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Central and Southeast Asia are seeing a massive increase in cryptocurrency transactions this year when compared to last year.
A new report from blockchain analytics company Chainalysis shows a 706% boom in transactions in Central and Southeast Asia between July 2020 and June 2021. The region that includes countries such as India, Thailand, Vietnam and the Philippines were good for transactions worth $572.5 billion during the period, almost 15% of the total global value. The report is part of a series of regional reports by Chainalysis on cryptocurrency named ‘Geography of Cryptocurrency’.
The Chainalysis study highlights the role institutional players have in crypto adoption in the region. Institutional and large payments are shown to account for the majority of transactions. In India, these large corporate transfers above $10 million represented 42% of transactions. In Vietnam and Pakistan, large institutions took 29% and 28%, respectively.
Last week’s edition of the series shows that Central, Northern and Western Europe are the world’s largest crypto economy, with over $1 trillion in transactions made between July 2020 and June 2021. Institutional transactions surged dramatically in that time from “only” $1.4 billion in July 2020 to $46.3 billion in June 2021.
Although Europe tops crypto transactions in USD, Asian takes the lead in terms of overall adoption as Chainalysis 2021 Global Crypto Adoption Index shows. Looking at on-chain crypto value received, on-chain retail value transferred and peer-to-peer (P2P) exchange trade volume, Vietnam, India and Pakistan rank highest.