Asia leads global cryptocurrency adoption, with Vietnam and India at the forefront. The popularity of cryptocurrency in Asia is largely due to large unbanked populations and mobile connectivity. Many countries also have mostly supportive regulations that drive adoption. Rapid growth in the use of crypto is seen in Pakistan.
I find it intriguing to note that lower-middle-income nations are leading grassroots adoption in Asia. This is good news, as cryptocurrency should be a financial freedom project.
Japan and Singapore are key players. South Korea even has a term "Kimchi Premium," referring to higher Bitcoin prices on local exchanges compared to global markets.
Ah, yes, I almost forgot Hong Kong, which launched spot bitcoin ETFs on the 30th of April this year. Unfortunately, the inflow of money from Hong Kong ETFs has been disappointing so far. But the second half of 2024 will likely be better I hear.
Despite China's ban on crypto activities in September 2021, citizens are finding ways to participate in the market. Despite government warnings, Bitcoin, remain popular in China, as evidenced by a four-fold increase in Bitcoin's popularity on platforms like WeChat. The word on the crypto street is that miners are using tactics like accessing off-grid electricity and geographically scattered small-scale operations to hide from authorities.
India has emerged as one of the global leaders in cryptocurrency adoption, with over 15-20 million Indians having invested in Bitcoin, but they seem slow in creating clear regulations in the crypto landscape.
But, the regulatory circus, where authorities struggle to rein in the chaos, is frankly tiresome across the world. It is not the last time you will hear that crypto needs clear regulation to blossom.
One thing remains clear: cryptocurrency is robust in Asia, even stronger than unclear, shifty governments.