What is happening in the crypto markets of Asia and Oceania? Honestly, the activity in this region far exceeds your imagination.

In terms of raw trading volume, Central Asia-South Asia-Oceania has become the third-largest crypto trading region globally, only behind North America and Central, Northern, and Western Europe, contributing nearly 20% of global trading volume. That sounds like a lot, but even more shocking data follows — India alone received approximately $268.9 billion in crypto asset inflows during the research period.

Trading volume alone doesn't tell the whole story. When you consider purchasing power and population base to evaluate the true grassroots adoption rate, the region's advantages become obvious. Looking at the top ten countries in the global crypto adoption index, six are from here: India ranks 1st, Vietnam 3rd, the Philippines 6th, Indonesia 7th, Pakistan 8th, and Thailand 10th. This is no coincidence.

The role of DeFi is also changing. During this period (July 2022 to June 2023), DeFi transactions accounted for 55.8% of the total in the region, up from 35.2% in the same period the previous year, showing a strong growth momentum. Meanwhile, the number of large-value traders has increased — transfers over $1 million account for 68.8% of total transactions, up from 57.6% in the previous period, indicating that institutional forces are clearly entering the market.

But this does not mean the entire region is moving in the same direction; the paths and depths of crypto adoption vary greatly across countries.