Unchained Podcast Summary
Episode Title: How Asia’s Crypto Communities View the Tariffs and Trump’s Embrace of Crypto
Date: April 22, 2025
Host: Laura Shin
Guests: Emily Parker (China & Japan Advisor, Global Blockchain Business Council), Yat Siu (Chairman, Animoca Brands)
Overview
In this episode, Laura Shin discusses the current state of crypto in Asia in light of recent U.S. tariffs targeting Asian countries and former President Trump’s vocal support for crypto. Alongside industry leaders Emily Parker and Yat Siu, she explores how these developments are shaping sentiment, regulation, and adoption trends across China, Hong Kong, Japan, Korea, and beyond. The conversation also covers stablecoin and DeFi adoption, regional regulatory clarity, and why Asia leads global crypto use, closing with a focus on gaming as a key vector for Web3 growth.
Key Discussion Points & Insights
1. Guest Backgrounds and Perspectives
-
Emily Parker ([03:10])
- Longtime China-Japan-U.S. analyst, co-founder of Longhash (Asia-focused crypto startup).
- Focused on China’s government control over the internet and the evolution of online freedoms.
- Deep knowledge of cultural and regulatory nuances shaping crypto in Asia.
-
Yat Siu ([04:11])
- Austrian-born, music background; early career in European tech/gaming.
- Became a tech entrepreneur in Hong Kong in the 1990s; co-founded Hong Kong Online; involved early in crypto via gaming (CryptoKitties).
- Heads Animoca Brands: diverse portfolio (gaming, metaverse, web3 policy, stablecoin advisory).
- Advises Hong Kong’s Web3 council; involved in blockchain initiatives in the Middle East.
2. Impact of Trump’s Tariffs on Asian Crypto Communities
-
General Sentiment ([07:00]–[11:54])
- Tariffs are widely discussed across Japan, China, South Korea.
- Emily Parker: "I’m sort of feeling more panic coming from the United States. [...] In China, there’s kind of a lot of confidence [and] preparedness."
- Tariffs being woven into global debates about bitcoin as a hedge, stablecoins as an alternative tool.
- Yat Siu: Hong Kong’s business elite (many Chinese manufacturer owners) have been actively diversifying for years, lessening direct impact.
- Tariffs may affect crypto mining, but overall, the Asian response mirrors global speculation rather than panic.
Quote:
“In China, this is just sort of my anecdotal impression, but I don’t get the feeling that Chinese people are really panicking about these tariffs. [...] I’m sort of feeling more panic coming from the United States.”
– Emily Parker [07:00]- Bitcoin increasingly being added to balance sheets in Hong Kong/Japan/Singapore as a macro hedge.
3. Trump’s Embrace of Crypto and Its Asian Ripple Effects
-
Shift in U.S. Policy ([11:54]–[15:22])
- U.S. and European regulatory shifts (esp. MiCA) closely followed in Asia; vibe change towards optimism.
- Example: In Japan, serious talk about lowering punitive 55% crypto tax to ~20% (stock rate) to enable a spot Bitcoin ETF—previously impossible.
- Emily Parker: Surge in Korean crypto sentiment correlated with Trump’s election, signifying global impact of U.S. political shifts.
- Chinese crypto communities jubilant at Trump’s win, expecting “all our bags are going to go up” ([15:09]).
Quote:
“There was widespread jubilation in the crypto communities, particularly the Chinese crypto communities—‘Oh, Trump’s winning, all our bags are going to go up.’”
– Yat Siu [15:09] -
Complex China–Hong Kong–Crypto Dynamics ([15:29]–[20:08])
- Despite official bans, crypto trading common in China; ownership legal, trading exists via various workarounds.
- Hong Kong’s pro-crypto stance has China’s blessing; reflects the mainland’s cautious, strategic embrace of blockchain.
- Young Hong Kong crypto holders, ironically, have been pro-Trump, seeing him as potentially advantageous amid U.S.-China tensions ([17:44]).
4. Stablecoins and Strategic National Policy
- Dollar Dominance, Local Demand ([38:15]–[44:11])
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“99% of all stablecoins in the world are pegged to the value of the U.S. dollar.”
– Laura Shin [38:15] - Hong Kong's framework allows non-HKD pegged stablecoins; potential for both USD and CNY stablecoins in future.
- Japan’s ability to create JPY stablecoins is hampered by restrictions (reserves must be held in bank deposits, i.e., no yield), making USD stablecoins more appealing.
- Hong Kong’s central bank is piloting a stablecoin in partnership with Standard Chartered and Animoca Brands—a possible world-first for a central-bank-licensed stablecoin ([40:25]).
- China’s digital yuan (CBDC) more focused on BRICS trade settlements; not seen as a widespread retail or store-of-value tool.
-
5. Regulatory Clarity: Why Asia Often Outpaces the West
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Comparison with U.S. ([22:31]–[25:34])
- Asia typically offers clearer crypto rules—even if strict—compared to persistent U.S. ambiguity.
- Japan: pioneer in utility token regulation and comprehensive stablecoin rules, albeit slow rollout.
- U.S. remains dominant in capital, but many institutional players are taking a “wait and see” approach on regulatory clarity.
Quote:
“One of the main issues with the US is not just...friendliness to crypto or lack of friendliness...it’s a lack of regulatory clarity. And that’s something that Asia generally has.”
– Emily Parker [22:31]
6. The Asian Crypto Adoption Premium
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[25:34]–[33:57]
- Asia boasts highest regional crypto adoption rates globally (22% region-wide vs. 7.8% global per CoinDesk).
- Wide variance: 43% in Thailand, 31% in Philippines, 12% Japan, 17% China.
- Growth is driven by both advanced financial hubs with capitalist wealth-building traditions (Hong Kong, Singapore), “American Dream” mentality, and real-world use cases in emerging markets (remittances in Philippines, Indonesia).
- Japanese adoption lags due to cultural discomfort with discussing money and high taxation; stablecoin use remains small but is developing.
- Hong Kong, Taiwan, and Singapore: massive remittance flows and migrant labor create compelling stablecoin use cases.
Quote:
“I think the American dream is much more alive and well in Asia than it is in America.”
– Yat Siu [28:54]
7. Korean Crypto Culture: Exchanges, DeFi, & ‘Shadow Bans’
- [34:46]–[38:15], [60:51]–[63:42]
- South Korea’s crypto activity is dominated by retail trading on exchanges, almost no DeFi usage.
- Reasons: recent regulatory moves keep taxes on trading at bay (to appeal to young voters), and historic scars from high-profile DeFi failures (Terra/Luna) ([36:04]).
- Language/culture contributes to local platform preference and insularity.
- Institutional investment has been restricted by a de facto "shadow ban," now being gradually lifted ([61:16]–[63:42]).
- Rigorous KYC (even for Metamask wallets) and controls over capital flight persist, shaping the unique Korean market.
8. Hong Kong as a "Testbed": China’s Cautious Experimentation with Crypto
- [44:11]–[54:55]
- Hong Kong’s relatively open legal and financial environment allows it to serve as an experimental zone for China’s crypto ambitions.
- China’s broad, top-down approach seeks stability, not speculative mania, with cautious, measured rollouts: “The idea that people are going to start trading crypto the way that we do in the rest of the world, it’s a bit of a pipe dream...But it can and will happen through Hong Kong.”
– Yat Siu [45:06] - Massive, largely tolerated crypto trading volume still happens in China proper, but only via higher effort “workarounds.”
- Exchange ecosystem in Hong Kong is scaling up (from 2 to 10 licensed platforms) in anticipation of future mainland demand.
9. Gaming: Asia’s Crypto Innovation Engine
-
[70:49]–[80:37]
- Despite a broader slump in gaming, Web3 gaming’s user base in Asia is booming (7 million DAUs in 2024).
- Key drivers: Telegram games enabled new distribution bypassing Apple/Steam restrictions; Asian companies (Sony, Square Enix, Sega) actively building in Web3.
- U.S. gamer culture remains more hostile to NFTs/crypto in games; Asia remains more open and commercially innovative.
- Major events (Nintendo Switch 2, Grand Theft Auto 6 release) expected to reinvigorate both sentiment and profitability in the sector.
Quote:
"A lot of people don’t talk about this enough, but 2024, in terms of crypto gaming adoption, has been one of the best years ever...numbers have gone up for a number of reasons..."
– Yat Siu [71:37]
Notable Quotes & Memorable Moments
-
On the Trump Tariff Shock:
- “I’m sort of feeling more panic coming from the United States...” – Emily Parker [07:00]
-
On China’s Crypto Ban Narrative:
- “Crypto isn’t actually really banned in China. Like, that’s not really true. Like, that’s just kind of like a media trope that people say.” – Emily Parker [00:48, repeated at 50:22]
-
On Regulatory Clarity:
- “The main issue with the US...is a lack of regulatory clarity. That’s something that Asia generally has.” – Emily Parker [22:31]
-
On the American Dream:
- "The American dream is much more alive and well in Asia than it is in America." – Yat Siu [28:54]
-
On Gaming and Web3:
- “Gaming is going to be at a high point, we believe, by the end of the year, which will have a broader impact on tokens as a whole.” – Yat Siu [77:21]
- “One of the reasons why Asia has long had an advantage in kind of web3 gaming is...there’s just more traditionally been more opposition to this idea of web3 gaming in the US ...That kind of attitude doesn’t exist so much in Asia.” – Emily Parker [78:02]
Timestamps for Important Segments
- Emily Parker’s Background – [03:10]
- Yat Siu’s Background – [04:11]
- Asian Reactions to Trump’s Tariffs – [07:00]
- Bitcoin, Tariffs, Mining in Asia – [09:00]
- U.S. Policy Shift Ripple Effects in Asia – [11:54]
- Hong Kong as a Gateway/Experiment – [44:11]
- Stablecoins, Dollar Hegemony, and Local Laws – [38:15], [40:25]
- Why Asia Leads in Crypto Adoption – [25:34]
- Korea: Trading vs. DeFi & Shadow Ban on Institutions – [34:46], [60:51]
- Gaming as a Leading Sector – [70:49]
- China’s Cautious Testing in Hong Kong – [45:06], [48:32]
- Closing Thoughts & Guest Links – [80:48]
Conclusion
This rich, nuanced episode demystifies the evolving landscape of crypto across Asia, highlighting how local culture, economic history, and regulation interact with seismic shifts in U.S. policy. While the region’s regulatory clarity and openness to innovation (especially in gaming and stablecoins) fosters towering adoption rates, each nation’s story and approach remains distinct. Under the looming presence of both U.S. politics and China’s unique strategic conservatism, Hong Kong emerges as the “testbed” for greater possibilities—while the world, as ever in crypto, awaits the next pivot.
Guest Links:
- Animoca Brands (Yat Siu's projects and updates)
- Emily D. Parker on X (Twitter): @EmilyDparker
For further reading and resources, see the episode show notes.