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There is no doubt that the advent of cryptocurrency has brought a wave of innovation to the world. However, as you break down different markets in different geographies, you will find a variety of outlooks.
Crypto coins – illustrative photo. Image credit: Traxer via Unsplash, free license
For example, some would describe the US market as hostile, with statements such as “crypto has no intrinsic value” floating around.
What do the Asian markets look like though? Here are some high-level insights to answer that question.
Table of Contents
No One Owns More Crypto Than Millennials
Crypto companies, like many others, will attempt to find a footing with younger markets that can provide lucrative opportunities for some time to come. As it stands, the APAC region is characterized by those between the ages of 25 and 34 years old representing 36% of crypto owners on the market.
Behind them is the 35 to 44-year-old age group, with a 26% proportion, and 16 to 24-year-olds following them with 23%. Many of responders said they use trading tools to improve their trading experience. There are at least five well-established SaaS solutions for that where Oil Profit is a starting point for those interested in CFD and commodities trading and ending up with BitIQ for crypto traders..
The older age groups show a much smaller interest level, with 55 to 64-year-olds representing 5% of the ownership spectrum and the 45 to 54-year-old age group standing at 10%.
Ownership Numbers Are Looking Up
It could be because of the welcoming nature of the APAC market to cryptocurrency, but Q3 2022 showed that Indonesia, Thailand, and the Philippines had the highest rankings of crypto owners at 20%, 22%, and 23% respectively.
With that being said, it’s important to note that countries such as Singapore, China, and Japan have seen some level of falling off in their numbers. Between Q3 2021 and 2022, China saw a 5% decline, while Singapore and Japan saw a 2% and 22% drop, respectively.
The move in Japan, while large, doesn’t necessarily come as a surprise. Just several years ago, malicious activities of hackers in 2018 meant a $500 million or ¥58 billion loss being suffered by Japan’s cryptocurrency exchange.
That kind of situation would understandably affect the way policymakers proceed, but more importantly, would create some level of hesitance on the part of potential investors.
Crypto Owners in the APAC Region Show Diverse Education Levels
It’s always good when great opportunities are available to demographics across different education levels. Such an occurrence represents a position of inclusivity. Looking at the APAC region, cryptocurrency ownership is relatively well spread across people of different education levels. Consider the following:
- 38% of crypto owners attended school until the age of 18.
- 26% of crypto owners are college or technical school graduates.
- 22% of crypto owners have a university degree.
- 9% of crypto owners have a postgraduate degree.
- 6% of crypto owners attended school until the age of 16.
It’s not unusual for FinTech elements to be open to people of different educational backgrounds, and cryptocurrencies are no exception. Perhaps much of this has to do with the way first and third-party applications have allowed greater accessibility in ways that traditional investment vehicles do not.
Southeast Asia Continues to Be an Attractive Option for Crypto Entrepreneurship
The Southeast Asia region is characterized by income and population growth. These, among other attractive properties, mean that investors and crypto entrepreneurs are keen on creating and taking advantage of lucrative opportunities.
Consider the fact that as of Q2 2022, there were over 600 blockchain or crypto companies that were headquartered in the region. This report comes from White Star Capital, a venture investment firm.
Web3 favorability in Southeast Asia is high, especially considering the intimate understanding of technological nuances on the part of the young populations. Combine that with the mostly developing economies, and you have a recipe for participation incentives.
The Asian Environment Is Highly Crypto-friendly
There’s no denying the inherently friendly nature of the Asian community to cryptocurrency, especially where regulation is concerned. Governments are largely on board, implementing friendly frameworks, which is in stark contrast to North American counterparts that seem to have a more hostile approach.
At this point, Singapore is a known crypto hub, with other places such as Hong Kong gunning for the position. The latter announced its framework that is conducive to Bitcoin and Ethereum retail trading.
Apart from them, there is Japan, which has been supporting Bitcoin as an accepted payment type since 2017 and only continues to do so in a greater capacity. Additionally, you can’t ignore the advancement of the country’s CBDC pilot.
Female Crypto Ownership Looks Promising
At 64%, most APAC cryptocurrency owners are male. Be that as it may, the female proportion is growing and is positioned to continuously do so over the next several years.
Jo Ling, a GWI senior trends analyst, describes fintech as a step in the right direction where financial inclusion for women is concerned. Currently, women account for 36% of cryptocurrency ownership in the region.
Wrapping Up
This is an interesting time for the Asian market where the world of cryptocurrency is concerned. Considering that it’s not averse to addressing the matter of regulation and participation of younger audiences is all but overwhelming, it remains to be seen where the market will go next.
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