Bitrabo Editorial
An analyst and researcher known as “DeFi Ignas” predicts that Asia, particularly countries like China, is set to drive the upcoming major crypto bull run in the world of decentralized finance (DeFi).
On social media, DeFi Ignas emphasized various factors contributing to this forecast and highlighted the evolving crypto landscape across Asia.
Snapshot of Crypto Trends in Asia
In South Korea, altcoins dominate around 80% of crypto exchange volume, reflecting the country’s active retail investor base with a preference for alternative coins and the rise of crypto-based e-sports and play-to-earn games.
The Philippines sees the popularity of Web3 games like Axie Infinity, where players earn non-fungible tokens (NFTs) in guilds, despite crypto transactions not being legal tender, as the central bank experiments with a digital currency, positioning the nation as a hotspot for blockchain gaming.
In Hong Kong, retail traders heavily leverage social media trends, prompting new regulations to oversee crypto exchanges and safeguard consumers. The listing of Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) aims to establish Hong Kong as a regulated digital assets hub.
Australia’s investors show a strong affinity for Ethereum over Bitcoin, with approximately 59.4% of the average crypto wallet holding ETH, driven by its utility in altcoins and anticipation of ETFs. The country’s regulatory environment supports crypto trading and fosters industry innovation.
Bitcoin ETF Wave Hits Asia
Japan’s government actively endorses Web3 tech and eases crypto regulations to spur economic growth, as financial institutions gradually adopt digital asset-related activities, despite some limitations on mutual funds holding crypto.
India experiences heightened interest in US Bitcoin ETFs under the “Liberalised Remittance Scheme” amid stringent tax rules and the government’s promotion of CBDC development while cracking down on offshore exchanges.
Singapore, known for institutional markets, restricts retail virtual asset trading but leverages blockchain for institutional utility, such as tokenization and cross-border remittances, with Project Guardian shaping the country’s landscape.
In Taiwan, Bitcoin ETFs gain traction as discussions on lifting local brokerage restrictions on accepting orders continue, reflecting the country’s rising enthusiasm for digital investment opportunities.
Thailand navigates the aftermath of the 2022 price drop and a local exchange failure but aims to establish itself as a digital asset trading hub by waiving specific taxes under the new government’s initiative.
Asia emerges as a hub for Web3 adoption and innovation, showcasing diverse trends and developments across nations that could shape the global digital asset landscape. Keeping an eye on these advancements may offer insights into potential opportunities influencing the Western markets.
Image credits: DALL-E, TradingView.com