Region at a Glance
Between July 2022 and June 2025 monthly on-chain transaction value in Asia–Pacific rose from $81 B to a peak of $244 B—tripling in 30 months and making APAC the fastest-growing crypto geography worldwide. Even after the post-December pullback, the region still clocks more than $185 B a month, regularly outpacing North America and trailing only Europe.

India: Biggest Pool, Bottom-Up Momentum
India remains the outright heavyweight, generating $338 B in on-chain value over the latest 12-month period. Growth is driven from the ground up:

• 20-million-plus diaspora remittances converted through stable-coins

• Young retail traders treating crypto as a second income

• A fintech-savvy population already comfortable with UPI and e-RUPI
  Institutional interest is now catching up: the India Web-3 Council lobbies for clear rules, while local start-ups have attracted over $3 B in venture funding since 2021 .

Japan: Policy Reform Ignites 120 % YoY Spike
No large market expanded faster than Japan, where on-chain value jumped 120 % year-over-year. Three policy levers explain the lift:

1. Crypto included in revised investment-fund rules

2. A pending tax overhaul that may cut rates from 55 % to 20 %

3. First licensed yen-backed stablecoin issuer approved in 2025
   Trading flows show Japanese investors rotating heavily into XRP (US$21.7 B JPY purchases) ahead of Ripple’s partnership with SBI, while fresh ETF applications for XRP + BTC mix products aim to bring institutions off the sidelines .

South Korea: Speculation, Stable-coins & Pro Traders
Korea keeps its long-time #2 slot thanks to high-octance speculation and the region’s deepest KRW liquidity. New exchange pairs (USDT/KRW) pushed stable-coin inflows to US$59 B in the last year, and 46 % of all Korean on-chain value sits in the “professional” $10 k–$1 M band—double the global share. The upcoming Virtual-Asset User Protection Act is expected to green-light bank-issued KRW stable-coins, potentially locking even more value on-shore.

Vietnam & Pakistan: Utility, Not Trading
Smaller economies use crypto for real-life needs:

• Vietnam—gaming, freelance payments and remittances; crypto is now a parallel savings vehicle

• Pakistan—350 B annual remittances, double-digit inflation and a young, mobile-first population turn USDT into a “hard-currency” checking account, especially among gig-economy workers

Australia, Singapore, Hong Kong: Clarity as a Service
These markets opt for regulatory sandboxes and updated AML/CFT rules rather than moral panic. The result is deeper institutional participation, tokenized-asset pilots and a growing share of over-$1 M “whale” transactions that lift average ticket sizes.

Key Take-away
Asia–Pacific is no longer an emerging region for crypto—it is the market. From India’s grassroots volume to Japan’s policy-led re-rating and Korea’s trader culture, the continent shows that crypto can thrive under wildly different economic models, regulatory styles and user profiles. Expect the diversity itself—rather than any single country—to shape global adoption narratives for the next cycle.