CoinDesk, in Partnership with Protocol Theory, Unveils APAC Digital Asset Adoption Report

Originally published on PR Newswire, December 4, 2024.

HONG KONG, Dec. 4, 2024 /PRNewswire/ – Digital asset adoption in the Asia Pacific (APAC) region reaches 22% in 2024, almost three-times the global average of 7.8%, new research from Consensus finds. According to the report, "Driven By Demand: The People-Powered Crypto Movement in Asia Pacific," conducted ahead of Consensus' expansion to Hong Kong, this phenomenon is driven by an interplay of evolving regulatory environments, speculative interest, practical utility, and a deep-seated belief in digital asset's future potential.

The report, created in partnership with Protocol Theory, finds that Thailand has emerged as the top country in APAC for digital asset adoption at 43%, followed by the United Arab Emirates (UAE), India and the Philippines. The report finds that digital asset ownership or usage within the APAC region falls into three tiers of digital asset adoption, categorized by:

• Higher Adoption: Thailand (43%), the UAE (37 %), India (32%) and the Philippines (31%);
• Mid-Level Adoption: South Korea (28%), Hong Kong SAR(24%) and Singapore (23%);
• Lower Adoption: Australia (18%), Mainland China (17%), Japan (12%).

In addition, the authors of the report also observed the below trends through the survey:

• Of the nearly 4,300 respondents across APAC, 61% of individuals believe that digital assets will play a significant role in the future of global finance and investment.
• Over half of those surveyed (51%) believe that digital assets will be used for everyday purposes, as well as help promote financial inclusion globally.
• 37% of surveyed digital asset adopters wanted to gain financial control over personal finances without relying on banks.

Michael Lau, Chairman of Consensus Hong Kong, commented, "Ahead of Consensus Hong Kong in February 2025, we wanted to demonstrate the extent to which APAC is at the forefront of global digital asset development. 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."

The October 2024 report is based on a quantitative research study involving nearly 4,300 individuals aged 18 and above across ten APAC markets: Australia, Mainland China, Hong Kong SAR, India, Japan, the Philippines, Singapore, South Korea, Thailand, and the UAE, with about 400 respondents from each market. The purpose of this study was to unpack the drivers and enablers that influence digital asset adoption across APAC, as well as the motivations of adopters in doing so.

To learn more about Consensus Hong Kong or register for a pass for the event, please visit https://consensus-hongkong2025.coindesk.com/register/.

You can also read through the full report here.

About Consensus

Since 2015, Consensus has been the world's largest and most influential gathering of the digital assets, blockchain and Web3 communities. Consensus now heads to Hong Kong, bringing together the industry's most important voices from East and West for pivotal conversations and deal-making opportunities.

Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future. Consensus is produced by the award-winning media outlet CoinDesk and is guided by its commitment to independent, unbiased journalism. Consensus sets the agenda for the next wave of innovation and deal-making in the crypto and Web3 space.

About Protocol Theory

Protocol Theory is the leading strategic market research and consumer insights company dedicated to 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 specialism and with our expertise in consumer behaviour, we are uniquely positioned to help our clients understand their audiences, build a competitive advantage and foster long-term engagement in the Web3 space. Our mission is to bring clarity to an on-chain world through deep consumer understanding and actionable insights. ◼️