U.S. Clarity Act failure gives Asia and Middle East a competitive edge, says Apex Group CEO
Apex Group CEO Peter Hughes warned that the failure of the U.S. Clarity Act will drive digital asset businesses toward faster-moving jurisdictions in Asia and the Middle East.
The failure of the U.S. Clarity Act to pass has given Asia and the Middle East a competitive advantage in the digital asset space, according to Peter Hughes, CEO of Apex Group. Hughes believes that the delay in implementing a clear regulatory framework for digital assets has led companies to seek solutions in faster-moving jurisdictions, such as Asia, the Middle East, and even Bermuda.
Europe's Markets in Crypto-Assets Regulation (MiCA), while in place, is described as slow to evolve and restrictive. Apex Group, which operates across 50 jurisdictions and manages over $3.5 trillion in assets, is partnering with droppRWA and Tokeny to help turn real-world assets into regulated blockchain-based investment products, starting in Saudi Arabia.
Hughes suggests that U.S. banking institutions have also influenced the debate around the Clarity Act, as they seek to protect their position in the financial system. Tokenized money market funds are seen as a major driver of institutional adoption in this space.
Brief written by urgent.news from CoinDesk's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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