In decentralized finance (DeFi), Asia, particularly China and its neighboring countries, is poised to become the catalyst for the next major crypto bull run, according to the analyst and DeFi researcher “DeFi Ignas.” 

In a recent social media post on X (formerly Twitter), the researcher highlighted various factors contributing to this outlook, shedding light on the emerging trends across the Asian continent.

The researcher notes that South Korea, known for its active retail investor base, has seen a surge in crypto trading, with altcoins dominating around 80% of exchange volume. 

Notably, the country’s crypto culture is significantly different, with a preference for alternative coins and the emergence of crypto-based e-sports and play-to-earn games. 

Moving to the Philippines, Web3 games like Axie Infinity continue to be popular, with players forming guilds to earn non-fungible tokens (NFTs). While crypto transactions are not considered legal tender, the country’s central bank is piloting a digital currency. DeFi Ignas positions the Philippines as a hub for adopting blockchain gaming.

In Hong Kong, retail traders rely heavily on high leverage and are influenced by social media trends. New regulations aim to control crypto exchanges and protect consumers. 

In addition, the listing of crypto exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH) aims to establish Hong Kong as a regulated hub for digital assets.

Next, Australia shows a strong preference for Ethereum over Bitcoin among investors. The researcher notes that the average Australian crypto wallet contains approximately 59.4% ETH, driven by its use in alternative coins and anticipation of ETFs. 

As Bitcoinist reported, Australia entered the crypto investment landscape on Tuesday with the launch of its first spot Bitcoin exchange-traded fund. Furthermore, the country’s regulatory environment supports crypto trading and encourages innovation in the industry.

DeFi Ignas further notes that Japan’s government is actively promoting Web3 technologies and easing crypto regulations to stimulate economic growth. While certain restrictions on mutual funds holding crypto persist, financial institutions gradually embrace digital asset-related activities.

Despite its restrictive tax regime, India has witnessed a growing interest in US Bitcoin ETFs through the “Liberalised Remittance Scheme.” Moreover, the government is actively promoting the development of a central bank digital currency (CBDC) and cracking down on offshore exchanges.

Singapore is primarily an institutional market that imposes restrictions on retail virtual asset trading. The country leverages blockchain for institutional applications such as tokenization and cross-border remittances. Project Guardian, a central bank initiative, plays a critical role in shaping Singapore’s landscape.

In Taiwan, Bitcoin ETFs have become a hot topic, although local brokerages currently face restrictions in accepting orders. Regulatory discussions are underway to potentially reopen services for Bitcoin ETFs, indicating Taiwan’s growing interest in embracing digital investment opportunities.

Lastly, Thailand’s market experienced the impact of the 2022 price plunge and a local exchange collapse. However, DeFi Ignas suggests that the new government actively promotes the country as a digital asset trading hub by waiving certain taxes. 

Asia has increasingly emerged as a hotspot for Web3 adoption and innovation, with notable trends and developments across different countries. Monitoring these advancements provides valuable insights and potential opportunities that may soon influence the Western digital asset landscape. 

Featured image from DALL-E, chart from TradingView.com

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