By Nermeen Nabil Khear 
A study by Foresight Ventures and Primitive Ventures has revealed that Asia leads other continents with the largest number of crypto users globally. According to the report, countries such as India, Vietnam, and Indonesia made it to the top ten countries with the largest crypto-savvy population worldwide.
Foresight Ventures, a crypto-focused venture capital firm and Primitive Ventures, a frontier prop investment firm, recently unveiled their “GTM in Asia” report.
The report showed that the Asian region was the epicentre of global crypto activities, accounting for 60% of the world’s crypto population. The tally reveals that the Asian continent contributes the largest share of global liquidity in the crypto arena.
The 2024 Global Crypto Adoption Index shows Asia leads in crypto adoption
The Chainalysis 2024 Global Crypto Adoption Index revealed that Asia continues to dominate the global cryptocurrency landscape, with nine of the top 20 nations.
According to the 2024 Global Crypto Adoption Index report, five out of the top ten countries are Asian countries, including India, Indonesia, and Vietnam. The report highlights the growing trend in crypto adoption among Asian countries, which is primarily driven by centralized exchanges and price-sensitive communities.
Crypto is Booming in China!
Asia Leads Adoption with 60% of Global Users pic.twitter.com/pHnosfuEJF— Altcoin Daily (@AltcoinDailyio) January 10, 2025
Indonesia emerged as the region’s stronghold, ranking third globally in crypto adoption. Between July 2023 and June 2024, the country received $157.1 billion in digital assets value, leading Southeast Asia.
The Global Crypto Adoption Index report also revealed that centralized exchanges such as Upbit and Binance dominate the Asian market by facilitating crypto trading and investing activities—the exchanges operating in the region account for 37.1% of global traffic.
The report also revealed that Asia–Pacific (APAC) region has a unique socio-economic diversity that fuels dominant speculative behaviors, including airdrop farming and meme-based speculation. This diversity allows Asian users to underscore on-chain opportunities for tailored crypto products.
The report also emphasized that Asia’s internal trade and capital flows illuminate its global connectivity. According to the study, the region’s interconnectedness unlocks 57% of intra-regional trade and 55% of FDI inflows.
The Chinese market remains active despite harsh regulatory scrutiny
The study revealed that despite tough regulatory scrutiny, Chinese citizens have been active in the crypto industry. The report noted that the Chinese market thrives in OTC markets and DeFi platforms, with Hong Kong serving as the pivotal gateway for resilient Chinese crypto enthusiasts.
Unlike China, Singapore has a conducive regulatory environment for crypto investors and is widely renowned as a global hub for innovation. The country has a high crypto ownership rate of 24.4%, and its progressive regulatory framework has attracted major crypto platforms such as Gemini, OKX, and Upbit, which were licensed by the Singaporean regulator. The report termed Vietnam a rising star in GameFi and blockchain education. The Vietnam Blockchain Association controls the digital asset education process alongside successful projects such as Axie Infinity.
The Philippines is a leader in blockchain remittances and capitalizes on its English-speaking diaspora and strong gaming community.
On the other hand, the report highlighted the South Korean market as a highly liquid market primarily controlled by retail investors. South Korea boasts native crypto platforms such as crypto exchange Upbit that are strongly integrated into the Kakao ecosystem.
Wealthy individuals in the region are increasingly exploring the digital asset ecosystem. In a report, Aspen Digital revealed that 94% of wealthy investors in the region are already investing in Bitcoin and other digital assets.
The global crypto adoption index measures how nations are interacting with crypto assets. The index considers user count, trading volume, and the growth of crypto businesses.
A major driver of increased crypto adoption in developed nations was launching spot Bitcoin ETFs in the U.S. The funds sparked a wave of Bitcoin activity, particularly in North America and Western Europe. On the other hand, lower-middle-income countries such as Nigeria turned to crypto as an alternative to their national currencies, which were often weakened by inflation or economic instability.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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