亚太加密货币报告.pdf

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APAC
CRYPTOCURRENCY
REPORT
Economictrends,regulatoryupdates,and
blockchainanalysisenhancements
October2019:.
TableofContents
Introduction:ApplyingGlobalRegulatoryGuidanceinAPAC1
APACCryptocurrencyEconomicAnalysis2
JapanRegulatoryClimate8
RepublicofSouthKoreaRegulatoryClimate9
FATFRecommendation16andBlockchainAnalysis10
HowChainalysiscanhelp11:.
Introduction:
ApplyingGlobalRegulatoryGuidance
inAPAC
InJune2019,theFinancialActionTaskForce(FATF),theinter-governmentalbodythatsets
globalstandardsrelatedtoanti-moneylaunderingandcombatingthefinancingofterrorism
(AML/CFT),publisheditsmuchanticipatedguidanceonhowits200+memberandobserver
states,includingJapanandtheRepublicofSouthKorea,willhavetostartregulatingvirtual
assetmarketsintheirjurisdictions.
FATF’sguidancerepresentsthefirstmajorsteptowardglobalregulatoryclarity,andwill

fromregulatorsfarsurpassescurrenteffortsinmostcountries,andcountrieswillsuffer
seriouseconomicconsequencesiftheyareevaluatedtobedeficientregardingAML/CFT
duringmutualevaluations.
Long-term,thisregulatoryguidancewillformalizeAML/CFTbestpracticesandhelpthe
-term,
regulators,financialinstitutions(FIs),andindustryparticipantswillneedtofurtherinvest
inmitigatingtheriskofmoneylaunderinginlinewithpreviousrecommendationsforother
valuetransfermechanisms.
EachofFATF’smemberandobserverstatesarenowexpectedtoleverageitsguidance
asaframeworkfordevelopingoraugmentingtheirownregulationsfortheirindividual
’srevisedmethodologyformutualevaluationsis
adopted,countrieswillbeassessedbasedonthenewguidance.
Notably,FATF’srecommendation16,whichmirrorsthe“TravelRule”.,requires
VirtualAssetServiceProviders(VASPs)tosendoriginatorandbeneficiaryinformationto
otherVASPsorfinancialinstitutionswhoarecounterpartiestotransactionsover1000EUR/
USD(thethresholdfortheTravelRuleis3000USD).Thispresentsasubstantialtechnical
obstacleforcryptocurrencybusinessestoimplementthe“secure”and“immediate”transferof
informationtootherobligedentities.
Inthisreport,weexamineeconomictrendsinAPAC,whichhighlighttheimportanceof
APAC’sflourishingcryptocurrencyecosystemtothesuccessofcryptocurrencyoveralland
what’
discusshowregulatoryactivityinbothJapanandtheRepublicofSouthKoreaispushing
towardalignmentwithFATF,,we
sharehowChainalysiscompliancetechnologycanassistcryptocurrencybusinessesmeet
FATF’srequirements.
JesseSpiro,HeadofPolicy,Chainalysis
PROPRIETARY1:.
APACCryptocurrencyEconomicAnalysis
Inordertoexamineregionaleconomictrends,weneededtomapwhichexchangeswere

acrossborders,simplyknowingwhereanexchangeisheadquarteredisn’tthebestwayto
understandwhichmarket(s)itserves.
Thereisnosingleindicatorweusetodetermineanexchange’
attributeexchangestocertainmarketsbyanalyzingseveralfactors,includingtopfiat
tradingpairs,webtrafficorigin,companyregistrationandpublicsourcinginformation,

whoseactivityisnotconcentratedinoneregion,butratherisdispersedacrossmanyregions.
ExamplesofglobalexchangesincludeBinanceandBitfinex.
Here’swhatwefoundrelatedtotheAPACregion.
40%oftheTop50ExchangesinTermsofBitcoinOn-ChainActivity
AreinAPAC
Source:Chainalysis
BasedonChainalysison-chaintransactiondatafromthefirsthalfof2019,20ofthetop50
exchangesareinAPAC,followedby9inEurope,8inotherregions,.,4inLatin
America,and3global.
WithintheAPACregion,mostexchangesareinChina,followedbytheRepublicofSouth
KoreaandJapan.
PROPRIETARY2:.
ExchangesinAPACreceiveandtradethemostBitcoin
ThereismoredemandforBitcoininAPACthaninanyotherregion,whichinturndrivesthe
highnumberofcryptocurrencybusinessesintheregion.
Source:Chainalysis
Ofthetop50exchanges,APACexchangesreceivedthemostBitcoininthefirsthalfof2019,
accountingfor35%,andglobal

receivedwasHuobi.
APACexchanges’shareofspottradingvolume,whichaccountssolelyforimmediate
purchasesofcryptocurrencies,
dominatethetradingofoptionsandfuturescontracts,withnearly90%
contractstraded.
Source:KaikoandChainalysis
PROPRIETARY3:.
APACExchangesPrimarilyTransactwithOtherAPACExchanges
Source:Chainalysis
AftertheBitcoinrallyandChina’stighteningoversightofcryptocurrencyin2017,nearly50%



thesecondhalfof2017andthereforebecamemoreattractivetoprofessionaltraders.
Still,from2014throughthefirsthalfof2019,APACexchangessentamajorityoftheirfunds
-basedOKCoinwasthelargestsenderandreceiverof
inter-,Bittrexreceivedthemostfundsfromtheregion,
followedbyBinanceandBifinex.
APACexchangesadded1millionBitcoindepositaddressesinthe
firsthalfof2019
Source:Chainalysis
PROPRIETARY4:.
ExchangesintheUnitedStatesaddedthelargestnumberofbitcoindepositaddresses,

addressesthroughAugustofthisyear,
largeincreaseinnewdepositaddressesinMayandJunerelativetootherregions,as
,newdepositaddresscreationfellmost
dramaticallyinAPACafterthatpeak,toitslowestlevelthisyear,whereasnewdeposit
addressesatexchangesintheUnitedStateshaveremainedrelativelyhigh.
ThenumberofnewBitcoindepositaddressescreatedatexchangesprovidesanestimateof

ofthenumberofnewpeopleinteractingwithexchangesontheBitcoinblockchain,butit
shouldnotbeconsideredanupperboundestimateofthetotalnumberofnewpeopleon
,

bymakingfiatdeposits,
,asthemajority
ofBitcointransactionsarecurrentlytoandfromexchanges,newBitcoindepositaddressesis
arelevantmetricofoveralluserengagementwithBitcoin.
WhilethevastmajorityofBitcointradingpairsinJapanandKorea
tradeagainsttraditionalfiatcurrency,99%ofBitcoinspottradesin
ChinaarenowagainstTether
Source:KaikoandChainalysis
JapaneseexchangesonlytradeusingtheJapaneseYen,andKoreanexchangesmostlytrade
usingtheKoreanWon,indicatingstrongbankingrelationshipswithestablishedexchanges
,inChina,Tetherhasbecomethemostpopularcurrencyin
Bitcointofiatandstablecointradingpairs.
PROPRIETARY5:.
Source:KaikoandChainalysis
Asvisualizedinthechartabove,thistransitiontookplacewhenChinaoutlawedtrading
betweenBitcoinandtheChineseYuan,andTethertooktheYuan’splaceasthetradingpair

data.
IllicitandriskyactivityinAPACisinlinewithglobaltrends
ThemajorityoffundsreceivedbyAPACexchangesisfromotherexchanges,withatotalof
%offundscomingfromillicitorriskyaddresses.
%offundscomefromothersources,whichincludemerchantservices,hostedwallets,
mining,unknownactivity,andadditionalcategories.
BothJapanandKoreahavecomparableexposuretoriskyactivity,withapproximately3%

hasahigherconcentrationofriskyactivitycomingfromgamblingandhighriskexchanges,
Koreahashigherexposuretopeer-to-
ofexposuretoillicitcategoriesthanJapan,%%respectively,butmostof
PROPRIETARY6:.

mostamountoffundsfromknownscamsin2019,secondonlytoChina,largelydrivenby
involvementinBitConnect.
Overall,itisdifficulttooverstatetheimportanceofAPACtoglobalcryptocurrencymarkets.
APACishometothemostnumberoftopexchanges,receivesthemostBitcoin,tradesthe
mostvolume,,APAC—
JapanandtheRepublicofSouthKoreainparticular—isalsoleadingtheindustryinadopting
theAML/CFTregulationsinlinewiththeFATFguidance.
PROPRIETARY7:.
JapanRegulatoryClimate
Historically,theJapanVirtualCurrencyExchangeAssociation(JVCEA)hassetthestandard
forregulationandoversight,,theJVCEA
istheonlyself-regulatoryorganizationthatexistswithinthecryptocurrencyindustry.
Recently,however,Japan’sFinancialServicesAgency(FSA)hastakenamoreactive
approachintheregulationofthecryptocurrencyspace,whichshowsfurtheralignment
withtheFATFstandards.
InMay,theJapaneseHouseofRepresentativesapprovedanewbilldraftedbytheFSAto
amendtwonationallawsthatapplytocryptocurrencyassets,thePaymentsServicesActand
theFinancialInstrumentsandExchangeAct.
Theproposedamendmentsseekto:tightencryptocurrencyregulationinordertopromote
userprotection;morestaunchlyregulatecryptoderivativestrading;mitigateindustryrisks
suchasexchangehacks;andestablishamoretransparentregulatoryframeworkforthe
,cappingleverageto

2020.
TheamendmentstothePaymentsServicesActincludetighterrestrictionsoncustodial

ActincludeclarificationthatInitialCoinOfferings(ICOs),SecurityTokenOfferings(STOs),
andderivatives—whichmakeupalargeshareoftheJapanesemarket—fallunderthatlaw.
Therevisedlawsstilldonotclearlydefineregulationofanonymity-enhancing
cryptocurrencies.
ManybelievethatJapan’svirtualcurrencyregulationwillsetaglobalbenchmarkfor
regulatingthesector,astheyhavebeenattheforefrontinmanyrespectspreviously.
PROPRIETARY8:.
RepublicofSouthKoreaRegulatoryClimate
InAugust,theFinancialIntelligenceUnit(FIU)intheRepublicofSouthKoreaunderthe
FinancialServicesCommission(FSC)disclosedaplantodirectlyregulatecryptocurrency
,theFIUindirectlycontrolscryptocurrencyexchangesthrough
administrativeguidancetobanks.
TheFIUplanstoseekanamendmenttotheActonReportingandUseofCertainFinancial
TransactionInformation,whichreflectstheFATF’
passtheNationalAssembly.
Oncepassed,thegovernmentwillenhancethetransparencyofcryptocurrencytransactions
byintroducinga“cryptocurrencyexchangelicensingsystem,”asrecommendedbyFATF.
TheRepublicofSouthKoreaisparticularlyinclinedtopassmeasuresthatimprove
transparencyofcryptocurrencygiventheincreasingamountofhackscryptocurrency
exchangeshavesufferedinthepastyear.
TheRepublicofSouthKoreaalsohasanongoinginitiativetoencourageblockchain
technologydevelopmentbycreatingregulatory“sandboxes.”Busanwasrecentlydeclared
Korea’sblockchain“regulation-free”zone,andJejuIslandisredoublingitseffortstoearn
thesamedesig