APAC is “uniquely positioned” to lead the next phase of global cryptocurrency growth, according to a survey conducted last month by Protocol Theory on behalf of CoinDesk.
This is just a preview of the information available in CoinDesk’s latest report, Demand-Driven: The People-Powered Crypto Movement in APAC. Download the report today for even more exclusive results.
The region already has a higher adoption rate than its neighbors, at 22%, compared to the global average of 7.8%. The report reveals that this is due to a range of factors including increasing internet penetration, changing regulatory environments, speculative interest, practical utility, growing understanding and belief in the future potential of cryptography.
A survey of 4,267 people in Australia, China, Hong Kong, India, Japan, the Philippines, Singapore, South Korea, Thailand and the United Arab Emirates found that 50% of adults in the region are somewhat or very positive towards crypto – despite regional adoption. rate less than half.
“This highlights enormous potential for future growth,” the report’s authors write.
Another 27% had neutral opinions on crypto and 24% said they remained skeptical of its value. But positive sentiment is increasing, with 50% feeling more positive about crypto than a year ago. “This recovery in sentiment could be influenced by several factors, including Bitcoin’s strong recent performance and the absence of notable recent scandals,” the report notes.
“However, sentiment can be fickle, so there is an urgent need for market participants to responsibly capitalize on these favorable conditions.”
Financial Transformation
According to the survey, more than six in ten adults in the region believe digital assets will play an important role in the future of global finance and investment.
As the region undergoes financial transformation coupled with rapid development in emerging markets, the report noted local interest and adoption in crypto. More than half of adults believe crypto will be used for everyday purposes, even though crypto is not legal tender in most countries in the region. “This optimism suggests a sense of inevitability about the role of crypto in everyday life,” the report said.
It also says further adoption will depend on practical benefits. In total, 29% of respondents said that 29% value crypto for the ability to make payments within their country, 27% for cross-border transactions and 30% for access to financial services – although the report does not It does not indicate what proportion of respondents used crypto for these purposes.
Nonetheless, he says these motivations “underscore a pragmatic approach to crypto adoption, based on tangible benefits and real-world applications.”
Emerging markets
The report also notes higher interest and adoption in emerging markets compared to more established financial jurisdictions such as Japan and Australia. Despite both countries’ relatively favorable crypto regulation and infrastructure, actual adoption remains lower than other areas due to comparatively lower demand.
“Conversely, countries like the Philippines and the UAE not only have effective means to support crypto adoption, but also strong underlying demand,” the report said. “(This results) in some of the highest crypto adoption rates not only in APAC, but in the world.”
UPDATE 12/4: This post has been corrected. The survey showed a crypto adoption rate of 22% in the APAC region.
