Portugal’s Central Bank Calls for Global Crypto Oversight

Previously, the cryptocurrency market in the East Asia region experienced significant growth, driven by institutional adoption in South Korea and Hong Kong.

This was revealed in a report compiled by blockchain analytics firm Chainalysis.

Quoting News.bitcoin.com, Thursday (19/9/2024), the Chainalysis report shows that South Korea leads crypto growth with an on-chain value of USD 130 billion or IDR 1.9 quadrillion, while Hong Kong has emerged as a major hub due to its unique regulatory framework.

Both countries also reflect changing attitudes toward digital assets, especially as traditional financial systems face growing skepticism.

Chainalysis estimates that East Asia is the world’s sixth-largest cryptocurrency economy, having received more than USD 400 billion (Rp. 6.1 quadrillion) in on-chain value between July 2023 and June 2024.

This growth is primarily driven by institutional and professional investors, who are looking for alternatives to the traditional financial system.

Distrust in the traditional financial system has also led investors to look to cryptocurrencies as an alternative asset.

Additionally, the rising popularity of altcoins and stablecoins has also resulted in higher outflows to global exchanges, driven by opportunities such as the kimchi premium, where crypto prices in South Korea are higher than in the global market.

Meanwhile, Hong Kong has positioned itself as a major cryptocurrency hub, benefiting from its unique regulatory framework.