Recently, Messari Crypto Researcher, Mira Christanto published a report that looks into Asiaâ€™s cryptocurrency landscape in-depth, as 60% of the worldâ€™s population resides in the region. Christantoâ€™s study shows that six out of the top ten largest cryptocurrency unicorns are located in Asia. Moreover, 98% of ethereum-based futures and 94% of bitcoin futures volumes stem from Asia.
Asiaâ€™s Financial Landscape Is Ripe for Disruption
When it comes to cryptocurrencies, Asia accounts for a huge number of crypto users, companies, miners, traders, and more. The cryptocurrency and blockchain researcher from messari.io, Mira Christanto, explains that Asia has a â€œhistory of dictators, currency depreciation, [and] capital controls â€“ all ripe for disruption.â€ This has likely led to Asia being the most active cryptocurrency markets, according to Christantoâ€™s recent findings.
Her recently published study called â€œAsiaâ€™s Crypto Landscapeâ€ covers the â€œkey exchanges, funds, and market makers that define crypto in China, Japan, Korea, Hong Kong, Singapore, and Southeast Asia, with commentary on regulatory and investment trends.â€ Countries like China, Japan, Hong Kong, India, South Korea, Singapore, Philippines, Thailand, Indonesia, Vietnam, Malaysia, and more are covered in the 98-page study.
â€œLeading crypto countries, such as China, Japan, Korea, Hong Kong, and Singapore, have deep pools of liquidity, while other countries have a great potential to scale,â€ Christantoâ€™s report says. â€œThe nature of traditional finance has played a key role in the adoption of crypto: capital controls pushed investors towards cryptocurrencies in China and South Korea while low-yields pushed adoption in Japan,â€ she added.
â€œBy the end of 2019, six of the top ten largest crypto firms in the world were located in Asia,â€ Christantoâ€™s data further shows. â€œAs of January 12, 2021, of the top 20 token projects with headquarters, 42% of the market capitalization is based in Asia. Asia has an outsize role in the crypto markets due to a variety of reasons.â€
Christantoâ€™s report continues:
Asiaâ€™s Thriving Crypto Landscapes
A few key factoids from Christantoâ€™s study show:
- Binance, Huobi, and Okex combined have about 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 retail foreign exchange industry, representing a third of total global foreign exchange (FX) and Contract for Differences (CFD) retail volume.
- South Korea has the highest penetration of crypto investors with a third of workers invested in crypto.
- Singapore is one of the more lax Asian markets for crypto-specific regulations, though strict on AML, KYC, fit-and-proper controllers, and FATF Travel Rule compliance.
- The Philippines has one of the largest overseas foreign workers populations in the world, ranking fourth in global remittance recipients.
Asiaâ€™s Crypto Landscape findings also indicate that a great number of countries in Asia have thriving landscapes and all for different reasons. For instance, Vietnamâ€™s capital controls â€œmeans the crypto spot market operates somewhat in isolation,â€ Christanto says. Vietnamâ€™s market is retail driven, the report notes and â€œwhen bitcoin prices are volatile, the Vietnam market lags by a couple of days.â€
In Malaysia Luno is the top exchange in the country as the firm founded in 2013 in Cape Town, South Africa is dominant there alongside Singapore. Christanto and messari.ioâ€™s research also saw help from the independent blockchain infrastructure platform Blockdaemon.
Mira Christantoâ€™s messari.io research report on the Asian crypto landscape can be read in its entirety here.
What do you think about Christantoâ€™s 98-page study covering the Asian crypto landscape? Let us know what you think about this subject in the comments section below.
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