The global adoption of cryptocurrencies is being led by investors throughout Asia, according to the findings of a new report.
According to a study by Chainalysis, Asian countries saw $750 billion U.S. in cryptocurrency inflows between July 2023 and July 2024, ahead of both Europe and North America.
Seven of the top 20 countries for cryptocurrency adoption are in Asia, according to Chainalysis.
Adoption of crypto has been particularly strong in India, which is currently leading the world when it comes to retail crypto investments.
Indonesia is another country that has seen strong growth in its domestic crypto market, with $157 billion U.S. of crypto inflows during the one-year time frame of the study.
Chainalysis said that Indonesia’s crypto adoption has seen 200% growth, making it among the countries with the fastest crypto gains in the world.
Singapore also remains a major force in the global crypto sector and in digital payments.
By the second quarter of this year, Singapore’s digital payment platforms had processed more than $1 billion U.S. of crypto transactions, according to Chainalysis.
Combined, India, Indonesia, Vietnam, the Philippines, Pakistan, Thailand and Cambodia account for 16.6% of the total crypto value globally, noted Chainalysis in its report.
The price of Bitcoin (BTC), the largest cryptocurrency by market capitalization, has risen 53% so far this year to trade at $67,700 U.S. currently.
