We’re just a few days into 2025 and the race for the global adoption of crypto is already going strong. There has been news of crypto gaining ground in many different countries recently. However, recent reports have shown that headlining crypto countries like the United States might not be the leaders when deciding the countries with the most crypto users.

Research from Foresight Ventures and Primitive, two foremost analyst organizations, indicates that Asia has dominated the global crypto market. The continent houses 60% of worldwide crypto users while also contributing the largest share of global liquidity of any region.

According to the findings, five Asian countries ranked among the top 10 in the 2024 Global Crypto Adoption Index. These countries include India, Indonesia, and Vietnam, among others. 

The report's content suggested that Asia’s rising crypto adoption is primarily driven by the increased presence of Centralized Exchanges (CEXs) and price-sensitive communities. The report also revealed that Asian users alone generate 37.1% of global traffic to CEXs, placing them in the top spot in this category. 

While Asia’s numbers are impressive, it is not the only region doing well. North America clinched the top spot regarding decentralized exchange (DEX) usage. On the other hand, Oceania was reported to contribute less than 2% to the global CEX and DEX traffic. 

Asia also ranked third in DEX activity, though analysts suggest this ranking results mainly from regulatory limits on global centralized exchanges (CEXs) in North America. These restrictions have pushed North American users to rely more heavily on DEXs as their main trading option.

Singapore ranked first in processed crypto transactions for Q2 2024, recording almost $1 billion in crypto transactions, the highest figure recorded in two years. This report comes after many moves made by the city-state in trying to become a leader in crypto payments. The government issued 13 crypto licenses in 2024, more than twice the number issued in 2023. Singapore also made history as the first Asian nation to approve trading of Ripple's RLUSD stablecoin.

Despite its government’s largely anti-crypto stance, China is also not left out of this. The reports noted that 5.9% of traffic to pump.fun, the crypto-creation platform, came from Chinese-speaking regions, including China, Hong Kong, Taiwan, and Indonesia. 

There is a widespread belief that crypto is completely banned in China. However, this report shows that Chinese-speaking users are strongly interested in trading Solana meme coins on social media platforms such as X. 

Most of China’s crypto participants are reported to be predominantly young retail investors, and their trading patterns suggest that they have a strong appetite for high-risk assets such as memecoins like Dogecoin. This demographic is also reportedly very interested in DeFi GameFi and other crypto infrastructure projects. 

This report shows that while these Asian countries may not get all the headlines in crypto news, Asia’s scene is alive and thriving.

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