Asia driving crypto adoption. What do you think?.

[Crypto Library]

I think that even if Asian countries cannot compete with other European or American countries in the adoption of cryptocurrency, I think if they start adopting crypto, then we will definitely see a big pump in the cryptocurrency world. Because these Asian countries, especially India, Indonesia and the Philippines, have a large population, although not all of the population is connected to information and communication technology, but these countries will definitely have a good impact on the cryptospace.

[ZAINmalik75]

India, the Philippines, Vietnam, Indonesia, and Singapore are among the top countries. So, what factors play a role in this? Innovation, access to information, the will to get out of the rat race, or the focus of top exchanges in the region? What do you think?

These can be the top countries where most of the people are finding legal ways to make more money and thus they are adopting crypto as one because in crypto trading and investing they can make good amount of money and this is not only limited to these countries but all the people in this world are adopting crypto because they think this is the most beneficial trade or investment ever.

Some are after meme coins to make huge amount of profit in lesser time in this bull run and some might have already left the game before the real take off. Asia is not the main driving force because the main driving force in crypto is not America.

[Baofeng]

India, the Philippines, Vietnam, Indonesia, and Singapore are among the top countries. So, what factors play a role in this? Innovation, access to information, the will to get out of the rat race, or the focus of top exchanges in the region? What do you think?

I'm from one of those countries and I will say that it's because it has given us a opportunity to make money, simple as that. And we are lucky that our government is not against Bitcoin or crypto, that's why it flourish and many Filipinos are into crypto, doing trading. Although the downside is that many are taking advantage of it and using it to scam.

For top exchanges though, Binance is out of our country, but we can still used our top tier exchange. Although we have our local exchanges too.

[joniboini]

Looks like their definition of adoption is liquidity for trading, hence why more exchanges/volumes mean a higher adoption rate based on the paper published by OP. That's really a terrible metric. I think research like this has been published multiple times too. I wonder why they don't use other metrics to judge the adoption rate. Is it that difficult to figure out a reliable data source or do they simply want the data/conclusion to be biased? Seeing my country on top of the list is a surprise, considering nobody here publicly uses crypto to pay for stuff.

[bounceback]

I'm from one of those countries and I will say that it's because it has given us a opportunity to make money, simple as that. And we are lucky that our government is not against Bitcoin or crypto, that's why it flourish and many Filipinos are into crypto, doing trading. Although the downside is that many are taking advantage of it and using it to scam.

For top exchanges though, Binance is out of our country, but we can still used our top tier exchange. Although we have our local exchanges too.

For top exchange priority by trader actually Binance because listed many altcoin and have huge transaction volume than using local exchange market, not all countries around the world get legalizing for using Binance as exchange market and in my country Indonesia have much benefit by using Binance.
We don't have to pay fees taxes transaction when using Binance as exchange trading than local exchange take around 0.2% fees for taxes transaction not including market fees transaction. For each trading in local exchange in my country Indonesia have to pay until 0.4% each 0.2% for exchange fees and 0.2% for taxes transaction fees.

[bayu7adi]

The data is likely the number of adopters from a particular country, so we can see some countries with high populations have many cryptocurrency adopters because their numbers are so large... while looking at Singapore, which is only a small country, it is able to enter the list, it is because the country's economic progress is better so that from the few people who adopt it, they play a key role in the cryptocurrency world...

I myself was quite surprised to see Vietnam on the list, even though its population is not more than 10% of India's population... If only China allowed cryptocurrency adoption in its country, perhaps number one on the list for the Asian region would be held by China.

[ZAINmalik75]

Looks like their definition of adoption is liquidity for trading, hence why more exchanges/volumes mean a higher adoption rate based on the paper published by OP. That's really a terrible metric. I think research like this has been published multiple times too. I wonder why they don't use other metrics to judge the adoption rate. Is it that difficult to figure out a reliable data source or do they simply want the data/conclusion to be biased? Seeing my country on top of the list is a surprise, considering nobody here publicly uses crypto to pay for stuff.

You are right, these countries are not that modern that the vendors there use BTC as payment for their goods, even in my country people don't deal in BTC so it should not be right to say asian countries are driving the crypto adoption because we are not. I think we are the ones following others like big fish in the compund.

The big fish like America, Russia, Germany, etc. This metric was really bad we need more authentic one from statistics etc. where they have already published the survay and other statictics of which country has contributed more in crypto adoption.

[taufik123]

You are right, these countries are not that modern that the vendors there use BTC as payment for their goods, even in my country people don't deal in BTC so it should not be right to say asian countries are driving the crypto adoption because we are not. I think we are the ones following others like big fish in the compund.
-snip-

countries in Asia such as Indonesia only have commodity regulations and nothing more, if you violate those rules, it is included in the violation of transactions so that criminal charges can be committed.

The push for adoption that could actually happen has been done by El Salvador and it has been quite a while and now that America after Trump is inaugurated it may adopt Bitcoin in full or maybe just support the development of bitcoin and crypto.

[TomPluz]

Come to think of most, most top exchanges at the moment have Asian origin either by conception or by executives. You mentioned Binance, even it's CEO is Asian yeah? Richard Teng. Bybit, Bitget(Gravy Chen), Mexc, Bingx. It shouldn't be surprising that Asians are leading the charge, their Record are Data are outstanding.

There can be a time when we can finally say that the cryptocurrency industry is Asian (lol) all because of the tremendous acceptance of it in this big region. As many of the players in this industry got Asian blood, they are making their imprints into the global stage and they are making their presence felt everywhere. What we are seeing as of this time can just be the prelude of many more things to come...this is just the beginning and not yet the peak as there are still big opportunities for this industry to flourish and grow immensely here. Well, am Asian too and I am proud of the things we achieved in this arena so far.

[Crypto Library]

That's true. Asians are meticulous and are open to innovations unlike others. Even in terms of electric vehicle, they're the leading producers with cost effective new Gen tech model daily.. honesty I wasn't surprised..

I will agree with you on this point too because it seems that ASEAN is already running big ad options, but in terms of promotion, Western countries are lagging behind these countries. Moreover, there are still some Asian countries that are not connecting to this cryptocurrency due to misconceptions about it, but I think they will also connect very soon. Moreover, we must not forget that in the case of Bitcoin, this topic is popular with the Japanese person Satoshi Nakamoto.

[Stuart]

Crypto adoption has been a discussion every crypto enthusiast should be passionate about. Come to think of it, in the last 10 years, there has been significant progress in crypto integration into everyday life, including finance, transportation, agriculture, medicine, sports, hospitality, etc. In every sector, there's Satoshi's blueprint. 

The question is: who is driving crypto adoption? Initially, I thought it was Africa, but here's a recent report by Foresight Ventures, which posits that Asia is currently driving the crypto revolution and is the hub for digital finance. 
https://foresightventures.com/research?details_id=71&details_type=research&keyValue=

Crypto adoption and integration majorly started from the Asian region and maybe the U.S. and with the update of it on news, Africa started working towards it. Though, with a high population adoption into the community. Africans started with the crypto industry mostly after the first bull run of Bitcoin in 2017, 2018, 2019 and which a few made great fortune from it. Few where in the community before this bull run as of that time.

As a means related to financial freedom to anyone with knowledge about it, everything finds it's way in. Money is a legal tender which is generally accepted. With Bitcoin, you can sell it for native fiat, which is generally accepted by the people of that region.

India, the Philippines, Vietnam, Indonesia, and Singapore are among the top countries. So, what factors play a role in this? Innovation, access to information, the will to get out of the rat race, or the focus of top exchanges in the region? What do you think?

Innovation and access to information are big role in the industry. With out innovation, no new projects will kick off for hunters and investors to come in, with the presences of information, investors will know where they can put in money for more profit, while aiming at minimizing losses (though, losses are inevitable in the system).

[Zed0X]

~
You are right, these countries are not that modern that the vendors there use BTC as payment for their goods, even in my country people don't deal in BTC so it should not be right to say asian countries are driving the crypto adoption because we are not.

It's not about being modern because many people are already familiar with paying from their mobile phones or e-wallets but in digital fiat. Changing the payment to crypto would not change the process for these people that much. This is more on the companies not integrating/allowing crypto payments because it's not that beneficial to them yet.

[Baofeng]

~
You are right, these countries are not that modern that the vendors there use BTC as payment for their goods, even in my country people don't deal in BTC so it should not be right to say asian countries are driving the crypto adoption because we are not.

It's not about being modern because many people are already familiar with paying from their mobile phones or e-wallets but in digital fiat. Changing the payment to crypto would not change the process for these people that much. This is more on the companies not integrating/allowing crypto payments because it's not that beneficial to them yet.

I think it will be beneficial for a 3rd party like us in the Philippines with Coins.ph and now Gcash and Paymaya to have crypto in their digital wallets. So it means Filipino can have crypto->PHP and then pay their bills. So it's a win win for the company as they can charge small amounts and then us using crypto to pay and need not to go out. As usually there are long lines specially we have the habit of paying bills during the deadline itself.

[bitterguy28]

The question is: who is driving crypto adoption? Initially, I thought it was Africa, but here's a recent report by Foresight Ventures, which posits that Asia is currently driving the crypto revolution and is the hub for digital finance. 
https://foresightventures.com/research?details_id=71&details_type=research&keyValue=

is it just me or the link only links me to the homepage of this website? i cant seem to find the article and i wanted to see what was the basis of this conclusion

also i wonder why you thought africa was leading the pack when i barely hear anything from them about crypto is it because of the numbers of active members in the forum are from africa? well individual interests are not the same as national interest

India, the Philippines, Vietnam, Indonesia, and Singapore are among the top countries. So, what factors play a role in this? Innovation, access to information, the will to get out of the rat race, or the focus of top exchanges in the region? What do you think?

i am from one of these countries and already i can tell you that crypto is not that known nor well accepted here it is not like it is banned or seen negatively it isnt just known by most people

i am surprised hong kong is not on the list when they have been the first one to approve a bitcoin etf

[libert19]

I am from India, not sure about adoption, but in younger generation pretty much everyone I have met have heard about crypto.

Also, here government has put 30% tax on crypto earnings, so it discourages people to partake in crypto. Before this new tax regime, there was astonishing amount of volume on Indian exchanges, now it has plummeted.

Government should make healthier regulations if they want their citizens to adopt crypto.