CoinDesk Survey Reveals APAC Region's Leading Role in Global Cryptocurrency Adoption and Innovation
A recent survey by CoinDesk highlights the significant potential for cryptocurrency innovation in the Asia-Pacific (APAC) region.
Key Insights:
- APAC’s crypto adoption rate is 24%. This is much higher than the global average of 7.8%, according to the survey conducted by Protocol Theory for CoinDesk.
- Emerging markets in the region are leading the way in several important areas.
The APAC region is uniquely positioned to drive the next phase of global cryptocurrency growth. This was revealed in a survey conducted last month. The findings are part of CoinDesk’s latest report titled Driven by Demand: The People-Powered Crypto Movement in APAC. You can download the report for more exclusive insights.
The region's higher adoption rate is attributed to various factors. These include increased internet access, evolving regulations, speculative interest, practical applications, and a growing understanding of cryptocurrency. There’s also a strong belief in its future potential.
The survey included responses from 4,267 people across Australia, China, Hong Kong, India, Japan, the Philippines, Singapore, South Korea, Thailand, and the UAE. It found that 50% of adults in the region view cryptocurrency positively, even though the adoption rate is still under 50%. This shows a lot of room for growth.
Moreover, 27% of respondents had neutral views on cryptocurrency, while 24% were skeptical about its value. However, sentiment is shifting. About 50% of participants feel more positive about cryptocurrency than they did a year ago. Factors like Bitcoin’s recent performance and the absence of major scandals may have influenced this change.
But remember, sentiment can change quickly. Market players should act responsibly to take advantage of these favorable conditions.
Financial Transformation:
Over 60% of adults in the region believe that digital assets will play a significant role in the future of global finance and investment. As the region undergoes a financial transformation, there’s a grassroots interest in cryptocurrency. More than half of the respondents think that cryptocurrency will be used for everyday transactions, even though it’s not legal tender in most countries.
This optimism suggests that people see cryptocurrency as an inevitable part of daily life. Further adoption will likely be driven by practical benefits. For instance, 29% of respondents value cryptocurrency for making payments within their country. Another 27% appreciate it for cross-border transactions, while 30% see it as a way to access financial services. However, the report doesn’t specify how many have actually used cryptocurrency for these purposes.
These motivations indicate a practical approach to adopting cryptocurrency, focusing on tangible benefits and real-world applications.
Emerging Markets:
The report notes higher interest and adoption rates in emerging markets compared to more established financial jurisdictions like Japan and Australia. Despite having relatively favorable regulations and infrastructure, these countries see lower actual adoption due to weaker demand.
On the other hand, places like the Philippines and the UAE not only have effective support for cryptocurrency adoption but also show strong underlying demand. This combination leads to some of the highest adoption rates in APAC and even globally.