APAC crypto adoption surged in 2024–25, led by Japan’s 120% onchain value growth year‑on‑year; stablecoins and policy shifts drove broader regional gains as Indonesia, South Korea and India also doubled onchain activity. This trend signals rising use for remittances, trading, and payments across APAC.
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Japan recorded 120% year‑on‑year growth in crypto value received onchain.
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Stablecoins drove liquidity growth across South Korea, Australia and broader APAC markets.
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Indonesia, South Korea and India doubled onchain value received; Vietnam grew 55% evidencing remittance use.
APAC crypto adoption: Japan leads with 120% growth; stablecoins surge — read how policy and remittances are reshaping adoption. Learn more.
Chainalysis APAC policy lead Chengyi Ong attributes Japan’s rapid crypto adoption to favorable policy and tax shifts, while stablecoins are gaining prominence across Asia Pacific.
Japan’s recent regulatory and tax adjustments have materially accelerated crypto activity, more than doubling onchain value received in the 12 months to June. Data from Chainalysis’ 2025 Geography of Cryptocurrency Report shows Japan as the region’s strongest gainer.
Chengyi Ong, Chainalysis’ APAC policy lead, said activity in Japan mirrored global trading trends with a sharp pickup in Q4 2024 and subsequent tapering. Atsushi Kuwabara, chief business development officer at Bitbank, reported steady year‑on‑year platform growth through August for both new and returning users.
The value of crypto received by month in APAC shows an uptick in November 2024, coinciding with rising crypto prices after US President Donald Trump’s election win. Source: Chainalysis
What is driving Japan’s crypto adoption surge?
Japan crypto adoption has accelerated due to regulatory alignment with securities frameworks, tax revisions that lower trading burdens, and the approval of the first yen‑pegged stablecoin. These changes reduced friction for listing stablecoins and improved market access, encouraging both retail and institutional participation.
How did policy and taxes influence onchain activity in Japan?
The reform of listing rules and tax treatment has created clearer pathways for exchanges and market makers. Chainalysis data shows Japan’s value received onchain rose 120% year‑on‑year to June, reflecting both higher trading volumes and increased stablecoin usage. Market participants cite expectations of continued policy support as a key demand driver.
Ong noted that Japan’s market has been “stable but subdued” compared with peers like South Korea, yet policy momentum is expected to boost future activity.
APAC region: which markets grew fastest and why?
Across APAC, Chainalysis reports the region as the fastest‑growing globally by onchain value received. Major contributors include Indonesia, South Korea, India and Vietnam, each with distinct adoption pathways driven by remittances, trading, hedging and everyday payments.
| Country | Annual growth (%) | Primary use case |
|---|---|---|
| Japan | 120% | Trading, stablecoins, policy-driven adoption |
| Indonesia | ~100% | Exchange activity, new entrants |
| South Korea | ~100% | Equity-like trading, USD‑stablecoin use |
| India | ~100% | Trading, remittances |
| Vietnam | 55% | Remittances, gaming, savings |
Why are stablecoins central to APAC adoption?
Stablecoins provide onramps for savings, remittances and trading where fiat rails or currency stability are limited. Chainalysis reports a >50% jump in stablecoin trading volumes earlier in the year, with total purchases reaching $59 billion in the year to June.
Markets like South Korea have seen significant interest from banks on stablecoin frameworks, while Australia and Japan have moved toward licensing and regulatory relief to facilitate distribution.
A crypto ATM inside a mall underneath the popular tourist attraction Tokyo Tower. Source: Coin ATM Radar
How do use cases differ across APAC countries?
Use cases vary: India’s young traders leverage crypto for income and remittances, Vietnam embeds crypto in payments and gaming, Pakistan uses stablecoins as inflation hedges, and South Korea trades crypto similarly to equities under new regulatory frameworks.
Smaller markets such as Australia, Singapore and Hong Kong are working to align policy and oversight, aiming for clearer regulatory regimes to support growth.
The annual percentage growth of crypto value received from July 2024 to June by country. Source: Chainalysis
Frequently Asked Questions
How large was APAC’s stablecoin trading volume in the year to June?
Stablecoin purchases across APAC reached approximately $59 billion in the 12 months to June, marking a substantial increase and underscoring stablecoins’ growing role in liquidity and cross‑border flows.
Will yen‑pegged stablecoins change Japan’s market dynamics?
Yen‑pegged stablecoins are likely to enhance onchain liquidity and domestic settlement options, potentially shifting some demand away from USD‑backed stablecoins over time, depending on regulatory and market adoption.
Key Takeaways
- Rapid growth in Japan: 120% YoY increase in onchain value received due to policy and tax reforms.
- Stablecoins fuel liquidity: >50% jump in stablecoin trading; $59B purchases year to June.
- Varied regional use cases: Remittances, trading, hedging and payments drive adoption across APAC.
Conclusion
APAC crypto adoption is accelerating, led by Japan’s 120% growth and a region‑wide surge in stablecoin activity. As policy clarity and licensing progress, expect continued expansion in remittances, trading and payments. Monitor official regulatory updates and Chainalysis data for evolving trends.
