The Asia-Pacific (APAC) region is undergoing a major shift in how people use cryptocurrencies. From financial centers like Hong Kong and Singapore to growing markets in Southeast Asia, digital assets are becoming more mainstream. In APAC, crypto isn’t just a way to make money—it’s becoming part of daily life, driven by people and culture, not just technology.
Read on to know more.
A recent report by Consensus, titled “Driven By Demand: The People-Powered Crypto Movement in Asia Pacific,” shows that crypto adoption in APAC has reached 22% in 2024—nearly three times the global average of 7.8%.
Thailand leads the way with a remarkable 43% adoption rate, followed by the UAE (37%), India (32%), and the Philippines (31%). Countries like South Korea (28%) and Hong Kong (24%) are also making progress, while Japan (12%) and Mainland China (17%) are lagging behind.
A Tool for Financial Inclusion
The survey, which included nearly 4,300 participants from ten APAC countries, reveals that more than half of respondents (51%) see digital assets as a key to financial inclusion. Additionally, 37% believe crypto gives them more control over their finances without relying on banks.
This shows that, in APAC, crypto isn’t just about making a profit—it’s a practical tool for everyday use and fits well with the region’s culture.
Over the past year, the attitude toward cryptocurrencies in APAC has shifted significantly. With fewer scandals and more local activity, trust in the industry has grown. Unlike in some Western regions, where distrust of traditional banks drives crypto adoption, APAC users focus more on crypto’s practical benefits for daily life.
Interestingly, only 18% of people surveyed said they distrust banks. This suggests that in APAC, crypto is seen as a solution to real-world problems, not just a reaction to traditional financial systems.
The report also finds that 69% of respondents believe clear regulations are important to protect crypto users. However, the report suggests that regulation alone isn’t what’s driving adoption—it supports the strong demand already present in the market.
Countries with higher adoption rates, like Thailand and the UAE, benefit from clearer regulations, which help the crypto ecosystem grow.
Michael Lau, Chairman of Consensus Hong Kong, pointed out that APAC is setting the pace for the global crypto market. He highlighted how recent Bitcoin and Ethereum ETF approvals, along with more institutional investments, are positioning APAC as a leader in creating a more connected global financial future.
With its mix of cultural acceptance, practical use, and evolving regulations, APAC is not only shaping the future of cryptocurrency—it’s influencing the global financial system.
This people-driven movement proves that when demand meets innovation, real change happens.
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