The addition of cryptocurrency continues to grow and expand across Asia with top crypto exchange platforms making acquisitions and forming partnerships on the continent. It now seems that top crypto exchanges founded in the West and the Asia continent now show more interest open bitcoin pro account.
Just last year, Coinbase eventually launched its services in Japan, joining the list of a few exchanges offering crypto services to the citizens of the country. On the other hand, Binance, also one of the top crypto exchanges, has also formed partnerships across Thailand, Singapore, and Indonesia to further expand its services.
Certainly, this increased interest from top crypto exchange platforms in the Asia continent is well expected. This is because the crypto hype and craze in the continent never fizzled out despite the uncertainties surrounding crypto regulations in the region. Right now, the Asia-Pacific region remains the hub for crypto growth and expansion, and countries like that and Singapore have witnessed significant growth in crypto adoption. Thiss growth was recorded in areas of crypto investment as well as retail payment.
According to Rama Sridhar, the Vice President of Mastercard Asia-Pacific, he asserted that adoption rates of the latest payment method options, when compared to the global market, are the highest in the Asian region. Furthermore, a survey carried out by Mastercard in 2020 across 18 markets indicated that 94% of users in the Asian region now consider using the latest payment method options.
Securrency’s director of government relations and policy, Jackson Mueller recognizes the significance of P2P and digital payment market growth as the primary factor behind Asia’s expanding influence. He mentioned to Cointelegraph that the cradle for payment activists has been in southeast Asia for a while now which is no surprise. This is because the region has experienced an influx of several crypto firms causing the volunellme of P2P activists in the area to increase.
Jackson however believes that this is just the beginning as there are more crypto-asset structures to emerge from the Asian region. This, according to Jackson, will come alongside efforts to improve the present system of payment at the local level while promoting the development of capital markets.
Chainalysis also reported that the Asian markets now account for more than 40% of worldwide crypto activities. Data shows that approximately $290 billion im transaction was executed between June 2020 and June 2021. The report also showed that the Oceania, Southern and Central Asia crypto market was the fourth largest across the globe as transaction activists surged by 700% within the said time frame.
What makes Asia crypto-friendly?
The Messari report about the Asian crypto landscape suggested that too many crypto counties within the region like South Korea, Singapore, and Japan have enough liquidity pools. The area is also said to be a leading crypto spot market that accounts for over 90% of Ether, and Bitcoin trading volumes for futures.
It is also believed that the nature of the conventional financial system had played a major role in the region becoming a hub for crypto. Capital controls in South Korea and China are reported to be what pushed individuals into the crypto industry with low-interest yields in Japan as a catalyst for the rapid adoption of crypto.
Top crypto exchanges have made their services available in the region while looking to further expand. However, processing giants kike Mastercard and Visa also recognize the best potential in the Asian market. To this end, Mastercard formed partnerships with three top crypto service providers in the region to establish Mastercard payment cards funded with crypto.
On the other hand, countries like Pakistan and India which still lack clarity on how to go about regulations are not also far behind. Between 2020 and 2021, the crypto market in India grew by 640% attracting crypto funding worth more than $600 million. As regards Pakistan, they also experienced similar growth in crypto adoption, and based on a report from the FPCCO, Pakistanis held about $20 billion worth of crypto between 2020 and 2022.
According to the co-founder of PropTech, a Pakistani fintech firm, Jawad Nayyar, the conception of crypto has changed from being a Ponzi scheme and a gambling tool in the country. Many now see the currency as a virtual asset in value and the many financial opportunities it offers. The private sectors within the country now see crypto as a hedge in times of high inflation, monetary expansion, and currency devaluation.