This post is an excerpt from our 2025 Geography of Cryptocurrency Report. Reserve your copy now!

APAC’s leading crypto markets: Distinct paths from India to Japan

From July 2022 to June 2025, APAC demonstrated strong growth in cryptocurrency activity, with estimated on-chain transaction values showing a clear upward trajectory. Monthly on-chain value received grew from about $81 billion in July 2022 to peak at $244 billion in December 2024, a threefold increase over 30 months.

Notable growth periods include:

• Late 2023 to early 2024, where monthly on-chain value received crossed the $100 billion mark for the first time as cryptocurrency markets recovered.
• Q4 2024, which marked the region’s highest on-chain value received, driven…