Recent research reveals that Asia is leading the charge in the cryptocurrency world, with 60% of the global user base residing in this region. Consequently, it leaves North America and Europe trailing behind.

According to findings released by Foresight Ventures and Primitive Ventures on January 13, 2025, Asia's influence on Web3 is overwhelming, characterized by digital asset trading volumes exceeding $20 billion daily.

🌏 Asia drives the global crypto revolution! With 60% of global users & the largest share of liquidity, it’s the hub of digital finance. Our "GTM in Asia" report co-published with @primitivecrypto breaks down the region’s key trends. 🧵👇 pic.twitter.com/vTl6d2DSsY

— Foresight Ventures @ForesightVen January 15, 2025

Key Highlights

Leading Countries in Asia

• India is at the forefront of digital currency adoption, followed by Indonesia and Vietnam. The Philippines and Pakistan complete the top five, all featuring prominently in the 2024 Global Crypto Adoption Index.

• With a GDP per capita of $12,000, China boasts a robust mix of digital innovation despite strict regulations. Notably, 59 million individuals in China are cryptocurrency owners, placing it as the second largest crypto market globally.

• Indonesia has emerged as a significant player, securing a global ranking of #3 in crypto adoption, acquiring $157.1 billion in crypto value between July 2023 and June 2024.

• Singapore and Hong Kong are in competition to become Asia’s crypto capitals, with Singapore attracting major platforms due to favorable regulations.

Emerging Trends

• Centralized exchanges like Binance and Upbit are prevalent, while regulators work to safeguard investors amidst speculative activities.

• The younger generations—Millennials and Gen Zs—are spearheading the crypto movement, revealing a distinct generational divide where older generations show minimal participation.

  • India - Utilization of Telegram Mini Bots for Web3 engagement.
  • Vietnam - Significant interest in play-to-earn games.
  • South Korea - Expansion in speculative retail trading.
  • Hong Kong and Singapore - Institutional players are increasingly influential.
  • Philippines - Growth in crypto-based remittances and gaming.

Conclusion

The pace of cryptocurrency adoption in Asia appears to be stronger than anticipated, with India maintaining its global ranking even with aggressive taxation policies. Countries previously skeptical towards cryptocurrencies are witnessing a cultural shift that encourages investment participation.

For further reading, check this article on joint warnings on North Korean crypto thefts.