New research has just been released, and spoiler alert: Asia is absolutely killing it in crypto. It turns out that 60% of global cryptocurrency users reside outside of Asia, officially leaving North America and Europe in the dust.
According to research published by Foresight Ventures and Primitive Ventures on January 13, 2025, Asia is not just engaging in Web3, it is owning it. The region is considered a giant when it comes to shaping future trends, with daily digital asset trading volumes exceeding $20 billion.
Asia is leading the global cryptocurrency revolution! With 60% of global users and the largest share of liquidity, it is the center of digital finance. Our report “GTM in Asia” is jointly published with @primitivecrypto It breaks down the major trends in the region.
pic.twitter.com/vTl6d2DSsY
— Foresight Ventures (@ForesightVen) January 15, 2025
India leads the pack (by a mile)
India is the undisputed champion in cryptocurrency adoption in Asia, with Indonesia and Vietnam occupying second and third places. The Philippines and Pakistan occupy the top five places. They all made it to the top 10 in the 2024 Global Cryptocurrency Adoption Index.
With a per capita GDP of $12,000, China has a powerful mix of digital innovation and engineering expertise. Its tech-savvy population is driven by FOMO, despite the country’s strict policies. Fun fact: 59 million people in China own cryptocurrencies, making it the second largest cryptocurrency market after India.
Indonesia is making noise as a regional heavyweight, ranking third globally in cryptocurrency adoption. Between July 2023 and June 2024, the country generated a whopping $157.1 billion worth of cryptocurrencies, making it the clear leader in Southeast Asia.
Meanwhile, Singapore and Hong Kong are competing head-to-head for the title of Asia’s cryptocurrency hub. Singapore’s progressive regulations have made it a magnet for big players like Gemini, OKX and Upbit, all of which received licenses in 2024. Cryptocurrency users here are mostly institutions focused on long-term gains. With clear regulations and a cryptocurrency ownership rate of 24.4%.
When it comes to private wealth, Asia’s elite are interested in digital assets. A report by Aspen Digital shows that 94% of wealthy investors in the region are already interested in Bitcoin and other cryptocurrencies, or plan to be soon.
Japan, for example, which sits in the $33K-$35K per capita GDP range has roughly 350K daily active traders, and leans heavily into NFTs, inspired by its rich artistic and cultural history.
explores: CoinDCX India CEO Hopes to Relax on Cryptocurrency Taxes in Budget 2025. Could CoinDCX Acquire WazirX?
What’s the mood like in the Asian Web3 scene?
Centralized exchanges dominate the market at the moment, with Binance and Upbit leading the charge. These two are the best players in the Asia-Pacific and Middle East regions.
Regulators are doing their job to protect investors, but let’s be real: the cryptocurrency landscape is still rife with speculation. Trading coins and farming airdrops? huge. But when it comes to long-term carriers? Yes, not much.
Research suggests that Millennials and Generation Z are running the show
It’s no surprise that it’s the younger blood – Millennials and Generation Z – that are fueling the cryptocurrency boom. Gen X and Boomers? Barely a blip on the radar, with less than 10% of users logged in.
- India: People are diving into Web3 through Telegram Mini Bots.
- Vietnam: P2E games are Everything.
- South Korea: It’s all about speculative retail trading.
- Hong Kong and Singapore: Institutional investors take the wheel.
- Filipino: Cryptocurrency-based remittances and P2E gaming give the country significant influence.
explores: This Week in Crypto Asia: Thailand Tries Bitcoin Payments in Tourism, While Indonesia Moves Cryptocurrency Supervision to OJK
Research numbers are larger than expected
Even crypto bulls have been surprised by how huge adoption rates have been in Asia. Take India for example: despite heavy government taxes, it maintains a strong position in second place in the world.
Also, places like South Korea, Thailand, and Indonesia faced very harsh government policies in 2024, but that did not stop the crypto wave. In fact, areas that once overshadowed digital assets have changed their stance, sparking a new wave of institutional and retail investors.
explores: The United States, Japan, and South Korea issue a joint warning about cryptocurrency thefts in North Korea
The post This Week in Cryptocurrencies in Asia: 60% of Global Crypto Users Are From Asia appeared first on 99Bitcoins.