The latest report by IMARC Group, titled “South East Asia Cryptocurrency Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032”, offers a comprehensive analysis of the South East Asia cryptocurrency market share. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The South East Asia cryptocurrency market size is projected to exhibit a growth rate (CAGR) of 8.95% during 2024-2032.
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South East Asia Cryptocurrency Market Trends:
The South East Asia cryptocurrency market is witnessing significant growth, driven by the growing digitalization of financial services and the rising adoption of cryptocurrencies as a legitimate form of remittance and investment.
Additionally, the tech-savvy population of the country is keen on adopting digital currencies, facilitated by the proliferation of smartphone usage and internet connectivity, which is fueling the market growth. In line with this, government authorities and regulators across the country are becoming aware about the potential of blockchain technology and cryptocurrencies.
Consequently, they are implementing regulatory frameworks to implement a safe and conducive environment, which is also driving the growth of the cryptocurrency market in the South East Asia. This regulatory clarity is encouraging both startups and established financial institutions to explore and invest in cryptocurrency-related projects.
Emerging trends in the South East Asia cryptocurrency market include the increasing use of cryptocurrencies for remittances, owing to their low transaction fees and fast processing times compared to traditional banking systems. Apart from this, the rising inclination towards the adoption of stablecoins, which are designed to minimize the volatility associated with cryptocurrencies, making them more appealing for everyday transactions and as a store of value, is acting as another growth-inducing factor.
Moreover, the rising number of decentralized finance (DeFi) platforms, offering a range of financial services without the need for traditional intermediaries, is projected to catalyze the South East Asia cryptocurrency market over the forecasted period.
South East Asia Cryptocurrency Market Segmentation:
Component Insights:
- Hardware
- Software
Type Insights:
- Bitcoin
- Ethereum
- Bitcoin Cash
- Ripple
- Litecoin
- Dashcoin
- Others
Process Insights:
- Mining
- Transaction
Application Insights:
- Trading
- Remittance
- Payment
- Others
Country Insights:
- Indonesia
- Thailand
- Singapore
- Philippines
- Vietnam
- Malaysia
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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Binance, one of the world’s biggest crypto exchanges, has announced on July 5 that it will support the upcoming Ontology 2.0 network upgrade.
Ontology 2.0 will include the integration of a number of community-led upgrades to its MainNet.Binance says that it will end support of Neo Enhancement Protocol 5-based, or NEP5, ONT tokens deposits.
Any future deposits of NEP5 ONT will not be credited to users' Binance account, it indicates.Deposits and withdrawals of ONT will be stopped starting July 6 at 9 a.m. UTC.
Users will be notified when the Ontology upgraded network becomes stable and deposits and withdrawals are reopened, says Binance.Key notes about the Ontology 2.0 upgrades of Binance :1.
NEP5-based ONT tokens will no longer be supported on Binance.
Any future deposits of NEP5 ONT will not be credited to your account3.
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