Crypto Adoption Soars in Asia as China Leads Meme Coin Trading
Asia dominates the global cryptocurrency market, accounting for 60% of global cryptocurrency users and contributing the largest share of global liquidity. New research from Foresight Ventures and Primitive reports on these findings.
Five Asian countries, including India, Indonesia, and Vietnam, ranked among the top 10 in the 2024 Global Cryptocurrency Adoption Index.
Asia leads global cryptocurrency adoption
The report highlights Asia’s escalating cryptocurrency adoption, driven primarily by centralized exchanges (CEX) and price-sensitive communities. Asian users brought 37.1% of the global traffic to CEX, firmly occupying the top position in this category.
Meanwhile, North America leads Decentralized Exchange (DEX) usage. Oceania contributes less than 2% to global CEX and DEX traffic.
“Compared with the traditional Internet industry, the international division of labor in the Web3 industry is more important. Asia is an important center for cryptocurrency innovation, users, and trading markets. Through this report, we aim to highlight Asia’s diverse cultural and market characteristics.” Foresight Ventures co-founder Forest Bai told BeInCrypto.
Asia ranks third in terms of DEX activity, possibly due to regulatory restrictions limiting the presence of global CEXs in North America, prompting many users there to rely on DEXs.
In the second quarter of 2024, Singaporean merchants processed nearly $1 billion in cryptocurrency transactions, the highest level in two years. As BeInCrypto previously reported, the city-state has emerged as a leader in crypto payments. it 13 cryptocurrency licenses to be issued in 2024— more than double the number issued the previous year.
In addition, Singapore became the first country in Asia to list Ripple’s RLUSD stablecoindebuting on the Independent Reserve Exchange.
Despite ban, China’s cryptocurrency market continues to thrive
The report states that 5.9% of the pump.fun platform’s traffic 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 By 2024, Chinese users will contribute significantly to its growth. Research also reflects Chinese-speaking users showing strong interest in trading Solana Meme Coin On platforms like X (formerly Twitter).
Contrary to popular belief China has imposed a blanket ban on cryptocurrenciesthe report highlights the booming crypto ecosystem. Hong Kong as a gateway Actively enter the Chinese market Over-the-counter (OTC).
“Western discourse often assumes that China has completely banned cryptocurrencies, leading many to believe that its cryptocurrency market has disappeared. The industry environment prohibits trading, but boldly develops on-chain technology.” The report said.
Chinese users often use stablecoins to bypass capital controls and rely on Decentralized Finance Platforms and DEXs as secure alternatives.
Additionally, China’s cryptocurrency players are primarily young retail investors with a strong interest in high-risk assets, including Meme coins like Dogecoin. The report also shows strong interest in DeFi, GameFi, and infrastructure-related projects.
Overall, Asia’s significant contribution to global cryptocurrency adoption and liquidity reflects its key role in shaping the future of the industry.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
