Tiger Research: Analysis of the Current Situation of Retail Investors in Nine Major Asian Markets

This report is written by Tiger Research. Although the cryptocurrency market is growing rapidly, the number of retail investors is declining. We analyzed the entry barriers of the largest potential user groups in nine Asian markets and the responses from exchanges.

1. The market has grown, but retail is shrinking

Since the approval of spot ETFs in the U.S. in 2024, institutional capital has flooded in. Companies are increasingly incorporating Bitcoin into their balance sheets. Exchanges have also begun to tokenize large U.S. stocks. The barriers between traditional finance and cryptocurrency are breaking down on both sides. The market size has significantly expanded.

However, the development direction of the retail sector is exactly the opposite. Retail trading volumes and user numbers are declining in various countries.

In previous cycles, high-yield altcoins attracted a large number of new users. But this driving force no longer exists. The volatility of altcoins is not what it used to be. Bitcoin's market share has reached about 60%. Currently, there are no mechanisms to attract new users, leaving only existing users.

However, major exchanges are adopting a series of strategies to attract new users.

Exchanges refer to these potential investors as "cryptocurrency curious": they understand cryptocurrency, are interested in it, but have not yet invested. Considering the population size and internet penetration rates in major Asian countries, this group of potential investors could number in the tens of millions. As the growth of existing users reaches a bottleneck, cryptocurrency curious individuals will become a key factor in determining the next phase of industry development.

Volatility is the most frequently mentioned barrier. But volatility is merely a surface symptom, not the root cause. Stocks also exhibit volatility, yet people still buy stocks because of government regulation, protection of funds, and societal acceptance as a legitimate investment. Cryptocurrency lacks these three points.

Five core barriers hinder those interested in cryptocurrency:

• Regulatory uncertainty: Legal protections are not clearly defined. Some countries have explicit regulations, while others do not.
• Security risks: Concerns about exchanges being hacked, funds disappearing, or assets being frozen.
• Tax burden: Tax rates are difficult to predict, and policies may change.
• Ease of use: It is hard to know where and how to start. Staking, decentralized exchange trading, and other complex mechanisms add resistance.
• Social perception: Cryptocurrency trading is viewed as "gambling."

The eight Asian markets analyzed in this report each face different bottlenecks.

2. Analysis of cryptocurrency interest in major Asian markets: Barriers vary by country

2.1 Northeast Asia: South Korea, Japan, Hong Kong

Comparison of Northeast Asian countries

Northeast Asia is the fastest-growing region in terms of cryptocurrency regulation. These three markets have either established dedicated legal frameworks or licensing systems or are about to launch them.

However, the regulatory direction and the nature of each market are vastly different. South Korea has a strong speculative trading culture. Japan exhibits a unique trading structure centered around XRP. Hong Kong is committed to building a global hub focused on institutional investors.

2.1.1. South Korea: Second in user numbers, but declining trend

South Korea's retail cryptocurrency investment environment: Five key indicators

In Asia, South Korea has the most active trading of its fiat currency against cryptocurrency.

In the second half of 2025, the trading volume of the Korean won reached $663 billion, nearly on par with the global dollar trading volume, ranking second in the world. The number of eligible Korean won traders is 11.13 million, accounting for about 21.5% of the total population.

Korean users have shown a strong willingness to trade cryptocurrencies. However, despite an 11% increase in user numbers compared to the previous period, the average daily trading volume and fiat currency recharge amounts have declined. The stock market is gradually becoming a more attractive investment option, and interest in cryptocurrency is waning.

Users are also migrating to offshore exchanges to access unlisted tokens and leveraged products. Cryptocurrency taxation is set to be implemented next year. Since the proposed rules differ from the current equity tax treatment, there is still a possibility of repeal, but if implemented as planned, trading demand is expected to decline further.

Nevertheless, South Korea's status as the world's second-largest trading market, combined with the active investment enthusiasm of Korean traders, creates an environment that is hard for other Asian markets to match. If cryptocurrency can achieve the same tax treatment as stocks and exchanges can adopt diversified investment strategies, South Korea's well-developed infrastructure will make it the market that achieves cryptocurrency investment conversion the fastest.

2.1.2. Japan: The safest but also the most expensive

Japan's retail cryptocurrency investment environment: Five key indicators

Japan is the safest cryptocurrency market in Asia, but also the most expensive.

After the Mt. Gox exchange was hacked in 2014, resulting in the loss of about 850,000 Bitcoins, Japan became the first country to establish a licensing system for exchanges. This lesson shaped Japan's current exchange licensing system. Exchanges must store over 95% of customer assets in cold wallets and keep all customer fiat currency in fully segregated trust accounts.

Japan has a total of 32 exchanges registered with the Financial Services Agency, with a cumulative account number reaching 12 million and total customer deposits amounting to 5 trillion yen. Compared to other regions in Asia, Japan's market signals for "safe entry" are much stronger.

However, once entering the cryptocurrency market, taxes follow closely. Currently, cryptocurrency gains are classified as other income, with a maximum tax rate of 55%. Earning 100 million yen means paying 55 million yen in taxes. In contrast, the tax rate on stock gains is about 20%, or 20 million yen. The difference is 2.7 times. The safest market in Asia imposes the highest taxes.

This contradiction is the core barrier faced by Japanese cryptocurrency enthusiasts. While confidence in security is important, safety comes at a cost. You can enter the cryptocurrency space, and your funds will be protected, but you may ultimately end up with nothing.

Its market structure is also unique. From July 2024 to June 2025, the total trading volume of XRP denominated in yen on exchanges was about $21.7 billion, 4.6 times that of Bitcoin ($4.7 billion). Japan is the only market in the world where the trading volume of a single altcoin exceeds that of Bitcoin.

This is the result of a strategic partnership between SBI Holdings and Ripple. In Japan, XRP is not viewed as a speculative asset but as a cryptocurrency with practical utility. In a savings-oriented, risk-averse society, the way cryptocurrency is positioned is vastly different from South Korea.

However, the social adoption of cryptocurrency is still slow. Among individual investors with investment experience, only 7.3% hold crypto assets. In contrast, corporations are actively embracing cryptocurrency. Metaplanet, hailed as the "Asian strategy," is increasing its holdings of Bitcoin as a strategic asset, while SBI Holdings plans to list a BTC+XRP dual-asset crypto ETF on the Tokyo Stock Exchange.

Key variables lie in two reforms set to take effect in April 2026. One reform will reclassify crypto assets under the Financial Instruments and Exchange Act (FIEA). The other reform will unify the tax rate on financial income to 20%, the same as the stock tax rate. If these two reforms take effect simultaneously, the biggest barrier faced by Japanese cryptocurrency enthusiasts will cease to exist.

Since these changes have been announced in advance, those interested in cryptocurrency have no reason to enter the field now while facing a potential tax rate of up to 55%.

2.1.3. Hong Kong: Triple barriers removed, but access remains blocked

Hong Kong's retail cryptocurrency investment environment: Five key indicators

Hong Kong has done better than any other market in Asia in removing key barriers for cryptocurrency attractors. The regulation is clear, security standards are high, and there is no tax burden. No other Asian market can simultaneously meet these three requirements at the highest level.

The Hong Kong Securities and Futures Commission has implemented a value-added tax licensing system since 2023. In February 2025, the Commission released the ASPIRe roadmap, outlining future regulatory directions. In August of the same year, the Commission announced a regulatory mechanism for stablecoins, with the first license expected to be issued in early 2026.

Exchanges must store over 98% of customer assets in cold wallets. They must purchase mandatory insurance and undergo annual cybersecurity audits. Cryptocurrency is not taxed. In 2024, Hong Kong approved Asia's first Bitcoin/Ethereum spot ETFs.

Regulatory, security, and tax issues have been largely resolved. The remaining issue is accessibility.

As of February 2026, there are 12 platforms holding licenses issued by the Hong Kong Securities and Futures Commission, but their services are primarily aimed at professional investors with assets of HKD 8 million (approximately KRW 1.3 billion) or more. Unlike South Korean users who can download apps to buy immediately, Hong Kong's regulatory system does not allow for such practices. The quality of regulation in Hong Kong ranks among the best in Asia, but the entry barriers to this regulatory framework are quite low.

Social perception occupies a unique position. Due to the city's status as a global financial center, the prejudice against "gambling" is much lower than in South Korea or Japan. However, cryptocurrency is generally viewed as "the domain of professionals." While there is no social prejudice, there is also a lack of social recognition. This psychological distance is too great for those interested in cryptocurrency to even think, "Maybe I should give it a try."

The path to transformation is opening up. The Commission has launched a shared liquidity framework allowing licensed platforms to access offshore order books. Staking services have been conditionally approved. A licensing consultation for trading and custody institutions is planned for 2026. The range of available products and channels is continuously expanding.

In summary: Hong Kong has addressed three of the five barriers, but the fourth—access—negates the advantages of the other three. No matter how safe or tax-free it is, if access is not available, everything is meaningless. Hong Kong's task is to widen the door so that more people can experience the trust it has built.

2.2 Southeast Asia: Singapore, Thailand, Indonesia, Vietnam, Philippines, Malaysia

Comparison of Southeast Asian countries

2.2.1. Singapore: All conditions met, but still 65% choose not to enter

Singapore's retail cryptocurrency investment environment: Five key indicators

Among the eight markets covered in the report, Singapore performs the most balanced across all five barrier dimensions (regulation, security, tax, convenience, and social perception), with no dimension significantly weaker than the others.

The Monetary Authority of Singapore (MAS) operates the most unified licensing system in Asia. In June 2025, MAS expanded licensing requirements to operators serving only overseas customers. Exchanges must isolate customer assets in trust accounts, and Singapore has completed mutual assessments with the Financial Action Task Force (FATF). Singapore does not impose taxes on cryptocurrency.

The practical applications of cryptocurrency are continuously expanding. Grab has integrated stablecoin XSGD payment functionality. The Monetary Authority of Singapore (MAS) has trialed tokenized government bonds, and the three major banks have tested interbank loans based on central bank digital currency (CBDC). Within the regulatory framework, cryptocurrency is gradually penetrating everyday finance.

Logically, those interested in cryptocurrency should have no reason to stay out. However, the data presents a starkly different picture. The awareness of cryptocurrency among Singaporeans has reached 94%, a historic high, but the actual ownership rate is only 29%. The remaining 65% are merely interested in cryptocurrency.

These 65% are not unaware of the situation. They have relevant knowledge, can access information, and do not face any social discrimination, yet they still choose not to participate. The biggest barrier they mention is market volatility (68%), and the primary criterion for choosing an exchange is "trust and security" (65%), even higher than transaction fees.

Singapore serves as a thought-provoking counterexample. Even with nearly all institutional barriers removed, 65% of people remain excluded from the cryptocurrency market. Other Asian markets should take note that merely removing barriers does not guarantee the conversion of those interested in cryptocurrency.

2.2.2. Thailand: Government-led market opening

Thailand's retail cryptocurrency investment environment: Five key indicators

In Asia, Thailand is the market where the government has most directly signaled "you can enter."

In January 2025, the government announced a five-year exemption from personal income tax on cryptocurrency trading through licensed exchanges. In the same month, the government allowed public and private funds to invest in cryptocurrency. Subsequently, the government further reduced taxes, opened channels for institutional capital, and issued digital assets.

Thailand's cryptocurrency user base is about 13 million, accounting for approximately 18% of the total population. The Emergency Decree on Digital Asset Business enacted in 2018 established a legal framework ahead of other Asian countries, and the Thai Securities and Exchange Commission (SEC) has issued licenses to nine exchanges. The trading volume of stablecoins denominated in Thai baht reached $9.4 billion, second only to the Korean won in the Asia-Pacific region. This is no longer just permission; it is active promotion.

Regulatory enforcement adopts a dual approach. In April 2025, offshore regulators banned five unauthorized foreign platforms, including Bybit and OKX. In July of the same year, the agency allowed securities companies to provide investment token services and launched public consultations on cryptocurrency derivatives. Their strategy is to combat illegal activities while expanding the legal scope.

The government also plays an important role in shaping social perception. Former Prime Minister Thaksin Shinawatra publicly emphasized the necessity of cryptocurrency regulation and positively evaluated the cryptocurrency payment pilot project in Phuket. The resulting perception is: "If the government exempts it from taxes, then it must be acceptable." Opening brokerage channels for existing stock investors to invest in cryptocurrency through familiar avenues also helps promote cryptocurrency conversion.

One key element is still missing: payment. Since 2022, the use of cryptocurrency as a payment method has been prohibited. The TouristDigiPay sandbox allows foreign tourists to exchange cryptocurrency for Thai baht, and the Bank of Thailand operates a separate sandbox for a Thai baht stablecoin. However, Thai consumers still lack everyday cryptocurrency payment experiences.

Thailand's most notable feature is that the government is systematically removing barriers in the cryptocurrency space: tax exemptions, issuing G-Tokens, opening institutional channels, and introducing derivatives. Such proactive measures by the government are rare in Asia. The next task is how to transform cryptocurrency from "trading assets" to "consumption assets." Lifting the payment ban could be the next significant turning point in Thailand's cryptocurrency sector.

2.2.3. Indonesia: From commodities to financial assets

Indonesia's retail cryptocurrency investment environment: Five key indicators

In January 2025, Indonesia changed the nature of cryptocurrency. Regulatory authority was transferred from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK), and the classification of cryptocurrency changed from "commodity" to "digital financial asset." This is not merely a change of jurisdiction. The OJK is responsible for regulating banks, insurance, securities, and pension funds. The status of cryptocurrency has been elevated to the same level as stocks and bonds.

The listing structure for cryptocurrencies has shifted from being determined by exchanges to a central exchange (Bourse) determining the list of crypto assets that meet listing criteria. Additionally, measures such as mandatory security personnel, prohibiting the use of loans as funding sources, and strengthening consumer and data protection obligations have been introduced. The increased regulatory intensity also indicates that cryptocurrency is now recognized as a "government-approved financial product."

Uncertainty during the transition period is inevitable. The transition period will last until January 2027, during which regulatory interpretation loopholes may arise. Similar to Thailand, the currency law stipulates that the Indonesian rupiah is the only legal tender, thus prohibiting its use as a payment method.

Indonesia's potential lies in its large population base. By 2025, Indonesia's population is expected to reach 280 million, but the penetration rate of cryptocurrency accounts is still in single digits. The remaining population represents a potential group with a strong interest in cryptocurrency. The transfer of authority from the OJK sends a strong institutional signal to this group, indicating that cryptocurrency is now "recognized as a financial product." To translate this signal into actual cryptocurrency use, the transition period must be successfully completed.

The future direction of this market with a population of 280 million depends on the stability of the Indonesian Financial Services Authority (OJK).

2.2.4. Vietnam: Public interest precedes regulation

Vietnam's retail cryptocurrency investment environment: Five key indicators

Vietnam's situation is the opposite of most markets. Typically, regulation precedes user adoption. But in Vietnam, people entered the cryptocurrency market first, and regulation is now beginning to catch up.

For Vietnamese users, cryptocurrency has become closely linked to everyday finance. It has permeated daily life through remittances, gaming, savings, and other channels.

To this end, the government passed the Digital Technology Industry Law in June, officially recognizing digital assets as civil property, granting ownership, transfer, inheritance rights, and legal protection. Additionally, the government launched a five-year pilot program for the cryptocurrency market in September 2025 (2025-2030). This marks a direct transition from a long-term vacuum in regulation to a comprehensive and well-established framework.

However, the relevant institutional foundation is still in its infancy. Investor protection measures currently apply only within a limited scope in the regulatory sandbox, and detailed rules regarding exchange security standards and asset segregation obligations are still being formulated. Exiting the FATF gray list remains a challenge; during the gray list period, international cooperation is also subject to many restrictions.

The entry conditions for exchanges are rapidly changing. By early 2026, the Ministry of Finance is leading the pilot licensing process for about five exchanges. Bank subsidiaries, including Techcombank (TCEX), VP Bank, and LP Bank, as well as securities company subsidiaries like VIX Securities (VIXEX), are leading this process. The minimum capital requirement is set at $400 million, which raises the entry barrier while ensuring the financial stability of approved operators.

Previously, offshore platforms like Binance dominated the market, but a shift towards local licensed exchanges is likely to occur. In a market that has previously seen large-scale adoption outside of regulatory frameworks, a regulated entry pathway is now emerging for the first time.

Vietnam's five barrier indicators show that social acceptance is extremely high, while other areas lag behind, creating a crucial imbalance. However, the direction of this imbalance is vital. Vietnam does not need to promote adoption through regulatory measures; rather, its adoption rate is already high, and regulation must catch up. If the regulatory sandbox operates smoothly and detailed rules are established, the pace of institutional transformation could be the fastest.

2.2.5. Philippines: A cryptocurrency market built on daily life rather than investment

Philippines' retail cryptocurrency investment environment: Five key indicators

Among the eight markets, the Philippines has the most distinct understanding of the concept of "cryptocurrency curious." In other markets, "cryptocurrency curious" refers to those interested in cryptocurrency but who have not yet ventured into it. In the Philippines, more people are already using cryptocurrency unknowingly.

The adoption of cryptocurrency is not driven by investment but by daily life. During the pandemic, P2E games became the first step for young people to engage with cryptocurrency, while the world's largest demand for overseas remittances has also driven the development of remittance channels based on stablecoins. Cryptocurrency plays a role as infrastructure rather than as an investment asset.

Social acceptance is sufficient, but the issue lies in establishing institutional protection built upon it. The Bangko Sentral ng Pilipinas (BSP) has frozen the issuance of new Virtual Asset Service Provider (VASP) licenses since September 2022. Although the freeze has been extended to September 2025, only nine VASPs currently exist. The Philippines Securities and Exchange Commission (SEC) implemented a Capital Adequacy Regulation Framework (CASP) in July 2025, introducing minimum capital, asset segregation, and marketing regulations, but this framework is still in its early stages.

Security risks are the most significant weakness in this market. The U.S. Securities and Exchange Commission has even requested app stores to delist unregistered platforms, yet social media phishing scams remain rampant. In a market structure where actual usage replaces trust, if institutional protective measures do not keep pace, a single security incident could completely destroy that trust.

Positive progress is underway. The Philippines has been removed from the FATF gray list. UnionBank and GoTyme Bank have received exemptions from deferred approval and are providing cryptocurrency trading services within banking applications. A strategic bill regarding Bitcoin reserves has been submitted to the House of Representatives. President Marcos Jr.'s public support for digital innovation has also laid the foundation for its political legitimacy.

The situation in the Philippines is similar to that in Vietnam, showing high social acceptance and low regulatory and security levels, but the nature is different. Vietnam is building new institutions from scratch; the Philippines, on the other hand, has closed the doors of existing institutions. If the ban on Virtual Asset Service Providers (VASPs) is lifted and the CASP framework is implemented, institutional trust can be built on the existing practical application.

2.2.6. Malaysia: Regulation exists, but choices are limited

Malaysia's retail cryptocurrency investment environment: Five key indicators

Malaysia is a rare example where, despite the existence of a regulatory framework, the market has not developed.

Since 2019, the Securities Commission (SC) has issued Digital Asset Exchange (DAX) licenses and implemented basic protective measures, including KYC/AML, asset segregation, and regular audits. Currently, there are no taxes on cryptocurrency. Theoretically, its institutional framework is reasonable.

The problem is that the existing mechanisms can do very little. Currently, only six DAX operators are registered with the Malaysian Securities Commission, and the number of tradable tokens is among the lowest in Asia. Decentralized finance (DeFi) and derivatives have not yet been included in the regulatory framework. The total trading volume of DAX in 2024 was 13.9 billion ringgit (approximately $3.1 billion), a 2.6-fold year-on-year increase, but still a small absolute value compared to Thailand or Indonesia.

When choices are limited, users will turn to other platforms. According to the German Securities Commission (SC), since 2019, 996 complaints related to unregistered DAX platforms have been received. Investors seeking a broader range of tokens and products are turning to unregistered offshore platforms. While regulation provides protection, it also narrows the market's options, leading to capital outflows to unregulated areas.

The Korean Securities Commission has recognized this issue and announced a revised DAX framework in June 2025. Meanwhile, the Commission is working to relax listing frameworks to shorten the new token listing process and strengthen capital adequacy and asset segregation requirements. The Prime Minister's Office has also approved the establishment of a Digital Asset and Artificial Intelligence Advisory Committee, indicating that the committee's actions have expanded to the industrial strategy level, not just the regulatory level.

For those in Malaysia interested in cryptocurrency, this market has "development potential but insufficient attractiveness." Regulation protects the market but also limits its growth. Whether the revised DAX framework can raise this ceiling is the focus for Malaysia moving forward.

3. How exchanges attract users interested in cryptocurrency

The next question is how global cryptocurrency exchanges attempt to enter these different markets. As mentioned above, Asia is not a single market. Regulations, levels of investor protection, and social perceptions vary by country. A single strategy cannot be applied across all of Asia.

The challenges faced by global exchanges are not limited to "how to increase users." The key is what to provide for users interested in cryptocurrency in each market and how to deliver those services.

3.1. Licensing: The right to operate in the market

The primary task is to ensure the right to operate in the market. As regulatory systems gradually improve across Asia, operating without a license has become nearly impossible.

This shift is already underway in various countries. Thailand banned five unauthorized offshore platforms in 2025. Singapore even requires operators serving overseas customers to obtain local licenses. "Comply or be shut down" has transformed from a slogan into reality.

Trading strategies can generally be divided into two approaches.

The first is volume-based expansion: obtaining licenses in as many jurisdictions as possible to maximize global coverage. Binance, with over 20 licenses, and OKX, covering 30 EU countries based on the MiCA agreement, are examples of this model. The number of licenses itself becomes a guarantee of market entry.

The second point is strategic focus: establishing compliance regulation as the cornerstone of trust in specific markets. Coinbase's U.S. subsidiary is registered with FINRA and has established a brand image of compliance first, serving as the best example. HTX is also systematically consolidating its position in strategic locations, including Australia, Lithuania, and Dubai.

However, in markets like South Korea and Japan, where registration is required under domestic laws, global licenses do not apply. South Korea requires Virtual Asset Service Providers (VASPs) to register under the Special Financial Transactions Act; Japan requires registration under the Financial Services Agency (FSA). Aside from Binance's acquisition of Gopax, there are few other precedents.

Meanwhile, exchanges that fill the regulatory gaps in Asia can take an advantageous position for growth in the region.

Regardless, exchanges must continue to seek market entry. The fact that "I trade on a licensed exchange" itself lowers the psychological barrier for those interested in cryptocurrency. Thailand's five-year tax exemption for trades conducted only on exchanges licensed by the U.S. SEC follows the same logic. Today, being within a regulatory framework is itself a competitive advantage.

3.2. Transparency and security: Can I trust them to hold my money?

Exchange security comparison

Merely obtaining a license is not enough. FTX collapsed under regulation. If ensuring the right to operate is the first step, the next step is to answer the question: "Can I trust this exchange with my money?"

When those interested in cryptocurrency pose this question, the most direct answer exchanges can provide is transparency. After FTX's collapse, the entire industry began to compete to disclose proof of reserves (PoR). Now, most mainstream exchanges disclose their reserve status monthly. PoR disclosure itself has become an industry standard.

The difference lies in the method. Simply showing numbers is vastly different from providing them in a verifiable form. Some institutions use zero-knowledge proofs (e.g., zk-STARK) so that users can independently verify. Others combine third-party audits or use quarterly reports from the U.S. SEC to establish financial transparency.

Security follows the same logic. The ratio of cold wallet storage, the adoption rate of MPC technology, and the use of third-party custody solutions are gradually becoming key factors that differentiate various cryptocurrencies. Those interested in cryptocurrency should focus not on "whether security incidents have occurred," but on "if a security incident occurs, will my assets be protected?"

In reality, almost no major exchange has never been hacked. Some exchanges have fully compensated users through internal security funds; others have shut down compromised networks and restarted. In some cases, security incidents have even prompted exchanges to strengthen their security systems.

National security regulations are reinforcing this trend. The Japanese Financial Services Agency is implementing a mandatory liability reserve system. The Hong Kong Securities and Futures Commission has introduced requirements for over 98% cold wallet storage and mandatory insurance for Virtual Asset Service Providers (VASPs). Information that exchanges previously disclosed voluntarily is gradually becoming the minimum requirement of regulations.

It is important to note that the PoR, protection funds, and security frameworks summarized in the table only reflect the situation at a specific point in time. Even if trading volumes drop significantly, whether monthly PoR disclosures continue and whether protection funds remain intact are also crucial.

3.3 Education and localization: Reaching users in local languages and currencies

Education and localization: Local language, local currency

Even with regulatory and security measures in place, those interested in cryptocurrency will not open applications to trade without media exposure and education. Exchanges are addressing this issue through localized education.

However, educational content is no longer the winning formula. Every major trading platform has "learn and earn" programs, academies, and research departments. True differentiation lies in the delivery location and method of the content.

Global exchanges are evolving in two directions. The first direction is deepening online content: hundreds of tiered educational modules, university-affiliated certification programs, and "learn while earning" models that create the experience of first owning cryptocurrency by rewarding learners with small amounts of cryptocurrency.

The second scenario is offline. Bitget's Blockchain4Youth is a leading example, and by 2025, the project will provide practical introductory guidance in over 12 countries/regions, including NFT minting, stablecoin payment trials, and wallet creation.

Local exchanges are more deeply integrated into the domestic market. Upbit invested 10 billion won to establish an investor protection center, providing free standardized digital asset textbooks and Korean-language white papers. In 2025, Upbit launched an educational program for the elderly called "Up Class," attracting over 1,200 elderly participants, and the program later expanded to youth education projects at five universities nationwide.

But even the best education is meaningless if users cannot access it in their own currency and language. The languages, currencies, and regulations of Asian countries vary widely. A single English interface cannot cover all these markets.

For this reason, global exchanges' strategies are trending towards localization: simultaneously advancing local languages, local fiat payment channels, and product configurations that comply with local regulations. Additionally, establishing entities or partnerships in over 12 countries and collaborating with research institutions in specific markets to provide localized insights is also expanding.

4. Now, before the next bull market arrives

A cryptocurrency bull market will trigger a large-scale conversion of many interested in cryptocurrency. In 2021, tens of millions of people in Asia opened accounts, not because of improved education levels, but because of rising prices. No infrastructure can replace the allure of a bull market. Denying this fact means that strategies will only be wishful thinking.

However, the vast majority of those who entered in 2021 left when prices fell. Education stagnated, communities fell silent, and the media shifted focus. Without change, bull markets will continually attract users while simultaneously pushing them out. This is not user guidance but rather frequent turnover of personnel.

Stock markets can also crash. But brokerages continue to operate as usual, rebalancing portfolios and guiding clients through downturns. Even in bear markets, new accounts will still open. The cryptocurrency market lacks a similar mechanism.

Meanwhile, the competitive landscape is changing. The U.S. spot Bitcoin ETF has been launched, Japan's SBI cryptocurrency ETF is in preparation, Hong Kong's spot ETF has gone live, and Thai brokerages have been approved for token investments. TradFi is directly entering the market. Users interested in cryptocurrency can now buy Bitcoin through the brokerage applications they already use. The advantage of TradFi lies not in having richer information but in providing a familiar user experience.

This raises a fundamental question: as traditional finance (TradFi) expands into the cryptocurrency space, what can exchanges offer? A wider range of tokens, DeFi access, on-chain experiences, and 24/7 global markets. These may serve as answers, but they must be presented in a way that cryptocurrency enthusiasts can understand.

Asia is poised to become the next growth engine for the cryptocurrency industry, and the next bull market will be the ignition switch. However, if exchanges are not prepared by then, this opportunity will ultimately become another cycle of recurrence.