Asia Leads Global Crypto Adoption with 60% of Global Users

Asia accounts for 60% of global crypto users and contributes the largest share of worldwide liquidity, according to Foresight Ventures, a crypto-focused venture capital firm.

On Jan. 9, Foresight Ventures released its latest “GTM in Asia” report, co-published with Primitive Ventures, noting Asia’s influence in the global cryptocurrency landscape.

Five Asian nations feature in the 2024 Global Crypto Adoption Index, with India securing the top position, Indonesia ranking third, Vietnam placing fifth, the Philippines coming in eighth, and Pakistan taking the ninth spot.

“Asia stands as a significant hub for crypto innovation, users, and trading markets,” said Forest Bai, co-founder of Foresight Ventures. “

Centralized Exchanges and Speculation

Centralized exchanges (CEXs) like Binance and Upbit dominate the region’s crypto activities, accounting for 37.1% of global traffic to these platforms. The report notes that Asian users often rely on CEXs as trusted intermediaries, leveraging their liquidity and vetting capabilities rather than engaging directly with individual crypto projects.

Speculative behaviors, including airdrop farming and meme-based trading, are also prominent in Asia. These trends are fueled by socio-economic disparities and wealth expectations fostered by CEXs, significantly shaping user behavior on-chain.

Market-Specific Highlights

Foresight’s report dives into the distinctive characteristics of key markets in Asia:

India leads globally in Telegram downloads and daily active users, with Telegram Mini Bots serving as gateways to crypto adoption.

Vietnam has emerged as a hub for GameFi development, with projects like Axie Infinity paving the way for blockchain innovation.

South Korea, is a highly liquid market driven by speculative retail trading and platforms like Upbit, integrated into the KakaoTalk ecosystem.

Meanwhile, the Philippines has leveraged its strong remittance culture and gaming ecosystem, becoming a leader in play-to-earn adoption.

Despite regulatory hurdles, crypto thrives in Hong Kong OTC markets and stablecoin use, with Hong Kong acting as a key gateway.

India and Indonesia Lead Asia’s Crypto Adoption Surge

Asia continues to dominate the global cryptocurrency landscape, with nine of the top 20 nations in Chainalysis’ 2024 Global Crypto Adoption Index hailing from the region. India claims the top spot, while Indonesia ranks third, showcasing the region’s pivotal role in shaping the crypto economy.

Indonesia has emerged as a regional powerhouse, ranking third globally in crypto adoption. Between July 2023 and June 2024, the country received $157.1 billion in cryptocurrency value, leading Southeast Asia in this metric.