Blockchain infrastructure continues to be adopted by large organizations in the Asia-Pacific (APAC) region, and a Blockdaemon executive predicts that the technology could soon expand into small and medium-sized enterprises (SMEs).
Blockchain Prospects for SMEs
Andrew Vranjes, the head of international and vice president at blockchain infrastructure provider Blockdaemon, told Cointelegraph that blockchain technology will ultimately reach smaller companies as it develops in the APAC region. “As blockchain solutions become more mature and scalable, adoption will expand beyond multinational corporations to include small and medium-sized enterprises (SMEs) that play a critical role in the APAC supply chain,” noted Vranjes.
Active Promotion of Blockchain in APAC
Vranjes said that Singapore and Japan are taking steps to regulate and explore blockchain technology. The executive said supportive policies, regulatory sandboxes, and public sector blockchain initiatives encourage institutional participation. “The Monetary Authority of Singapore (MAS) has been a global leader in fostering fintech innovation, and Japan’s regulatory clarity around crypto assets has made it a hub for blockchain firms,” explained Vranjes.
Hurdles in Blockchain Adoption
Despite significant interest from large organizations, Vranjes believes there are still hurdles holding some companies back from implementing blockchain solutions. These include tax regulations. “The treatment of cryptocurrencies and digital assets for tax purposes remains unclear in many jurisdictions. Reporting on capital gains, trading profits, and other taxable events involving digital assets presents complexities for institutions, as there is often no clear guidance,” emphasized Vranjes. He also noted that one of the biggest challenges is the lack of uniform regulations on blockchain and digital assets. Different countries, even within the same region, have varying rules for crypto, tokenization, data privacy, and smart contracts. “These challenges primarily stem from the decentralized, cross-border nature of blockchain and the rapidly evolving regulatory landscape,” added the expert.
Interest in blockchain technology continues to grow among large organizations, and experts believe that the technology will soon find application among SMEs in APAC. However, existing hurdles need to be addressed, and uniform regulatory frameworks created.
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