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Crazy Rich Asians to Lead Crypto Adoption in Asia

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VOC, Voice of Crypto, Bitcoin, BTC

In Chainanalysis 2022 Global crypto adoption index, six Asian countries made the top 10. 

Asian countries such as Hong Kong, Singapore,  Philippines, India, Pakistan, Thailand, and China were in the top 10. These statistics showed that there is increased crypto adoption in Asia.

Crypto Adoption in Asia

In a report by KPMG, 34% of high-net-worth investors have invested and are planning to invest more in crypto.  The report is a collaboration between KPMG China and Aspen Digital. 

This report results from research conducted for 30 family offices and high-net-worth individuals. These individuals and offices are managing assets between $10 million to $500 million. 

The CEO of Aspen Digital, a crypto asset management platform, says giant investors have increased their crypto investment. Yang He, the CEO, said, “Over the last 18 months, we have seen a huge increase in institutional investor interest in digital assets.”

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The crypto adoption increase can be attributed to the increased mainstream adoption and wealthy investors’ interest. Similarly, White Star Capital reported that blockchain companies have increased to about 600 in Southeast Asia. 

The report shows increased venture capital funding among crypto startups in Asia in recent times. 

The venture capital funding is over $1 billion, with a few months left in 2022. According to the report, The funding total is on track to surpass the $1.45 billion total in 2021. 

Amy Zhao, a lead at Ocular, attributes these increased venture funding to the friendly policies in Asia.

He said,

“The demographics of Southeast Asia are very favorable for web3… and the financial aspect of crypto provides a lot of incentives for people to participate.”

The Crypto Adoption Rivalry Between Asian Countries. 

Report has it that Hong Kong and Singapore are in a fierce race to become the crypto industry hub.  Both countries have made several regulations and banking services to increase crypto adoption.

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Hong Kong plans to allow investors to invest directly in digital assets. There are also works on legislation with friendly policies for increased adoption.

In a similar pursuit, Singapore’s DBS Group Holdings has expanded access to its crypto trading services. The country gave operational approval to Blockchain.com and Coinbase in one week. 

This gesture has increased wealthy investors and enthusiasts to about 100,000 in Singapore. The KPMG report shows that 90% of wealthy elites in the two countries are interested in crypto. 

Conclusion 

The foremost driver of increased crypto adoption in Asian countries is government policies and regulations. While these countries are jostling to outshine each other and become investors’ choice destinations, they are lessening the restrictions. 

The more friendly the policies, the more wealthy investors are willing to invest. 



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