Consensus' latest research found that digital asset adoption in the Asia-Pacific region (APAC) will reach 23.9% in 2024, three times the global average of 7.8%. The research report, titled "Driven By Demand: The People-Powered Crypto Movement in Asia Pacific", was completed before Consensus expanded its activities to Hong Kong. The report pointed out that the high adoption rate in the Asia-Pacific region is driven by the evolving regulatory environment, speculative interest, practicality, and a firm belief in the future potential of digital assets.
The report, written in collaboration with Protocol Theory, states that Thailand has the highest adoption rate of digital assets in the Asia-Pacific region, at 44%, followed by the UAE, India and the Philippines. The report found that digital asset ownership or usage in the Asia-Pacific region can be divided into three tiers:
- High adoption rates : Thailand (44%), UAE (39%), India (34%), Philippines (32%);
- Moderate adoption : South Korea (29%), Singapore (25%), Hong Kong (25%);
- Adoption rates are lower : Australia (19%), China (17%), Japan (13%).
In addition, the report authors observed the following trends through their survey:
- Of the nearly 4,300 respondents in the Asia-Pacific region, 62% believe that digital assets will play an important role in global finance and investment in the future.
- More than 51% of respondents believe that digital assets will be used for everyday purposes and help promote global financial inclusion.
- 35% of digital asset adopters want to gain financial control by not relying on banks.
Michael Lau, Chairman of Consensus Hong Kong, said: “Ahead of the upcoming Consensus Hong Kong event in February 2025, we look forward to showcasing Asia Pacific’s leading position in the global development of digital assets. Considering recent ETF approvals, increased institutional investment, and growing regulatory clarity in the region, we are seeing the beginning of a new era. Asia Pacific is leading the global race for digital assets and influencing other regions to accelerate their pace, together building a more connected and seamless global economy.”
The report, published in October 2024, is based on quantitative research covering nearly 4,300 individuals aged 18+ in ten markets in Asia Pacific (Australia, China, Hong Kong, India, Japan, Philippines, Singapore, South Korea, Thailand and UAE), with approximately 400 respondents in each market. The research aims to shed light on the drivers and enablers of digital asset adoption in Asia Pacific, as well as the adopters’ motivations for choosing digital assets.
To read the full report and register for a Consensus Hong Kong badge, please visit https://consensus-hongkong2025.coindesk.com/register/
About Consensus
Since 2015, Consensus has been the gathering of the world’s largest and most influential digital asset, blockchain, and Web3 communities. Now moving to Hong Kong, Consensus brings together the industry’s most important voices from the East and West for critical conversations and deal opportunities.
Consensus Hong Kong convenes global leaders in technology and finance to debate pressing issues, announce important developments and deals, and share their vision for the future. Produced by award-winning media CoinDesk, and guided by its commitment to independent, unbiased journalism, Consensus sets the agenda for the next wave of innovation and deals in the cryptocurrency and Web3 space.
About Protocol Theory
Protocol Theory is the leading strategic market research and consumer insights firm focused on Web3, digital assets, and emerging technologies. We provide data-driven insights to support product innovation, user experience, brand communications, and market strategy. By combining our industry expertise with our expertise in consumer behavior, we are uniquely positioned to help clients understand their audiences, build competitive advantage, and promote long-term customer engagement in the Web3 space. Our mission is to bring clarity to the on-chain world through deep consumer understanding and actionable insights.
