Blockchain analytics firm Chainalysis published an excerpt from its 2024 Geography of Cryptocurrency Report on Tuesday, focusing on the latest cryptocurrency adoption trends in Eastern Asia, particularly in South Korea and Hong Kong.

The report identifies Eastern Asia as the sixth-largest cryptocurrency economy worldwide, having received over $400 billion in on-chain value from July 2023 to June 2024. This growth is mainly driven by institutional investors and professionals, who are seeking alternatives to traditional financial systems.

South Korea leads the region, receiving around $130 billion in the reported period. According to a South Korean exchange leader, corporate adoption of blockchain technology has bolstered the public’s perception of cryptocurrencies. Chainalysis quoted the leader as saying:

Mistrust in traditional financial systems has led investors to seek out cryptocurrencies as alternative assets.

The rising popularity of altcoins and stablecoins has resulted in higher outflows to global exchanges, fueled by opportunities like the kimchi premium, where crypto prices in South Korea are higher than in global markets.

Meanwhile, Hong Kong has positioned itself as a major cryptocurrency hub, benefiting from its distinct regulatory framework. The report highlights the region’s growing institutional adoption, driven by the introduction of new regulations for virtual asset trading platforms in 2023.

Chainalysis noted that on April 30, Hong Kong’s Securities and Futures Commission (SFC) approved bitcoin and ether-based spot exchange-traded funds (ETFs) for public trading. In the month leading up to the launch, institutional BTC transfers surged, with many occurring on mainstream exchanges serving institutional clients. Kevin Cui, CEO of OSL, a leading digital asset trading platform in Hong Kong that offers institutional-grade services for cryptocurrency trading, commented:

These ETFs have not only provided a regulated pathway for investment in digital assets, but have also spurred interest in direct holdings in BTC and ETH.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。