Nearly a quarter of adults with internet access in the Asia Pacific region may own cryptocurrency, according to a new report by Protocol Theory and CoinDesk.
The survey, covering 4,020 people across 10 countries—including India, Thailand, the Philippines, South Korea, Hong Kong, Singapore, China, Australia, Japan, and the UAE—suggests crypto adoption is driven largely by limited access to traditional financial services. Stablecoins are used by around 18% of adults in emerging markets in the region.
The report noted that the pace of adoption will depend on how easily digital assets can be used in everyday life. “Participation is now shaped by usability, integration and inclusion rather than speculation,” the study said. It highlighted stablecoins, remittances, and tokenized assets as key foundations of a cross-border digital economy.
Around half of adults aware of cryptocurrency said they intend to use it within the next year, despite relatively slow adoption over the past 12 months. The report cited the complexity of wallets, exchanges, and token transfers as a barrier, particularly in markets where digital banking and remittance services are already widely available.
Regulation also plays a major role. Over 70% of adults in emerging economies, such as India, China, the Philippines, Thailand, and the UAE, consider regulations important for participation. This figure falls to about 66% in Hong Kong, Australia, and Singapore, and below 50% in Japan.
The report said this reflects different stages of market confidence, with regulation acting as a trust signal in emerging markets and more as a risk-management tool in mature markets.
