Recently, Messari crypto researcher Mira Christanto published a report that takes an in-depth look at Asia’s cryptocurrency landscape, given that 60% of the world’s population live in the region. Christanto’s study shows that six of the ten largest unicorns in cryptocurrency are in Asia. Additionally, 98% of Ethereum-based futures and 94% of Bitcoin futures volume come from Asia.
Asia’s financial landscape is ripe for disruption
When it comes to cryptocurrencies, Asia has a large number of crypto users, corporations, miners, traders and a lot more. Messari.io cryptocurrency and blockchain researcher Mira Christanto explains that Asia has a “history of dictators, currency devaluation, [and] Capital controls – all ripe for disruption. “This has likely made Asia the most active cryptocurrency market, according to Christanto’s latest research.
Her recently published study, titled “Asia’s Crypto Landscape,” looks at the “major exchanges, funds, and market makers defining crypto in China, Japan, Korea, Hong Kong, Singapore, and Southeast Asia, and comments on regulatory and investment trends.” , Japan, Hong Kong, India, South Korea, Singapore, Philippines, Thailand, Indonesia, Vietnam, Malaysia and more are covered in the 98-page study.
“Leading crypto countries like China, Japan, Korea, Hong Kong and Singapore have deep pools of liquidity, while other countries have great potential for scaling,” said Christanto’s report. “The nature of traditional finance played a key role in the adoption of crypto: capital controls have pushed investors towards cryptocurrencies in China and South Korea, while low yields have spurred adoption in Japan,” she added.
“By the end of 2019, six of the ten largest crypto companies in the world were in Asia,” the data from Christanto show. “By January 12, 2021, 42% of the market capitalization of the 20 largest token projects headquartered in Asia. Asia plays an oversized role in the crypto markets for a variety of reasons. “
Christanto’s report continues:
Each country has its own nuances, but factors include high penetration of public market investments, high-tech pedigree, proliferation of WiFi, deep penetration of e-payments, propensity for gambling, and high percentage of graduates of the Computer science. In addition, Asia’s development as a financial center has contributed to the advancement of the fintech industry. Japan, Shanghai and Hong Kong are among the five largest stock markets in the world.
Asia’s thriving crypto landscapes
Some important factoids from Christanto’s study show:
- Binance, Huobi, and Okex together hold roughly the same bitcoin holdings as Coinbase.
- Hong Kong is home to some of the largest crypto derivatives companies in the industry.
- Japan is a unique market with the largest forex retail industry accounting for a third of the world’s foreign exchange (FX) and contract for differences (CFD) retail trade.
- South Korea has the highest penetration of crypto investors, with a third of the workers investing in crypto.
- Singapore is one of the looser Asian markets for crypto-specific regulations, although AML, KYC, appropriate controllers, and FATF travel rules compliance are strictly adhered to.
- The Philippines has one of the largest overseas overseas workers in the world and ranks fourth among remittance recipients worldwide.
The results of the Crypto Landscape in Asia also show that a large number of countries in Asia have blooming landscapes, and all for different reasons. For example, Vietnam’s capital controls mean the crypto spot market is operating somewhat in isolation, says Christanto. The Vietnamese market is driven by retail, the report said. “When bitcoin prices are volatile, the Vietnamese market will lag behind by a few days.”
In Malaysia, Luno is the country’s top stock exchange, as the company, which was founded in Cape Town, South Africa, in 2013 dominates there alongside Singapore. Research by Christanto and messari.io also yielded help from the independent blockchain infrastructure platform Blockdaemon.
Mira Christanto’s messari.io research report on the Asian crypto landscape can be read in full Here.
What do you think of Christanto’s 98-page study of the Asian crypto landscape? Let us know what you think on this matter in the comments section below.
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