Fresh research just dropped, and spoiler alert: Asia is absolutely killing it in the crypto space. It turns out that 60% of global crypto users are based out of Asia, officially leaving North America and Europe in the dust.
According to research published on the 13th January 2025, by Foresight Ventures and Primitive Ventures, Asia isn’t just dabbling in Web3—it’s owning it. The region is a giant when it comes to shaping future trends, with daily digital asset trading volumes smashing past $20 billion.
🌏 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
India’s Leading the Pack (By a Mile)
India is the undisputed champion of digital currency adoption in Asia, with Indonesia and Vietnam tagging along in second and third place. The Philippines and Pakistan round out the top five. All of them made it to the 2024 Global Crypto Adoption Index’s top 10 list.
With a GDP per capita of $12K, China’s got a solid 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 crypto, making it the second-largest crypto market after India.
Indonesia is making waves as a regional heavyweight, locking in the #3 spot worldwide for crypto adoption. Between July 2023 and June 2024, the country pulled in a massive $157.1 billion in crypto value, making it the clear leader in Southeast Asia.
Meanwhile, Singapore and Hong Kong are in a head-to-head race to claim the title of Asia’s crypto hub. Singapore’s forward-thinking regulations have made it a magnet for big players like Gemini, OKX, and Upbit, all of which snagged licenses in 2024. Crypto users here are mostly institutions focused on long-term gains. With clear regulations and a 24.4% crypto ownership rate.
And when it comes to private wealth, Asia’s elite are all about digital assets. A report from Aspen Digital shows that 94% of wealthy investors in the region are already into Bitcoin and other cryptos—or plan to be soon.
Japan, for example, sitting in the $33K–$35K GDP per capita range has approximately 350,000 daily active traders, and leans heavily into NFTs, drawing inspiration from its rich art and cultural history.
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What’s the Vibe in the Asian Web3 Scene?
Centralized exchanges dominate the market right now, with Binance and Upbit leading the charge. These two are the MVPs in Asia-Pacific and the Middle East.
Regulators are doing their thing to protect investors, but let’s be real: the crypto scene is still heavy on speculation. Meme coin trading and airdrop farming? Huge. But when it comes to long-term holders? Yeah, not so much.
Research Suggests Millennials and Gen Zs Are Running the Show
Unsurprisingly, it’s the young blood—millennials and Gen Z—fueling the crypto boom. Gen X and Boomers? Barely a blip on the radar, clocking in at less than 10% of users.
India: People are diving into Web3 through Telegram Mini Bots.
Vietnam: Play-to-earn (P2E) games are everything.
South Korea: It’s all about speculative retail trading.
Hong Kong and Singapore: Institutional investors are taking the wheel.
Philippines: Crypto-based remittances and P2E games are giving the country major clout.
Explore: This Week In Crypto Asia: Thailand Trials Bitcoin Payments In Tourism, While Indonesia Shifts Crypto Oversight To OJK
Research Numbers Are Even Bigger Than Expected
Even crypto optimists were surprised by how massive Asia’s adoption rates have become. Take India: despite heavy government taxation, it’s holding strong in second place globally.
Also, places like South Korea, Thailand, and Indonesia faced pretty harsh government policies in 2024, but that didn’t stop the crypto wave. In fact, regions that once threw shade at digital assets have had a change of heart, sparking a new wave of institutional and retail investors.
Explore: US, Japan, South Korea Issue Joint Warning On North Korean Crypto Thefts
Disclaimer
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