📊 Hong Kong has seen an 85.6% growth in cryptocurrency adoption, making it the fastest-growing cryptocurrency market in East Asia, according to a new report from Chainalysis. The region now ranks 30th globally in terms of cryptocurrency adoption.
🌐 East Asia continues to be a major player in the global cryptocurrency market, ranking sixth in terms of crypto economic size. The region accounts for 8.9% of global cryptocurrency value from July 2023 to June 2024, with over $400 billion in on-chain value.
🇨🇳 China continues to face strict restrictions on cryptocurrencies but has seen a shift towards OTC platforms and P2P trading networks. This shift has been particularly evident since mid-2023, as Chinese people look for faster ways to transfer money.
🏙️ Meanwhile, Hong Kong has emerged as a regional crypto hub. The city’s flexible regulatory framework, introduced in June 2023, has spurred crypto adoption with strong AML standards, attracting institutional investors. Stablecoins, in particular, account for 40% of all value transferred in the city.
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