With 326.8 million owners, more than half of the global total, Asia asserts its central position in the cryptocurrency market, growing 21.8% in 2024.
According to the latest report from Triple.A, Asia is leading the global trend of cryptocurrency ownership, with the number of owners growing strongly in 2024. The region recorded 326.8 million cryptocurrency owners, equivalent to more than 6.8% of the world's population and accounting for more than half of the global total of 562 million cryptocurrency owners. This represents an impressive growth of 21.8% compared to 2023, affirming Asia's increasingly important role in the cryptocurrency market.
The United Arab Emirates (UAE) leads Asia in cryptocurrency ownership, with 25.3% of its population owning the digital asset. It is followed by Singapore (24.4%), Thailand (17.6%), Vietnam (17.4%) and Saudi Arabia (15%).
Source: Triple.A
East Asia emerged as the region with the largest crypto inflows, accounting for nearly 9% of the global total from July 2023 to June 2024, or more than $400 billion. Centralized exchanges dominate the crypto market in East Asia, with 65% of the trading value coming from the region. High trading volumes among institutions and professional investors have solidified East Asia’s position in the large-scale trading segment.
Hong Kong and South Korea are seen as the main drivers of the growth of the cryptocurrency market in Asia. Hong Kong has seen strong growth in cryptocurrency trading activity, with trading value increasing by 86% year-on-year. Policies supporting digital assets, including licensing exchanges and launching ETFs that invest in cryptocurrency tokens, have been key drivers of this growth.
Meanwhile, South Korea leads the East Asian region in cryptocurrency trading value, with over $130 billion traded between July 2023 and June 2024. Declining confidence in the traditional monetary system, coupled with the active adoption of blockchain by large corporations such as Samsung, has created a strong driving force for the demand for cryptocurrency ownership and trading in South Korea.
The meteoric rise of the cryptocurrency market in Asia reflects the growing interest in digital assets in the region. Factors such as a young, tech-savvy population, growing digital infrastructure, and a maturing regulatory environment have facilitated the explosion of the cryptocurrency market in Asia. The region is expected to continue to lead the global wave of cryptocurrency ownership and adoption in the coming years.