China’s ban on mining and crypto trading in May had the opposite effect on the region; digital asset trading not only did not decline, it grew considerably. Recent research by Chainalysis revealed that crypto transactions increased 706% in Central and South Asia and Oceania between July 2020 and June 2021.
The search for alternative assets to protect value and protect against inflation or escape government pressure was a global phenomenon after the economic crisis unleashed by the coronavirus. Asians mainly focused on the two largest cryptocurrencies on the market, bitcoin (BTC) and ether (ETH), to enter a new market.
According to the Chainalysis survey, cryptocurrency operations in the Asian region accounted for a total of $ 572.5 billion, which is equivalent to almost 15% of global operations. Europe and North America stand out as the most important region for the market, with movements exceeding one trillion dollars annually.
Primarily responsible for such volume of operations, marked by the signing were the institutional investors. In India, for example, corporate transfers accounted for more than 40% of transactions.
However, the Asian region leads the digital asset retail adoption statistics. Vietnam, India, and Pakistan are the top three countries in the 2021 Global Crypto Adoption Index, also compiled by Chainalysis.