Singapore and the Philippines Lead Southeast Asia's Crypto Craze - Investor Bites

Singapore and the Philippines Lead Southeast Asia’s Crypto Craze – Investor Bites

Time Stamp: July 6, 2023 7:01 AM
Source Node: 2754009

SNEAK PEEK

  • Singapore and the Philippines dominate regional interests.
  • GameFi and Web3 gaming drive Philippines’ crypto surge.
  • Smaller Southeast Asian economies hold promise for future crypto adoption.

Singapore and the Philippines are leading the way in Southeast Asia’s cryptocurrency revolution. Recent data from CoinGecko reveals that these two countries have garnered the highest interest in crypto within the region. Their significant presence positions them as the primary drivers of Southeast Asia’s rapidly growing crypto market.

With a staggering 43.5% share of crypto interest per capita, Singapore has solidified its reputation as a crypto hub not only in Southeast Asia but also in the wider Asian region. This city-state has consistently ranked among the top countries worldwide regarding crypto curiosity, and its dominance in the web3 gaming sector for three consecutive years further showcases its prowess in the crypto domain.

Meanwhile, the Philippines has made significant strides in the crypto landscape, primarily driven by the booming GameFi sector. This archipelago nation has maintained its position as the top Web3 gaming country, with its enthusiastic embrace of games like Axie Infinity. 

The Philippines has witnessed remarkable success stories, with homegrown gaming guilds and individuals achieving rags-to-riches transformations. Furthermore, the country has also emerged as a leading destination for meme coins, joining forces with Malaysia to dominate this niche market.

While Singapore and the Philippines lead the pack, other countries in Southeast Asia have also displayed moderate levels of crypto interest. Malaysia, Thailand, Vietnam, and Indonesia collectively contribute 14.7% of the region’s crypto interest per capita. Besides its impact on the crypto industry, Malaysia boasts the founding teams and headquarters of two popular crypto data tools, CoinGecko and Etherscan.

As crypto interest continues to soar, the smaller economies in Southeast Asia, including Cambodia, Myanmar, Brunei, Laos, and Timor-Leste, remain untapped markets for the crypto industry. While their current crypto adoption rates are low, these countries hold promising potential for future growth.

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