APAC digital asset adoption accelerates; Japan leads

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Japan saw the strongest growth as digital asset adoption accelerated rapidly across the Asia Pacific (APAC) region over the last three years, making it the “fastest growing region in the world in terms of on-chain value received,” according to a report published on September 24 by blockchain analytics firm Chainalysis.

“APAC demonstrated strong growth in cryptocurrency activity, with estimated on-chain transaction values showing a clear upward trajectory,” read the report. “Monthly on-chain value received grew from about $81 billion in July 2022 to peak at $244 billion in December 2024, a threefold increase over 30 months.”

In this context, ‘on-chain value received’ refers to the total value of digital assets transferred into addresses within a given country, region, or group of users, as recorded directly on the blockchain.

Based on this, Chainalysis found that from July 2022 to June 2025, the most notable growth periods were from late 2023 to early 2024, where the monthly on-chain value received crossed the $100 billion mark. Another boom period was Q4 2024, which marked APAC’s highest growth, as global markets surged in the wake of the United States presidential election and Donald Trump’s victory.

The report also noted that, while volumes have since declined from their December 2024 peak, on-chain value received remains relatively high at above $185 billion per month through mid-2025.

Among APAC’s top five markets—Japan, Indonesia, South Korea, India, and Vietnam—Japan saw the “strongest growth.”

According to the report, the country’s on-chain value received grew 120% in the 12 months up to June 2025 (relative to the previous 12 months), outpacing Indonesia (103%), South Korea (100%), India (99%), and Vietnam (55%).

“Japan’s market has been relatively subdued in recent years compared to its neighbours, and the latest growth comes amid several policy developments that will support market growth over time,” said the report.

Japan’s Prime Minister Fumio Kishida signaled this shift in policy at the WebX 2024 event in Tokyo last September, when he told attendees that blockchain and Web3 can solve the country’s social issues and reignite economic growth.

Since then, the country has introduced several measures that support the digital asset space including, reclassifying digital currencies as financial products; regulatory reforms in April to better account for the role of digital assets as investment instruments; Japan’s top finance regulator, the Financial Services Agency (FSA), creating a working group to explore proposals related to taxation and classification of digital assets; and the approval of the country’s first yen-denominated stablecoin, to be called JPYC.

In contrast to Japan’s recent acceleration of digital asset adoption, the report suggested that growth in India, South Korea, and Indonesia over the same period reflects “continued expansion but from already high baselines.”

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