Asia is leading the way in the global cryptocurrency market. In fact, it accounts for a whopping 60% of all crypto users worldwide and contributes the largest share of global liquidity. This information comes from new research by Foresight Ventures and Primitive.

Five Asian countries, including India, Indonesia, and Vietnam, rank among the top 10 in the 2024 Global Crypto Adoption Index. This shows just how significant Asia is in this space.

The report highlights a surge in crypto adoption across Asia. Centralized exchanges (CEXs) play a big role here. They attract 37.1% of global traffic, making Asia the top region for these platforms.

On the flip side, North America leads in decentralized exchange (DEX) usage. Oceania, however, contributes less than 2% to both CEX and DEX traffic.

Forest Bai, Co-Founder of Foresight Ventures, noted, “The international division of labor in the Web3 industry is even more critical compared to traditional internet sectors. Asia stands as a significant hub for crypto innovation, users, and trading markets.” This statement emphasizes Asia's diverse cultural and market characteristics.

Interestingly, Asia ranks third in DEX activity. This is likely due to regulatory restrictions that limit global CEXs in North America, pushing many users to rely on DEXs instead.

In the second quarter of 2024, merchants in Singapore processed nearly $1 billion in crypto transactions. This is the highest amount seen in two years. Singapore has truly become a leader in crypto payments, issuing 13 crypto licenses in 2024—more than double the number from the previous year.

Additionally, Singapore made history as the first country in Asia to list Ripple’s RLUSD stablecoin on the Independent Reserve exchange.

The report also reveals that 5.9% of traffic to the pump.fun platform comes from Chinese-speaking regions, including China, Hong Kong, Taiwan, and Indonesia. Another 5.1% of the traffic is from India.

Pump.fun was the top platform for meme coins in 2024, with a significant contribution from Chinese users. The research shows a strong interest among these users in trading Solana meme coins on platforms like X (formerly Twitter).

Contrary to popular belief, China’s crypto market is thriving despite the notion that it has banned crypto entirely. Hong Kong acts as a gateway to the Chinese market, supported by active over-the-counter (OTC) trading.

The report states, “Western discourse often assumes that China has completely banned crypto, leading many to believe its crypto market has vanished.” While trading is restricted, there’s still a lot of development happening in on-chain technology.

Chinese users often bypass capital controls using stablecoins and turn to DeFi platforms and DEXs for secure trading options.

Moreover, most crypto participants in China are young retail investors eager for high-risk assets, including meme coins like Dogecoin. The report also highlights significant interest in DeFi, GameFi, and infrastructure projects.

Overall, Asia's substantial role in global cryptocurrency adoption and liquidity underscores its importance in shaping the future of the industry.