Several crypto exchanges are launching in Asia. There is heightened interest among crypto exchanges in the APAC region. The heightened interest is because of the high user adoption in the region. This is especially true for Singapore and Thailand. Currently, Asia contributes to 43% of global crypto activity. The value of transactions amounted to $296 billion during the period from Jun 2020 to Jun 2021.
Binance is a strong presence in Singapore, Indonesia and Thailand. Coinbase has commenced operations in Japan.
Crypto adoption for payments in the Asia region is much higher than in the rest of the world. Growth in crypto for payments and for peer-to-peer markets has contributed to the growth of crypto in the region.
Asia – Crypto Growth
Slowly, regulations and frameworks for crypto are also being put in place in the region. The plan also is to link to neighboring countries.
Binance has concluded several partnership agreements in Asia. In addition to SE Asia, it is also expanding into W.Asia and the Middle East. Its expansion plans are based on the regulatory framework of the target nation.
Coinbase too has global ambitions, including in Asia. After opening in Japan, it is eyeing Singapore and India.
Kraken is already present in over 45 countries in Asia. It is one of the leading western exchanges with a strong presence in Asia.
Crypto.com, headquartered in Singapore, plans to first expand into the USA and then other Asian nations.
The reason for this boom in Asia is the available liquidity in Japan, S Korea and Singapore. The crypto market in India too is growing despite uncertainty around regulations. Pakistan too has a similar story.
Crypto has grown in Asia from being viewed with suspicion to now being seen as a hedge against inflation and currency devaluation.