Singapore has solidified its position as the leading crypto hub in Asia, with transaction volumes increasing by 55.4% year-over-year to $284 billion. Institutional platforms, including market makers, brokers, and OTC services, drove this growth, with their transaction volume rising by 94% to $60 billion.
Australia ranks second in the region with a total volume of $173.1 billion, despite a 5.6% decline. Institutional inflows in the country grew by 33.3% to nearly $40 billion, a trend analysts attribute to the launch of crypto ETFs and new regulatory frameworks.
India holds the third position with $135 billion in volume, marking a 14.7% decrease. While the country leads the region in inflows to centralized exchanges at $88.4 billion, the share of local platforms has dropped below 1% following the introduction of a 1% transaction tax in 2022.
Across the region, cross-border stablecoin transfers have surged, exceeding domestic transfers by an average of 3.2 times. In Malaysia, this ratio reaches nearly 30 times, while in the Philippines, stablecoins account for 5% to 10% of all incoming private remittances from abroad.
The Philippines, Thailand, and Vietnam account for 14.4% of global small-scale P2P transfers under $10,000. The average transaction size in these countries is $618, significantly lower than the global average of $1,210.
