According to new research from Foresight Ventures and Primitive, Asia dominates the global crypto market, accounting for 60% of the world's cryptocurrency users and contributing the largest share of global liquidity.
Of these, five Asian countries, including India, Indonesia, and Vietnam, are ranked in the top 10 of the Global Cryptocurrency Adoption Index 2024.
Asia Leads Global Cryptocurrency Adoption
The report highlights the growing adoption of cryptocurrencies in Asia, driven largely by centralized exchanges (CEXs) and price-sensitive communities. Asian users generate 37.1% of global traffic to CEXs, securing the top spot in this category.
Meanwhile, North America leads in decentralized exchange (DEX) usage. Oceania contributes less than 2% to global CEX and DEX traffic.
“The international division of labor in the Web3 industry is even more important than in traditional internet sectors. Asia is an important hub for innovation, users, and crypto trading markets. Through this report, we want to highlight the diverse cultural and market characteristics of Asia,” said Forest Bai, Co-founder of Foresight Ventures.
Asia ranks third in DEX activity, likely due to regulatory restrictions that limit the presence of global CEXs in North America, forcing many users there to rely on DEXs.
In the second quarter of 2024, merchants in Singapore processed nearly $1 billion in cryptocurrency transactions – a two-year high. As previously reported, Singapore has become a leader in cryptocurrency payments. It issued 13 e-money licenses in 2024 – more than double the number issued the year before.
Additionally, Singapore has become the first country in Asia to list Ripple’s stablecoin RLUSD – launched on the Independent Reserve exchange.
In particular, the report highlights that Vietnam is becoming a “rising star” in the field of GameFi and blockchain education, thanks to pioneering initiatives and projects that have regional and global influence. One of the key factors driving this growth is successful associations and projects, such as the Vietnam Blockchain Association and Axie Infinity.
China's Cryptocurrency Market Is Booming Despite Ban
The report notes that 5.9% of traffic to the Pump.fun platform comes from Chinese-speaking regions, including China, Hong Kong, Taiwan, and Indonesia. Another 5.1% comes from India.
Pump.fun is the leading memecoin platform in 2024, and Chinese users are contributing the majority of the platform's growth. The study also reflects that Chinese-speaking users show strong interest in trading Solana memecoin on platforms like X.
Contrary to popular belief that China has completely banned cryptocurrencies, the report highlights a thriving ecosystem. Hong Kong serves as a gateway to the Chinese market, thanks to its active OTC trading.
“Western media often claim that China has completely banned crypto, leading many to believe that the country’s market has disappeared. However, the industry environment prohibits trading, but boldly develops on-chain technology,” the report stated.
Chinese users often circumvent capital controls by using stablecoins and rely on DeFi and DEX platforms as safe alternatives.
Additionally, China’s crypto participants are predominantly young retail investors with a strong appetite for high-risk assets, including memecoins like Dogecoin. The report also points to significant interest in DeFi, GameFi, and infrastructure-related projects.
Overall, Asia’s significant contribution to global cryptocurrency adoption and liquidity reflects the region’s important role in shaping the future of the industry.
https://tapchibitcoin.io/viet-nam-la-ngoi-sao-dang-len-trong-giao-duc-gamefi-va-blockchain.html