U.S. Clarity Act failure gives Asia and Middle East a competitive edge, says Apex Group CEO
Source: CoinDesk ·
From the source
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 U.S. risks losing digital asset business to Asia and the Middle East if it continues to delay crypto legislation or fails to implement a clear, certain regulatory framework for digital assets, said Peter Hughes, founder and CEO of Apex Group, a global financial firm. Hughes said, however, that Europe will not benefit from Washington’s setback despite having its own rules in place since July 1 . “I think that the Clarity Act and the delay around that will lead to people finding other solutions elsewhere,” Hughes told CoinDesk in an interview. Hughes singled out Europe’s Markets in Crypto-Assets Regulation (MiCA), describing it as slow to evolve and restrictive. “But I do think there's opportunities in Asia, which are moving quickly; the Middle East; even places like Bermuda are moving quickly around having…