Asia, a region known for its rich history, diverse cultures, and rapid technological advancements, is now emerging as a powerhouse in the world of cryptocurrency. With countries like China, Japan, and South Korea leading the way in technological innovations, it’s no surprise that Asia is at the forefront of the crypto revolution.
This article delves into the burgeoning crypto market in Asia, highlighting the top projects that have originated from this region and discussing the future outlook for crypto in Asia.
Crypto in Asia: An Overview of The Market
Central and Southern Asia are leading the way in digital asset adoption, with six of the top 10 countries in crypto adaptation being located in this region. As such, there has been a significant increase in crypto trading volumes in Asia, especially given the market uncertainty in the West. This shift is attributed to actions like the United States Securities and Exchange Commission (SEC) suing major cryptocurrency exchanges, prompting many major players in the crypto space to move East.
Anndy Lian, the author of “NFT: From Zero to Hero,” highlighted that billions of dollars in trading volumes have migrated to Asia due to regulatory actions in the US. Countries like Singapore, Japan, South Korea, and more recently, Hong Kong, are becoming preferred destinations for investors and marketplaces. The regulatory environment in Asia is perceived as less risky and more welcoming for DeFi firms.
Asia has become a hub for cryptocurrency innovation and adoption. The continent has hosted numerous crypto events, such as the Korea Blockchain Week, Token2049 in Singapore, and the Edge Summit in Hong Kong. Token2049 was highlighted as the largest cryptocurrency event, attracting leading faces in the DeFi industry due to its lenient regulatory regime.
The institutional adoption of digital assets in Asia is on the rise, with countries like South Korea, Hong Kong, Japan, and Singapore seeking more opportunities in the crypto space. This growth is attributed to clearer regulatory frameworks in the region.
Despite challenges like the collapse of Terra/LUNA and FTX filing for bankruptcy, there’s a positive shift in the industry’s advancement in Asia.
Best / Upcoming Asian Crypto Projects
1. Binance (BNB)
Originating from China, Binance was created by Changpeng Zhao in 2017. Although Binance later moved its headquarters, it remains one of the biggest crypto exchanges globally. Binance has expanded into a vast ecosystem, with its native cryptocurrency, BNB, offering numerous benefits to its holders, including exclusive token sales and reduced trading fees.
2. Battle Infinity (IBAT)
Launched by an Indian team in 2022, Battle Infinity is a gaming platform designed to host various Play-to-Earn (P2E) games via the Metaverse “The Battle Arena.” The native token, IBAT, runs on the Binance Smart Chain and bridges traditional gaming with the Metaverse.
3. Huobi (HT)
Founded in 2013, Huobi is one of the largest Chinese crypto exchanges. Despite facing regulatory challenges in China, Huobi has grown significantly. The platform’s native currency, Huobi Token (HT), is used within its ecosystem.
4. Lambda256 (Luniverse)
Lambda256, the blockchain division of Dunamu (a leading Korean crypto exchange operator), specializes in blockchain-as-a-service (BaaS) solutions tailored for corporate clientele. Luniverse, their primary offering, is a blockchain infrastructure that enables companies to establish and manage private blockchain networks.
5. OKX (OKB)
OKX, previously known as OKEx, is a widely-used cryptocurrency exchange in Asia. Initially established in China, the exchange later moved its headquarters to Malta. The OKB token offers benefits like reduced trading fees on the OKX platform.
6. The Morpheus Project
A Thailand-based project launched in 2019, the Morpheus Metaverse is an educational virtual world emphasizing immersive learning technology, enriched by the integration of historical artifacts and NFTs.
Tamadoge is a Japanese-style Tamagochi Play-to-Earn (P2E) game that integrates NFTs and offers crypto rewards. It’s one of the future cryptocurrency projects that’s gaining traction and offers a unique blend of gaming and crypto elements.
8. Bitcoin Minetrix (BTCMTX)
Bitcoin Minetrix is a popular Asian crypto project focused on reviving the Bitcoin mining industry. The platform offers a tokenized cloud mining environment, aiming to lower entry barriers, enhance security, and eliminate upfront mining fees. Users can stake the native BTCMTX tokens to earn mining credits, which can be burned for access to mining time or a share of the earnings.
9. Chimpzee (CHMPZ)
Chimpzee is an eco-friendly crypto project from Asia. While specific details about the project were not provided in the current data, its eco-friendly focus indicates a commitment to sustainable blockchain practices and environmental conservation.
10. BitDAO (BIT)
BitDAO is a cryptocurrency with an established ecosystem and an Asian team. The project aims to promote the adoption and development of decentralized financial (DeFi) projects and has garnered significant attention in the crypto community.
What’s The Future of Crypto in Asia
Grassroots Crypto Adoption
Despite global crypto adoption taking a hit due to events like the collapse of FTX and the de-pegging of the TerraUSD stablecoin, lower-middle-income (LMI) category countries in Asia have witnessed a recovery in grassroots crypto adoption.
Research by ChainAnalysis revealed that many top countries in their Global Crypto Adoption Index are from Central & Southern Asia and Africa. LMI countries have seen the most significant recovery in grassroots crypto adoption over the past year.
As crypto will be accepted even more in the region, there will be more events like the Korea Blockchain Week and Token2049 in the future, such as Blockchain Festival Asia 2024 in Singapore, Token2049 event in 2024 – also in Singapore, and The 2024 6th Blockchain and Internet of Things Conference (BIOTC 2024) in Fukuoka, Japan – to name a few.
Shift in Trade Volume
The continuous rise in crypto trading volumes in Asia is fueled by the regulatory clarity in the region, as well as the market uncertainty in the West – especially with the regulatory woes in the United States and European countries against nearly everything related to crypto. This has prompted many significant players in the crypto space to move East, further solidifying Asia’s position in the crypto market – and there is no sign of slowing down.
Hong Kong’s recent crypto-friendly overtures, such as the proposed crypto regulation and the budgeting for crypto asset development, indicate a broader and long-term vision for the region. Given the close affiliation between Hong Kong and China, it’s evident that China approves of Hong Kong’s crypto moves.
While China’s stance on crypto remains strict, there are indications that it might be observing Hong Kong’s moves with a view to potentially relaxing its stance in the future.
Asia’s ascent in the cryptocurrency realm is not just a fleeting trend but a testament to the region’s adaptability, innovation, and foresight. From the bustling crypto hubs of Singapore and South Korea to the strategic moves of Hong Kong under China’s watchful eye, Asia is not merely participating in the crypto revolution but is actively shaping its future.
The top crypto projects emerging from Asia, as highlighted earlier, underscore the region’s commitment to leveraging blockchain technology for real-world solutions. These projects, ranging from gaming platforms to financial infrastructures, are a testament to Asia’s diverse and dynamic approach to the crypto ecosystem.
Furthermore, the regulatory environment in Asia, which strikes a balance between fostering innovation and ensuring investor protection, serves as a model for other regions. The proactive steps taken by countries like Singapore and Hong Kong in framing crypto regulations demonstrate a forward-thinking approach, setting the stage for sustained growth and innovation.
In essence, Asia’s crypto journey is a reflection of its broader ethos: a blend of tradition and modernity, caution and ambition, and pragmatism and vision. For investors, entrepreneurs, and crypto enthusiasts, Asia offers a landscape rich with opportunities and potential.
As the global crypto narrative unfolds, Asia’s role will undoubtedly be pivotal. The region’s embrace of digital assets and blockchain technology signals not just a transient phase but a transformative era. In the ever-evolving world of cryptocurrency, Asia stands tall, not just as a participant but as a leader, charting the course for a decentralized and digitized future.