Asia’s cryptocurrency landscape, most active and populous region ‘has a disproportionate role’ – economics bitcoin news

Recently, Mira Christanto, cryptocurrency researcher at Messari, released a report that takes an in-depth look at the cryptocurrency landscape in Asia, as 60% of the world’s population resides in the region. The Christanto study shows that six of the ten largest cryptocurrency unicorns are located in Asia. Additionally, 98% of Ethereum-based futures and 94% of Bitcoin futures volumes come from Asia.

The Asian financial landscape is poised to be disrupted

When it comes to cryptocurrencies, Asia has a large number of crypto users, businesses, miners, traders, etc. Messari.io’s cryptocurrency and blockchain researcher, Mira Christanto, explains that Asia has a “history of dictators, of currency depreciation, [and] capital controls – all ready to be disrupted. This has likely led Asia to become the most active cryptocurrency market, according to recent findings from Christanto.

Its recently published study titled “Asia’s Crypto Landscape” covers the “major 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. ” The 98-page study covers countries like China, Japan, Hong Kong, India, South Korea, Singapore, Philippines, Thailand, Indonesia, Vietnam, Malaysia, etc.

“Major crypto countries, such as China, Japan, Korea, Hong Kong, and Singapore, have large cash reserves, while other countries have great growth potential,” the report says. Christanto. “The nature of traditional finance has 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 pushed the adoption in Japan, ”she added.

“At the end of 2019, six of the world’s ten largest crypto companies were located in Asia,” Christanto data further shows. “As of January 12, 2021, of the top 20 headquartered token projects, 42% of the market capitalization is based in Asia. Asia plays a huge role in the crypto markets for a variety of reasons. “

The Christanto report continues:

Each country has its own nuances, but the factors include the high penetration of investment in the public market, the pedigree of high technology, the prevalence of WiFi, the deep penetration of electronic payments, the propensity for gambling and the high percentage. of computer science graduates. In addition, the development of Asia as a financial hub has contributed to the progress of fintech. Japan, Shanghai and Hong Kong are among the top five stock markets in the world.

Asian flourishing crypto landscapes

Some key facts from the Christanto study show:

• Binance, Huobi, and Okex combined 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 single market with the largest retail foreign exchange industry, accounting for one-third of the total global retail volume of foreign exchange (FX) and contracts for differences (CFDs).
• South Korea has the highest penetration rate of crypto investors with a third of workers invested in crypto.
• Singapore is one of the more lax Asian markets for crypto-specific regulations, albeit strict on LMA, KYC, suitable controllers, and compliance with FATF travel rules.
• The Philippines has one of the largest populations of foreign workers abroad in the world, ranking fourth among global recipients of remittances.

The findings of Crypto Landscape of Asia also indicate that a large number of countries in Asia have flourishing landscapes and all for different reasons. For example, capital controls in Vietnam “mean that the crypto spot market operates somewhat in isolation,” Christanto says. The Vietnamese market is retail-oriented, the report notes, and “when bitcoin prices are volatile, the Vietnamese market lags a few days behind.”

In Malaysia, Luno is the country’s leading stock exchange, the company founded in 2013 in Cape Town, with South Africa dominant there alongside Singapore. Research by Christanto and messari.io also benefited from assistance 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 covering the Asian crypto landscape? Let us know what you think of this topic in the comments section below.

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