Asia dominates the global cryptocurrency market, accounting for 60% of worldwide crypto users and contributing the largest share of global liquidity. New research from Foresight Ventures and Primitive reports these findings.

Five Asian nations, including India, Indonesia, and Vietnam, rank among the top 10 in the 2024 Global Crypto Adoption Index. 

Asia Leads in Global Crypto Adoption

The report highlights Asia’s escalating crypto adoption, largely fueled by centralized exchanges (CEXs) and price-sensitive communities. Asian users generate 37.1% of global traffic to CEXs, securing the top position 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 critical compared to traditional internet sectors. Asia stands as a significant hub for crypto innovation, users, and trading markets. Through this report, we aim to highlight Asia’s diverse cultural and market characteristics.” Forest Bai, Co-Founder of Foresight Ventures, told BeInCrypto.

Asia ranks third in DEX activity, likely due to regulatory restrictions that limit the presence of global CEXs in North America, prompting many users there to rely on DEXs. 

In Q2 2024, merchants in Singapore processed nearly $1 billion in crypto transactions, the highest in two years. As BeInCrypto previously reported, the city-state has become a leader in crypto payments. It issued 13 crypto licenses in 2024—more than twice the number issued the previous year. 

Also, Singapore became the first country in Asia to list Ripple’s RLUSD stablecoin, which debuted on the Independent Reserve exchange.

China’s Crypto Market Thrives Despite Bans

The report notes that 5.9% of traffic to the pump.fun platform came from Chinese-speaking regions, including China, Hong K

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Author: Mohammad Shahid