Asia, particularly China and its neighboring countries, is set to drive the next major crypto bull run, according to DeFi analyst and researcher “DeFi Ignas.” In a recent X (formerly Twitter) post, DeFi Ignas highlighted various factors and emerging trends across the Asian continent contributing to this outlook.

**Asian Crypto Landscape**

DeFi Ignas notes that South Korea, known for its active retail investor base, has seen a surge in crypto trading, with altcoins making up around 80% of exchange volume. The country's crypto culture favors alternative coins and has seen the rise of crypto-based e-sports and play-to-earn games.

In the Philippines, Web3 games like Axie Infinity remain popular, with players forming guilds to earn non-fungible tokens (NFTs). While crypto transactions are not legal tender, the central bank is piloting a digital currency, positioning the Philippines as a hub for blockchain gaming.

In Hong Kong, retail traders heavily use high leverage and are influenced by social media trends. New regulations aim to control crypto exchanges and protect consumers, and the listing of crypto exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH) aims to establish Hong Kong as a regulated hub for digital assets.

Australia shows a strong preference for Ethereum over Bitcoin among investors, with the average Australian crypto wallet holding approximately 59.4% ETH. Australia recently entered the crypto investment landscape with the launch of its first spot Bitcoin ETF, supported by a regulatory environment that encourages crypto trading and innovation.

**Bitcoin ETF Frenzy in Asia**

Japan’s government is promoting Web3 technologies and easing crypto regulations to stimulate economic growth, despite some restrictions on mutual funds holding crypto. Financial institutions are gradually embracing digital asset-related activities.

India has seen growing interest in US Bitcoin ETFs through the "Liberalised Remittance Scheme," despite a restrictive tax regime. The government is promoting the development of a central bank digital currency (CBDC) and cracking down on offshore exchanges.

Singapore focuses on institutional markets and restricts retail virtual asset trading. It leverages blockchain for institutional applications such as tokenization and cross-border remittances, with Project Guardian playing a crucial role.

In Taiwan, Bitcoin ETFs are gaining interest, although local brokerages currently face restrictions on accepting orders. Regulatory discussions are underway to potentially reopen services for Bitcoin ETFs.

Thailand’s market was impacted by the 2022 price plunge and a local exchange collapse, but the new government is actively promoting the country as a digital asset trading hub by waiving certain taxes.

Asia is emerging as a hotspot for Web3 adoption and innovation, with significant trends and developments across different countries. These advancements may soon influence the Western digital asset landscape.