2024 was a year of many landmarks for cryptocurrency in Asia, besides the fact that Bitcoin traded over US$100,000 for the first time ever.
While the US Treasury declared Bitcoin as “digital gold”, more has happened with crypto and DeFi in Asia than anywhere else in the world.
From the region overtaking North America as the dominant hub for blockchain talent, and APAC’s crypto adoption rate rising to almost thrice of the global average, to platforms such as Grab allowing its Singapore customers the ability to use crypto to top up their GrabPay e-wallets.
What are the factors driving the region’s adoption of crypto in 2024 and shaping the crypto landscape in Asia in 2025?
We sought out insights from Kunal Chowdhry, CEO, Apollo Singapore Investments, to help make sense of all these developments, and what they mean for crypto in Asia in 2025.
2024 seems to be a landmark year for crypto in Asia. What were the factors that shaped and drove the growth of crypto in Asia in 2024?
Kunal: Asia emerged as a global leader in cryptocurrency adoption in 2024, with over 326.8 million users across the region. Nations such as Singapore, India and Thailand were at the forefront, driven by regulatory advancements, innovative financial products, and rising investor confidence.
In Singapore, regulatory clarity was a significant factor. The Monetary Authority of Singapore (MAS) implemented a crypto custody licensing regime, consumer protection rules, and frameworks for stablecoins, boosting trust among institutional and retail investors. The Global Layer 1 collaboration initiative further cemented Singapore’s position as a hub for blockchain innovation. Additionally, the accelerated pace of licensing saw MAS issue 13 new digital payment token (DPT) licenses in 2024, bringing the total to 29 licensees by November.
India also played a pivotal role in crypto adoption, maintaining its position as the world leader in cryptocurrency adoption for the second consecutive year, according to Chainalysis. This growth occurred despite stringent regulations and high trading taxes, as the government provided greater clarity on crypto tax policies, reducing investor uncertainty and fostering broader participation.
In Hong Kong, the launch of its first spot Bitcoin and Ethereum ETFs on April 30 marked a turning point, offering institutional-grade investment products and positioning the city as a key competitor to the U.S. in the crypto market. By authorizing exchange-traded funds tracking Bitcoin and Ether, Hong Kong has opened new doors for local innovation and global investment.
These regulatory developments, combined with a focus on fostering innovation and expanding access to digital asset investment vehicles, are driving Asia’s continued leadership in the cryptocurrency ecosystem.
In your opinion, what are some key developments that will shape the crypto landscape in Asia for 2025?
Kunal: Asia’s cryptocurrency landscape is set to evolve significantly in 2025, shaped by emerging regulations, technological innovations, and market dynamics. With a crypto adoption rate of 22% in APAC, compared to the global average of 7.8%, the region remains a key player in driving the industry’s future.
The convergence of artificial intelligence (AI) and blockchain technologies is expected to redefine the crypto ecosystem. AI-integrated blockchain systems will enhance capabilities like fraud detection, predictive analytics, and decentralized financial (DeFi) solutions. This synergy will enable more secure and efficient systems, paving the way for broader adoption in areas such as AI-powered DeFi platforms and hybrid financial services that combine the transparency of blockchain with the computational power of AI.
DeFi continues to transform the financial industry, offering peer-to-peer financial services without intermediaries like banks. By leveraging blockchain technology, DeFi platforms provide access to lending, borrowing, trading, and insurance with greater transparency and reduced costs. This progress is particularly significant in Asia, where regulatory clarity and technological adoption are fostering a conducive environment for DeFi innovations.
The integration of cryptocurrency into traditional economies is gaining momentum. For instance, platforms like Grab in Singapore now offer crypto payment options through partnerships with licensed payment providers like Triple-A. Such initiatives make digital currencies more accessible and practical for everyday use, signaling a shift towards the normalization of cryptocurrencies in mainstream financial systems.
Together, these developments are expected to bolster Asia’s leadership in the global crypto market, fostering a more integrated, accessible, and advanced digital economy by 2025.
What are some other crypto-related trends that we can look forward to in 2025?
