event is marked to place between November 12 and 15 in Bangkok. It notes that the conference aims to increase Devcon’s impact on regional Ethereum communities.
Based on the release, the Ethereum community is rapidly growing in Southeast Asia and holds significant potential. Meanwhile, crypto adoption is on a steady rise in the part of the globe as well. Vietnam, the Philippines, Indonesia, and Thailand are leading in the Global Crypto Adoption Index, underscoring the region’s pivotal role in the global Ethereum landscape.
Hosting Devcons, which is a conference for developers, and researchers, aims to bring the community across the entire region on a global platform.
The Ethereum boom in Southeast Asia since 2022
According to research company Statista, the Asia-Pacific region is emerging as a leader in the field of digital assets. Thanks to higher institutional acceptance of cryptocurrencies, it has become one of the most widely owned and used virtual currencies in Southeast Asia.
Around 78% of users in the region claim to own Ethereum-based digital assets, making it the most popular blockchain technology in the Asian region.
Regulatory ease in Asia
Regulations in Asian countries have been easing in the past couple of years, opening them to broader adoption. Therefore, emerging as a potential market expansion for Ethereum-based chains and applications.
According to an OECD report, Southeast Asia is highly suitable for a rise in digital asset use. This has paved the way for governments to lay out regulatory frameworks to safeguard retail users. The trend has also slowly provided for regulations around digital assets to help mitigate consumer concerns.
Also, the report highlights possible international cooperation from governments in the region to come close to formulate laws surrounding virtual currencies for a steady and smooth rise in the customer base.
