Throughout 2024, the use of cryptocurrencies increased significantly throughout Asia, solidifying the region’s lead in the world in terms of cryptocurrency ownership. Triple.A statistics indicates that the total number of cryptocurrency holders in Asia rose by 21.8%, or 58.6 million new users, to 326.8 million.
This increase is indicative of the continent-wide growing interest in digital currencies. Asia has further cemented its supremacy in the global cryptocurrency market by accounting for more than half of all cryptocurrency holdings worldwide.
The Leading Position of Asia in Crypto Ownership
The number of people using cryptocurrencies worldwide has reached 562 million, or 6.8% of the total population. With 326.8 million cryptocurrency owners, Asia leads the way and accounts for a sizeable share of worldwide ownership. The UAE has the largest percentage of cryptocurrency owners among Asian countries, with 25.3% of the population. Thailand comes in third place with 17.6%, and Singapore is right behind with 24.4%.
Other noteworthy nations in the area are Hong Kong and Malaysia at 14.3%, Vietnam at 17.4%, and Saudi Arabia at 15%. Furthermore, 13.9% and 13.6% of ownership are reported by Indonesia and South Korea, respectively. These numbers demonstrate how cryptocurrency is becoming more and more popular in the area as a tool for finance and as an investment instrument.
The Predominance of Crypto Transactions in Eastern Asia
With roughly 9% of the world’s total cryptocurrency value coming from transactions between July 2023 and June 2024, Eastern Asia is notable for playing a significant part in international cryptocurrency trade. The region handled on-chain value of over $400 billion during this time.
About 65% of the transaction value in East Asia’s cryptocurrency ecosystem is generated by centralized exchanges, making them essential to the industry. Much of the activity is driven by large-scale transfers made by investors and institutions, which establishes East Asia as a major participant in professional cryptocurrency transfers.
Leading the way are South Korea and Hong Kong
Cryptocurrency activity has increased significantly in Hong Kong despite stringent prohibitions in Mainland China. In the Global Cryptocurrency Adoption Index, the city rose from 47th to 30th place with an 86% year-over-year increase in transaction value. The creation of exchange-traded funds dedicated to cryptocurrency tokens and the clarification of regulations are primarily responsible for this increase.
With more than $130 billion in transactions between July 2023 and June 2024, South Korea, meanwhile, leads the region in terms of transaction value. This increase is attributed to the growing mistrust of fiat currency as well as the use of blockchain technology by large companies such as Samsung.
