Three Asian countries-- South Korea, Philippines and Thailand—are more actively working to create a crypto valley in the region, CCN.com reported.

As part of their efforts, these three countries are taking crypto-friendly steps one after another although most of the South Asian countries are still cracking down on cryptocurrency trading and blockchain-related developments.

However, success of Malta, Zug and Switzerland is working as encouraging factor for Philippines, Thailand, and South Korea.

Several months back Thailand said it was planning to impose heavy tax on both cryptocurrency investors and trading platforms, leaving local investors outraged. But now it has softened its stance.

During an interview with Nikkei, Lito Villanueva, chairman of FintechAlliance, said that Thailand is working to create the next “crypto valley in Asia” by establishing a $100 million blockchain hub.

Villanueva said:

“With these startups come huge investments in their portfolio. Surely, each country would want to take a piece of the action. Taking blockchain and fintech players in with enabling regulations and potential investment incentives would surely make the game more exciting.”

South Korea is making significant efforts to boost the cryptocurrency and blockchain sector.

Already it has drafted country’s first cryptocurrency and blockchain legislation to bring the sector within legal framework.

The South Korean government has announced to invest $4.4 billion in emerging blockchain technology based companies.

Country’s regional governments are also taking up various crypto-friendly programmes in a bid to become the blockchain capitals of Asia.

In the Philippines, several startups including Coins have already become very popular platforms in the country.

Philippines market has top 10 mobile applications including Coins.ph, the Philippines arm of Coins.

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