By Shelly Melancon (Switzerland)
A report from Chainalysis shows that crypto transaction volume in the Asian market has witnessed a growth of 706%. This is the latest report from the blockchain analytics firm after several others that were aimed at assessing crypto adoption in various regions including Africa. Chainalysis’ latest report was compiled after it assessed the regions of Central and Southern Asia.
In its report, Chainalysis observed that emerging markets in these regions are now measuring in terms of transaction volume, signifying a myriad of factors among investors in the regions that have informed their choices to adopt digital currencies such as Bitcoin. The growth in transaction volume that has been registered by these markets is impressive, with the report pegging it at 706%.
Between July 2020 and June 2021, Asians Traded $570.5 Billion in Cryptocurrency
Chainalysis looked at the period between July 2020 and June 2021 before arriving at that growth percentage. The report covers Central and Southern Asia and Oceania, a large region that features countries like India, South Korea and Pakistan. The dollar value of Asia’s crypto transaction growth is approximately $570.5 billion which accounts for 14% of the transaction value globally.
According to Chainalysis, large payments from institutional firms and others represent a huge percentage of the total transactions performed in Asia, pointing to widespread adoption of cryptocurrencies even by mainstream investors in the continent. India took the top spot overseeing bulk transactions over $10 million. While India went home with 42%, Vietnam and Pakistan settled for 29% and 28% each, the report found.
Although Chainalysis’ report did not account for other Asian countries such as Malaysia, Indonesia and the Philippines, another survey conducted by Finder earlier in August shows that adoption is faring well in these markets. Finder’s survey showed that 30% of the Indonesian respondents said they have at one time purchased crypto while 29% and 28% said they own cryptocurrency in Malaysia and the Philippines, respectively.
Vietnam also featured in Finder’s survey, with adoption ranking highest among the 27 countries that were surveyed in the August report. Finder cited remittance as the motivation for the 42% adoption rate in Vietnam.
Europe Emerges As Region with Highest Transaction Volume
Chainalysis’ latest report is the second phase of a series of several reports on transaction volume. Last week, Chainalysis issued the first report in which it found the market in Europe is now the largest globally, after overseeing more than $1 trillion in transaction volume within the same period. Transactions performed by institutions in Europe amounted to $46.3 billion in late Q2 2021, contrary to $44.9 billion recorded in July 2020.
Meanwhile, a recent report shows that emerging markets in Asia, Africa, etc are now tending toward Bitcoin and other digital assets as they aim to combat hyperinflation, currency devaluation and high remittance costs.
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