Asia has solidified its position as the global leader in cryptocurrency adoption, accounting for 60% of global crypto users and contributing the largest share of worldwide liquidity. This insight comes from the latest “GTM in Asia” report, released by Foresight Ventures in collaboration with Primitive Ventures, which highlights Asia’s pivotal role in shaping the global cryptocurrency landscape.
The 2024 Global Crypto Adoption Index underscores this influence, with five Asian nations securing spots in the rankings. India leads the way at the top position, followed by Indonesia in third place, Vietnam in fifth, the Philippines in eighth, and Pakistan in ninth. Forest Bai, co-founder of Foresight Ventures, emphasized the region’s importance: “Asia stands as a significant hub for crypto innovation, users, and trading markets.”
Centralized exchanges (CEXs) such as Binance and Upbit dominate the region’s crypto ecosystem, accounting for 37.1% of global traffic to these platforms. Asian users frequently rely on these exchanges as trusted intermediaries, leveraging their liquidity and rigorous vetting processes instead of engaging directly with individual cryptocurrency projects. This preference for centralized exchanges also reflects broader socio-economic trends in the region, where speculative behaviors like airdrop farming and meme-based trading remain prominent. These practices are often driven by socio-economic disparities and wealth aspirations.
The report also highlights the unique characteristics of various markets within Asia. India, for instance, leads globally in Telegram downloads and daily active users, with the app’s Mini Bots serving as a gateway to crypto adoption. Vietnam has emerged as a hub for GameFi development, exemplified by projects like Axie Infinity, which have paved the way for blockchain innovation. Meanwhile, South Korea’s crypto market is characterized by high liquidity and speculative retail trading, supported by platforms like Upbit, which is integrated into the KakaoTalk ecosystem. The Philippines has harnessed its strong remittance culture and gaming ecosystem to become a leader in play-to-earn adoption. Despite regulatory hurdles, Hong Kong remains a critical player, thriving in over-the-counter markets and stablecoin usage while acting as a key gateway for the region.
Indonesia’s role in the crypto space is particularly noteworthy. Ranking third globally in crypto adoption, the country received $157.1 billion in cryptocurrency value between July 2023 and June 2024, making it the leader in Southeast Asia by this metric. Singapore and Hong Kong, on the other hand, are competing for the title of Asia’s crypto hub. Singapore’s progressive regulatory framework has attracted major exchanges like Gemini, OKX, and Upbit, all of which received licenses in 2024.
The embrace of digital assets by Asia’s wealthy is becoming increasingly evident. According to a report by Aspen Digital, 94% of affluent investors in the region are either already invested in Bitcoin and other cryptocurrencies or plan to do so. This growing interest highlights the emergence of crypto as a preferred asset class among Asia’s elite, reinforcing the region’s significant impact on the global cryptocurrency economy.
As Asia continues to lead in adoption, innovation, and investment, it remains a driving force in shaping the future of the cryptocurrency market on a global scale.