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A new report, published by Protocol Theory, reveals that nearly 25% of adults in the Asia Pacific region with internet access may own digital assets. However, the report highlighted that ease of use and access are major limiting factors for crypto adoption in the region.
The report was derived from a survey that collected data from more than 4,000 adults across 10 different jurisdictions and extrapolated to represent the entire APAC region.
The survey collected responses from about 400 adults between the ages of 18 and 64 in each of the following countries: the Philippines, India, Thailand, South Korea, China, Australia, Hong Kong, Singapore, and Japan, with the United Arab Emirates included as a comparable market. The report concluded that crypto adoption is aggravated by the region’s limited access to traditional financial services.
APAC report says 18% of adults adopted stablecoins
The report results revealed that 18% of adults with internet connections in emerging markets in the region have adopted stablecoins. It suggested that the rate of crypto adoption in the region will depend on the ease of crypto usability, integration, and inclusion in day-to-day activities.
The findings revealed that half of the adults who were aware of crypto assets intended to use them within the next year, despite marginal usage in the past year. The research also noted that the slow adoption could be attributed to the ease of use of traditional instrument services, such as digital bank accounts, that rival the complexity of wallets, exchanges, and token transfer mechanisms.
The report acknowledged the contributions of stablecoins, remittances, and tokenized assets as emerging practical foundations of a digital infrastructure that cuts across borders.
According to the Protocol Theory, regulatory factors in the region will promote further growth of digital asset ownership, but also highlight ease of access as a significant setback. The report noted that the emerging digital economy is supported by the development of regulatory frameworks designed to promote the adoption of cryptocurrencies in the region.
In emerging economies, such as China, India, the UAE, Thailand, and the Philippines, 70% of adults believe that regulations are essential for growth in the crypto arena. However, in Hong Kong, Australia, and Singapore, this figure is only 66%. In locations like Japan, the number of adults who believe regulations are necessary dropped to less than 50%.
The research stated that the discrepancy in regulatory beliefs across different locations signifies a difference in market confidence. It further concluded that regulations fill institutional gaps and serve as a proxy for trust, legitimizing participation. It also noted that mature markets have extensive consumer protection frameworks, allowing regulations to function less as a bridge and more as a means to manage risks.
Protocol Theory unveils crypto adoption in the APAC region
In 2023, Cryptopolitan reported that the APAC region was gradually becoming the new hub for blockchain development. In December last year, Protocol Theory announced figures showing extensive digital asset adoption in the APAC region. The research showed that crypto adoption in the region reached 22% in 2024, surpassing the global average of 7.8% by a multiple of three.
It showed that Thailand was the top country in the region with a digital asset adoption rate of 43%. UAE followed closely behind with an adoption rate of 37% while India trailed in third with 32%. The report, compiled from data collected from 4,300 adults aged 18 and above, revealed that more than half of the respondents believed that crypto assets would be used daily for everyday purposes.
The data also revealed that 37% of respondents who had adopted crypto assets preferred digital currencies as a means to regain financial control, without relying on centralized banking institutions. It concluded that the high adoption rate in the region was driven by strong consumer demand in emerging markets.
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