APAC's Digital Asset Adoption Nearly Three Times Global Average

A new report from Consensus reveals that digital asset adoption in Asia Pacific (APAC) is nearly three times the global average, with 22% of individuals in the region reporting ownership or usage of digital assets.

In stark contrast, the global average stands at just 7.8%, highlighting APAC as a critical hub in the global digital asset ecosystem.

The findings were published in the report Driven By Demand: The People-Powered Crypto Movement in Asia Pacific, which sets the stage for Consensus' upcoming conference in Hong Kong in February 2025. The report draws on insights from a survey of nearly 4,300 respondents across ten APAC markets, including Australia, China, India, Japan, the Philippines, and the UAE.

The findings underscore a significant regional appetite for digital assets, driven by a combination of evolving regulations, financial speculation, and growing belief in their potential for the future.

Thailand as Regional Leader

Among the standout findings is Thailand's remarkable 44% adoption rate, the highest in the region. The UAE follows closely behind with 37%, while India and the Philippines also exhibit strong adoption rates, at 32% and 31%, respectively.

The report categorizes APAC countries into three tiers based on digital asset adoption:

• Higher Adoption (30%+): Thailand (44%), UAE (37%), India (32%), Philippines (31%)
• Mid-Level Adoption (20-30%): South Korea (28%), Hong Kong (24%), Singapore (23%)
• Lower Adoption (<20%): Australia (18%), China (17%), Japan (12%)

These trends suggest a clear regional divergence in how digital assets are perceived and utilized, with countries like Thailand leading the charge while more traditional markets like Japan and China exhibit relatively lower engagement.

Diverse Range of Motivations Behind Adoption

The survey reveals that APAC citizens are motivated by a broad array of factors. Over 60% of respondents believe that digital assets will play a transformative role in the future of global finance. Meanwhile, 51% anticipate that digital assets will become mainstream for everyday purchases and contribute to financial inclusion.

Interestingly, nearly 40% of respondents who have already adopted digital assets cited the desire for greater financial control as a driving factor—particularly the ability to manage personal finances without relying on traditional banks. This sentiment is especially strong in markets like Thailand and India, where digital assets are seen as a means to bypass legacy financial systems and empower individuals in emerging economies.

Regulation, Institutional Momentum Fuel Growth

According to Michael Lau, chairman of Consensus Hong Kong, the rapid growth of digital asset adoption in APAC can be attributed to favorable regulatory environments and increasing institutional investment: "Considering recent ETF approvals, institutional investments and increasing regulatory clarity in the region, we are seeing the start of new era where APAC is leading the charge and influencing other regions to pick up the pace in building a more interconnected and seamless global economy."

Lau's comments come ahead of the Consensus Hong Kong event, which is expected to bring together global leaders in blockchain, crypto, and finance to discuss the future of digital assets in the region. The event, slated for 18-20 February 2025, will showcase APAC's role as a hub of innovation and adoption.

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