Recently, Messari crypto researcher Mira Christanto published a report that delved into the field of cryptocurrency in Asia, as 60% of the world’s population lives in this region. Christanto’s research shows that six of the top ten largest cryptocurrency unicorns are located in Asia. Moreover, 98% of Ethereum-based futures are from Bitcoin, and 94% of Bitcoin futures are from Asia.
Asia’s financial landscape has matured and can be broken down
When it comes to cryptocurrency, Asia accounts for a huge number of crypto users, companies, miners, traders, etc. Mira Christanto, a cryptocurrency and blockchain researcher from messari.io, explained that Asia has “a history of dictators, devaluation of currencies, [and] Capital control-everything is ready for destruction. “According to Christanto’s latest findings, this may lead to Asia becoming the most active cryptocurrency market.
Her recently published research titled “Asia’s Cryptocurrency Landscape” covers “defining the major exchanges, funds and market makers of cryptocurrencies in China, Japan, South Korea, Hong Kong, Singapore and Southeast Asia, as well as regulatory and investment trends. Commented.” The 98-page study covers China, Japan, Hong Kong, India, South Korea, Singapore, the Philippines, Thailand, Indonesia, Vietnam, Malaysia and other countries.
Christanto’s report said: “Leading cryptocurrency countries, such as China, Japan, South Korea, Hong Kong and Singapore, have large amounts of liquidity, while other countries have huge potential for expansion.” She added: “The nature of traditional finance is The adoption of cryptocurrencies plays a key role: capital controls push investors to cryptocurrencies in China and South Korea, while low yields are driving the adoption of cryptocurrencies in Japan.”
Christanto’s data further shows: “By the end of 2019, six of the world’s top ten cryptocurrency companies are located in Asia.” “As of January 12, 2021, 42% of the top 20 token projects at headquarters have a market capitalization. Located in Asia. For various reasons, Asia plays a pivotal role in the cryptocurrency market.”
Christanto’s report continues:
Each country has its own nuances, but factors include the high penetration rate of public market investment, high-tech pedigree, WiFi penetration rate, deep penetration rate of electronic payments, gambling tendency and high proportion of computer science graduates. In addition, the development of Asia as a financial center has also contributed to the development of financial technology. Japan, Shanghai and Hong Kong are among the top five stock markets in the world.
Asia’s booming cryptocurrency landscape
Some key facts from Christanto’s research indicate:
- The sum of Binance, Huobi and Okex is the same as Coinbase.
- Hong Kong is home to some of the largest crypto derivatives companies in the industry.
- Japan is the largest unique market for the retail foreign exchange industry, accounting for one-third of the global total foreign exchange transaction volume (FX) and contract for difference (CFD) retail volume.
- South Korea has the highest penetration rate of cryptocurrency investors, with one-third of workers investing in cryptocurrency.
- Despite strict compliance with AML, KYC, appropriate human controllers, and compliance with the FATF Travel Rule, Singapore is one of the looser Asian markets for cryptocurrency regulations.
- The Philippines is one of the world’s largest population of overseas foreign workers, ranking fourth in the global remittance recipient countries.
The research results of the “cryptocurrency landscape” in Asia also show that many countries/regions in Asia have a booming landscape, and all these countries have different reasons. Christianto said, for example, Vietnam’s capital control “means that the crypto spot market is operating in isolation to a certain extent.” The report pointed out that the Vietnamese market is driven by retail, “when Bitcoin prices fluctuate, Vietnam The market will lag for a few days.”
In Malaysia, Luno is the country’s largest exchange. The company was established in Cape Town, South Africa in 2013, keeping pace with Singapore. Research by Christanto and messari.io also found the help of the independent blockchain infrastructure platform Blockdaemon.
You can read Mira Christanto’s messari.io research report on the field of Asian cryptocurrency in full. Here.
What do you think of Christanto’s 98-page research covering the field of Asian cryptocurrency? Let us know your thoughts on this topic in the comments section below.
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