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South Korea and Hong Kong Lead the Growth of East Asia's Cryptocurrency Market

South Korea and Hong Kong Lead the Growth of East Asia's Cryptocurrency Market

Bitget2024/09/19 03:39

Blockchain analysis company Chainalysis released excerpts from its 2024 Cryptocurrency Geographic Report on Tuesday, focusing primarily on East Asia, particularly the latest cryptocurrency adoption trends in South Korea and Hong Kong. The report pointed out that East Asia is the sixth largest cryptocurrency economy globally, with its on-chain value exceeding $400 billion from July 2023 to June 2024. This growth is mainly driven by institutional investors and professionals seeking alternatives to traditional financial systems. South Korea leads the region, securing approximately $130 billion during the reporting period. Meanwhile, thanks to its unique regulatory framework, Hong Kong has positioned itself as a major cryptocurrency hub. The report emphasized that institutional adoption rates in this region are continually increasing due to new regulations introduced for virtual asset trading platforms in 2023.

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