India and South Korea lead the Asia-Pacific region in on-chain transaction volume — over $300 billion each. Vietnam, Indonesia, and Japan are also in the top 5.
The volume of on-chain transactions in the Asia-Pacific region (APR) has tripled over 30 months — from $81 billion in July 2022 to $244 billion in December 2024. This is stated in a new Chainalysis report. India remains the leader, while Japan shows record growth, and South Korea, Vietnam, and Pakistan are forming their own unique models of cryptocurrency adoption.
India — the region’s largest market
By mid-2025, India accounted for about $338 billion in monthly transactions, significantly higher than any other APR market. The growth is driven by remittances, mass retail use, and the integration of cryptocurrency into the fintech ecosystem.
Key factors included:
- remittances from the Indian diaspora, where cryptocurrency replaces expensive banking channels
- integration of crypto trading into familiar services via UPI
- interest from young people using digital assets both for investment and as a source of income
Regulation gave an additional boost: clear tax rules and the first licenses strengthened market confidence.
Japan accelerates after reforms
Japan showed the fastest growth in crypto transactions in the APR — +120% in a year. Indonesia, South Korea, and India also demonstrated triple-digit growth rates.
Although Japan’s total volume is lower, it became the leader in growth rate: +120% year-on-year by June 2025. The reason was reforms — new reporting rules, a clarified tax regime, and expanded rights for institutional investors.
As a result, banks, funds, and private investors entered the crypto market. Bitcoin, Ethereum, and XRP became more widely adopted. Major cities like Tokyo and Osaka are becoming centers for integrating cryptocurrency into everyday finance, while the regions are just starting to catch up.
South Korea, Vietnam, and Pakistan — their own path
South Korea is moving along an institutional model: strict regulatory control, high liquidity, and growing demand for stablecoins. Here, crypto trading is close to the stock market in structure.
Vietnam demonstrates more everyday use — remittances, gaming, and savings. Cryptocurrency is becoming an alternative to traditional savings amid inflation.
Pakistan shows a mobile scenario: access to stablecoins via smartphone is used to protect against currency devaluation and to pay freelancers.
At the same time, Australia, Singapore, and Hong Kong are focusing on licensing and creating a transparent environment for institutions.
Regional prospects
APR will continue to grow, but adoption models will differ greatly. India is consolidating as the main driver of volume, Japan proves the effectiveness of clear rules, and developing countries are integrating cryptocurrency into everyday payments.
Chainalysis notes that the growing role of stablecoins and cross-border remittances will strengthen the region’s influence on global capital flows. For investors and regulators, understanding these national models will be key to assessing risks and leveraging new opportunities.
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