Chainalysis highlights East Asia's booming crypto adoption

Chainalysis, a blockchain analysis company, released excerpts from its 2024 Cryptocurrency Geography Report on Tuesday, focusing on the latest cryptocurrency adoption trends in East Asia, particularly South Korea and Hong Kong. The report reveals that East Asia is the world's sixth-largest cryptocurrency economy, with over $400 billion in on-chain value transacted between July 2023 and June 2024. This growth is largely driven by institutional investors and professionals seeking alternatives to traditional financial systems.

South Korea leads the region, attracting approximately $130 billion during the reported period. Meanwhile, Hong Kong has positioned itself as a major cryptocurrency hub thanks to its unique regulatory framework. The report emphasizes the increasing institutional adoption in the region, driven by the introduction of new regulations for virtual asset trading platforms in 2023.