Asia dominates the global cryptocurrency market, accounting for 60% of the total users worldwide. According to research by Foresight Ventures and Primitive, five Asian countries, including India and Indonesia, are in the top ten of the Global Crypto Adoption Index 2024.
The report highlights the growing crypto adoption in Asia, driven by Centralized Exchanges (CEXs) and a price-sensitive community. Asian users account for 37.1% of global CEX users, making them the leader in the category.
Hong Kong serves as a gateway to the Chinese market, despite the ban on crypto trading in mainland China. Many Chinese users use stablecoins to avoid capital controls and turn to DeFi and DEX platforms as a safe alternative.
In Singapore, merchants processed nearly US$1 billion in crypto transactions in the second quarter of 2024, leading the way in crypto payments in Asia. The city-state is also the first in Asia to list Ripple’s stablecoin RLUSD.
Asia dominates the global cryptocurrency market, accounting for 60% of the total users worldwide. According to research by Foresight Ventures and Primitive, five Asian countries, including India and Indonesia, are in the top ten of the Global Crypto Adoption Index 2024.