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 these findings.
Five Asian countries, including India, Indonesia and Vietnam, rank among the top 10 in the 2024 Global Crypto Adoption Index.
Asia Leads Global Crypto Adoption
The report highlights the growing adoption of crypto in Asia, largely fueled by centralized exchanges (CEX) and price-sensitive communities. Asian users drive 37.1% of global traffic to CEXs, securing the top position in this category.
Meanwhile, North America leads in the use of decentralized exchanges (DEX). Oceania contributes less than 2% of global CEX and DEX traffic.
“The international division of labor in the Web3 industry is even more critical than in traditional Internet sectors. Asia serves as an important hub for crypto innovation, users and business markets. Through this report, we aim to highlight the diverse cultural and business characteristics of Asia. Forest Bai, co-founder of Foresight Ventures, told BeInCrypto.
Asia ranks third in terms of DEX activity, likely due to regulatory restrictions that limit the presence of global CEXs in North America, leading many users to rely on DEXs.
In the second quarter of 2024, Singapore merchants 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 double the number issued the previous year.
Additionally, 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 Kong, Taiwan and Indonesia. Another 5.1% came from India.
Pump.fun was the leading coin platform in 2024, and Chinese users contributed significantly to its growth. The research also shows that Chinese users show strong interest in trading Solana coins on platforms like X (formerly Twitter).
Contrary to the popular belief that China has completely banned crypto, the report highlights a thriving crypto ecosystem. Hong Kong serves as a gateway to the Chinese market, supported by active over-the-counter (OTC) trading.
“Western discourse often assumes that China has completely banned crypto, leading many to believe that its crypto market has disappeared. The industrial environment prohibits trading, but boldly develops on-chain technology,” the report asserts.
Chinese users often circumvent capital controls by using stablecoins and rely on DeFi platforms and DEXs as secure alternatives.
Additionally, Chinese crypto participants are primarily young retail investors with a strong appetite for high-risk assets, including meme coins like Dogecoin. The report also indicates significant interest in DeFi, GameFi and infrastructure-related projects.
Overall, Asia’s substantial contribution to global cryptocurrency adoption and liquidity reflects its central role in shaping the future of the sector.
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