2023-10-4 08:00 |
While the United States and Europe clamp down on crypto, new hubs are flourishing in the Asia Pacific region. Hong Kong recently opened its doors to crypto trading, and Vietnam and India were crowned the top crypto adopters in 2022.
For companies eager to enter these booming markets, bulletproof KYC processes and localized onboarding experiences aren’t just important—they’re non-negotiable.
APAC’s Emergence as a Crypto PowerhouseIn June, Hong Kong rattled the crypto market when it passed a law allowing individual trading exchanges and platforms to apply for crypto trading licenses. Until now, this was restricted to institutional investors and other professionals.
The move came after the city was named the most crypto-ready, due to the high number of blockchain startups and crypto ATM installations relative to the population size. In August, Hong Kong granted its first licences to HashKey Exchange and OSL Digital Securities, and retail investors can now register to trade BTC and ETH.
Meanwhile, India’s young and tech-savvy population has embraced cryptocurrency wholeheartedly, with even a tea vendor accepting payments in crypto. According to the 2022 Global Crypto Adoption Index, India is the world’s fourth-largest cryptocurrency market before the United States.
In South East Asia, Vietnam stands out as a crypto hotbed. As of 2022, 5 million Vietnamese use cryptocurrency, and this number is expected to increase by 60% in the next 5 years. In fact, Vietnam has ranked first on Chainalysis’ Global Crypto Adoption Index for two years in a row.
For crypto companies stumped by the 2022 bear market and tight regulatory nooses, APAC is the place to be. But entering a new market is no easy feat. How can you comply with local regulations while also getting enough signups, conversions, and revenue?
Localized signup: A New Standard in the Crypto BoomWhen entering a new market, standard KYC processes like ID card scanning, proof of address, and bank statement verifications are just the tip of the iceberg. To boost conversions and make your mark as a crypto leader, you need to have robust, localized signup flows.
But localization doesn’t just mean having the right translations; it usually means a combination of locally adapted UX and country-specific data sources. When a user signs up to your crypto trading platform, it’s important that they can input information according to the local norms and complete identity checks with ease. The slightest difference in UX (e.g. DD/MM/YY vs. MM/DD/YY) can cause friction and lead to drop-offs and poor conversion rates.
One company that stands out in this endeavour is Checkin.com. With years of experience in working with large global corporations across the world in complex regulatory environments, Checkin.com has taken the path less travelled. Rather than adding new markets incrementally, they developed an end-to-end KYC and customer onboarding workflow that’s optimised for a global reach from day one.
Focusing on Metrics that MatterAs crypto companies strive to expand and secure their customer base, they are increasingly valuing technology and insights which helps optimize the signup flows. To prevent potential revenue losses, they are considering factors such as cognitive load, hesitation index, and device sensitivity.
1. Cognitive LoadAnything that requires users to stop and figure out what to do next is cognitive load. Minimize the amount of information on the user interface, keep the design clean and intuitive, and give laser-specific instructions on what to do next.
2. Hesitation IndexRemove any hesitation for your customers to provide sensitive information on your platform. Localise question formats, order of modules, input methods, and notifications and pop-ups to reduce friction.
3. Device SensitivityYour signup flow needs to be customized to work seamlessly on the device that is most used in the market. Maximize the use of native components and device capabilities for higher conversions.
These metrics, pioneered by Checkin.com, have become influential in shaping user experiences and ensuring that onboarding processes resonate with local tastes and expectations.
By focusing on these aspects, companies are complying with regional regulations and laying the groundwork for success in the diverse and dynamic APAC markets.
Spotlight on APAC-Specific UX/UI Signup ElementsCrypto companies must also pay particular attention to these UX/UI components that can change dynamically based on the market:
Full Name: Adapt name formats to match global variations. For example, Hong Kongers usually have an English first name and Cantonese first and last names, so be sure to have the option to fill in all three. Mobile Number: Collect local phone formats for user ease, then convert to international format behind the scenes.In India, mobile numbers are 10-digit numbers, with a prefix of +91 which is the same across the country. Whereas in Vietnam, mobile numbers have different prefixes at the beginning, such as 03x, 05x, 07x, 08x, and so on.
Date of Birth: Consider the date order, digit input, and punctuation preferences per region in onboarding design. In the US, date of birth is entered as MM/DD/YY, while in most Asian countries it’s usually DD/MM/YY. Logins: Embrace social media logins and OTPs based on region-specific authentication trends. In India, the preferred signup and login method is OTP, instead of a standard password password. Address: Customise address input based on user comfort, considering postal codes, prefixes, and naming nuances. In India, addresses usually include a 6-digit PIN code and significant landmarks, such as “opposite the post office” or “near the blind school”. ID Number: Respect privacy norms and use ID info strategically for conversion optimisation in different regions. For instance, in Hong Kong, financial and personal details are tied to the HKID, which can be uploaded onto a crypto app for identity verification. This is equivalent to the PAN number and/or Aadhaar card number in India, and the National Identity Card in Vietnam.Once the users have signed up to your crypto product, continue with the best localisation practices for money transfers, such as:
Payment methods: Use the payment methods most commonly used in each country. For example, in India, UPI ID and Paytm are very widely used payment methods Deposit amount: Provide local currency conversion hints on deposit screens and localised currency amounts formatting. Win with Compliance and Local Know-howAs APAC continues to solidify its position as a major global crypto hub, success in this region is increasingly defined by a dual strategy: impeccable compliance and thoughtful localization.
Being compliant is important to avoid hefty fines and protect your reputation. But if you’re looking to make waves in new markets with crypto newcomers, you must nail the local sign-up experience. Companies prioritizing both are not just playing the game but strategizing to win.
Checkin.com has worked with hundreds of emerging APAC markets like India, Hong Kong, and Vietnam. It has fully localized KYC and onboarding flows, leading to 100% compliance and higher conversions for large crypto corporations worldwide.
If you want to try the optimal KYC flow with your own branding adapted for APAC or any other market you currently target – submit your website for an interactive demo!
The post Localization is key to thriving in crypto’s emerging APAC markets appeared first on CryptoSlate.
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