APAC Leads Global Crypto Uptick, Japan Records Strongest Growth

Core Insights - The Asia Pacific (APAC) region is leading in the crypto market due to favorable policies and rapid consumer adoption, with on-chain value received increasing from approximately $81 billion per month in mid-2022 to a peak near $244 billion in December 2024, and maintaining above $185 billion per month in 2025 [1] Group 1: Japan's Growth - Japan's on-chain value received surged by 120% in the 12 months leading to June 2025, surpassing South Korea, India, and Vietnam, driven by regulatory changes that classify more tokens as investment instruments and the introduction of yen-backed stablecoin issuers [2] Group 2: India's Market Dynamics - India leads APAC in total on-chain value at around $338 billion, supported by UPI rails, a large diaspora utilizing crypto for remittances, and young investors trading for supplementary income, with authorities providing clearer oversight to foster fintech growth [3] Group 3: South Korea's Professional Market - South Korea's crypto market is characterized by professional activity, with nearly half of on-chain transactions occurring in the $10,000 to $1 million range, influenced by the 2024 Virtual Asset User Protection Act and the rise of USDT and KRW stablecoin pairs [4] Group 4: Vietnam's Utility - Vietnam demonstrates everyday utility for crypto, supporting remittances, gaming, and savings, indicating widespread grassroots adoption, although its percentage growth is slower compared to Japan due to mature activity [5] Group 5: Australia's Institutional Readiness - Australia is enhancing its market structure through tighter supervision and modernization of AML and CFT rules, which is crucial for attracting institutional investors seeking clearer counterparties [6] Group 6: Hong Kong and Singapore's Policy Approaches - Hong Kong's Policy Statement 2.0 is fostering local crypto activity by outlining a regulated trading path, while Singapore's cautious approach has shifted flows towards stablecoins, which are now more utilized than Bitcoin pairs for institutional payments and liquidity [7]