Asia Pacific (APAC) is pulling ahead in the crypto market because policy is tilting toward clarity while consumer rails scale fast.
From late 2023 through mid 2025, the region’s on-chain value received rose sharply, climbing from about $81b a month in mid 2022 to a peak near $244b in Dec. 2024, and holding above $185b per month this year, according to a Chainalysis report published Wednesday.
Japan is now the standout. On-chain value received rose 120% in the 12 months to June 2025, outpacing South Korea, India and Vietnam. Growth follows rule changes that treat more tokens as investment instruments, planned updates to crypto taxation, and the licensing of the first yen-backed stablecoin issuer.
With stablecoin listings beginning to loosen, traders channeled heavy volumes into XRP, then BTC and ETH, while markets watch how USDC and JPYC gain traction.
India follows with scale and depth. It leads APAC in total on-chain value at about $338b dollars, supported by UPI rails, a large diaspora that uses crypto for remittances, and young investors who trade for supplementary income. Industry groups are helping normalize usage, while authorities build clearer oversight without stifling fintech growth.
South Korea’s market looks distinctly professional. Nearly half of on-chain activity sits in the $10,000 to $1m band. The 2024 Virtual Asset User Protection Act is reshaping exchange practices, and growing USDT and KRW stablecoin pairs have lifted volumes.
Image Source: Chainalysis
Policymakers are debating KRW-backed stablecoins, with rules expected to address issuance, distribution and secondary trading.
Vietnam shows everyday utility. Crypto supports remittances, gaming and savings, reflecting wide grassroots adoption. Activity has matured, which explains slower percentage growth compared with Japan, yet usage remains deeply embedded in daily flows.
Australia is laying foundations. Steps to modernize AML and CFT rules and to clean up inactive exchange licences point to tighter supervision and a more durable market structure. That groundwork matters as institutions seek clearer counterparties.
Hong Kong and Singapore continue to shape policy in different ways. Hong Kong’s Policy Statement 2.0 accelerated local activity by signalling a path for regulated trading. Singapore’s measured stance has shifted flows toward stablecoins, which now surpass bitcoin pairs as institutions use them for payments, liquidity and hedging.
