Asia has emerged as the dominant force in the global cryptocurrency landscape, capturing 60% of worldwide users and establishing itself as the primary source of market liquidity, according to new research from Foresight Ventures and Primitive.
The report reveals that five Asian nations, including India, Indonesia, and Vietnam, have secured positions among the top 10 in the 2024 Global Crypto Adoption Index. Asian users generate 37.1% of global traffic to centralized exchanges (CEXs), leading this category while North America dominates decentralized exchange (DEX) usage.
In Singapore, merchants processed nearly $1 billion in crypto transactions during Q2 2024, marking a two-year high. The city-state has doubled down on crypto adoption, issuing 13 crypto licenses in 2024 - more than twice the previous year's count.
Despite common perceptions of China's complete crypto ban, the research uncovers a thriving crypto ecosystem. Chinese users actively participate through Hong Kong's gateway market and over-the-counter trading. The report shows that 5.9% of traffic to the pump.fun platform originated from Chinese-speaking regions, including mainland China, Hong Kong, Taiwan, and Indonesia.
Chinese crypto enthusiasts have adapted to regulatory constraints by utilizing stablecoins and DeFi platforms as alternatives. The market predominantly consists of young retail investors showing strong interest in high-risk assets like meme coins, particularly Dogecoin. Their engagement extends to DeFi, GameFi, and infrastructure projects.
"The international division of labor in the Web3 industry is even more critical compared to traditional internet sectors. Asia stands as a hub for crypto innovation, users, and trading markets," stated Forest Bai, Co-Founder of Foresight Ventures.
The research highlights that while trading faces restrictions in China, blockchain technology development continues to advance. Asian markets display unique characteristics in crypto adoption, with centralized exchanges and price-sensitive communities driving growth across the region.