According to Chainalysis' 2023 Global Cryptocurrency Adoption Index, Central and South Asia and Oceania (CSAO) has become a vibrant and eye-catching market, including cryptocurrency-related games such as the Philippines and Vietnam. CSAO is the world's third largest crypto market, second only to North America and Central, North and Western Europe (CNWE), accounting for nearly 20% of global crypto activity.
India is leading the crypto boom, with an estimated $268.9 billion in crypto assets flowing into it during the study period. CSAO has seen a sharp rise in decentralized finance (DeFi) participation over the past year, accounting for 55.8% of the region’s volume from July 2022 to June 2023, compared to 35.2% the previous year. Additionally, institutional adoption has accelerated in the region, with transfers over $1 million accounting for 68.8% of total volume, compared to 57.6% in the previous period.
