In a December 2023 report by Vietnamese venture capital firm Kyros Ventures, in collaboration with media agencies from China, Thailand, South Korea, Taiwan, and Vietnam, crypto enthusiasts in China are revealed to be more inclined to make substantial investments in cryptocurrency compared to counterparts in other Asian countries. The survey, which included 5,268 participants, indicated that over 70% of respondents in the five countries claimed that cryptocurrencies constituted more than half of their asset portfolios.
Despite China being known for its stringent cryptocurrency regulations, with a ban on crypto trading implemented in 2021, the report highlighted that a significant majority of Chinese investors still prefer to trade on centralized crypto exchanges (CEXs). This defiance of government restrictions is noteworthy given the legal risks involved in the cryptocurrency sector in China, where authorities have undertaken detentions, fines, and legal actions against individuals associated with the industry.
The survey also shed light on the prevalence of stablecoin holdings among investors in these countries. Notably, 33.3% of Chinese investors reported holding a substantial amount of stablecoins, ranking second to Vietnam, where 58.6% of investors held stablecoins. In contrast, most investors in other surveyed countries, excluding Vietnam and China, reduced their stablecoin holdings, indicating a more risk-averse approach to crypto assets.
Throughout 2023, self-research, crypto news, and community groups, along with key opinion leaders (KOLs), were identified as the primary sources of information for investors in the surveyed countries. News media was particularly favored by over 70% of Thai and Chinese investors.
In the context of regulatory developments, Hong Kong emerged as a prominent player in fostering crypto and Web3 innovation by issuing its first cryptocurrency exchange licenses in 2023. South Korea implemented new legislation to safeguard cryptocurrency users, enhance transaction transparency, and promote market discipline. The National Pension Service of South Korea demonstrated confidence in the cryptocurrency industry by acquiring Coinbase shares valued at $19.9 million. Meanwhile, Taiwan’s Financial Supervisory Commission considered the possibility of allowing crypto exchange-traded funds (ETFs) after evaluating their development in global markets.
These findings showcase the diverse attitudes and trends in the cryptocurrency space across different Asian countries, reflecting both the regulatory landscape and investor sentiments in the region.
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