Cash News
The Central and Southern Asia and Oceania (CSAO) region has established itself as one of the dominant regions in the crypto landscape, with seven countries in the top 20 countries by crypto adoption. According to a Chainalysis report, the region processed an incredible $750 billion in cryptocurrency inflows between July 2023 and July 2024, securing its position as the world’s third-largest crypto hub, aside from North America and Western Europe.
India has been especially interesting, leading the globe in grassroots crypto adoption even with challenges in the face of regulatory hurdles. The country took precedence in the top global rankings within both Centralized Service Value and Retail Centralized Service Value Received in the past year alone. In turn, the stringent regulatory environment that India has posited even on capital gains and transaction taxes has led to the movement of many of its users’ activities on international exchanges.
Indonesia, on the other hand, has posted tremendous growth in the crypto market that outweighs India’s received crypto value, with over $157 billion during the same period. This can be interpreted as an unprecedented growth of almost 200% in the Indonesian market, making it among those with the fastest crypto market growth in the region.
Singapore also became a major player in the crypto space, particularly regarding digital payments. By the second quarter of 2024, its digital payment platforms had processed more than $1 billion in cryptocurrency transactions, a clear signal that digital assets continue to be integrated into routine financial activity.
The CSAO region has thus far had an impressive performance, at best fueled by centralized exchanges and growing institutional participation. Cumulatively, India, Indonesia, Vietnam, the Philippines, Pakistan, Thailand and Cambodia account for 16.6% of the total cryptocurrency value received globally, highlighting the region’s importance in global crypto markets.