The Asia Express 2024 review: Asia leads in crypto adoption with emergence of MicroStrategy replicas

In 2024, the Asian crypto landscape saw some major developments, and Asia Express is here to recap the highlights for you as the year comes to a close.

MicroStrategy, led by Michael Saylor, made headlines by purchasing a whopping 439,000 BTC, making up around 2% of the total Bitcoin supply. This move inspired several Asian firms to follow suit. For example, Chinese app developer Meitu bought 31,000 ETH and 940 BTC in 2021, then sold it for a profit later on. The title of “MicroStrategy of Asia” now seems to belong to Japanese company Metaplanet, which holds 1,142 BTC and is one of the biggest corporate Bitcoin holders in Asia.

Hong Kong-based gaming company Boyaa Interactive quietly amassed even more Bitcoin than the Japanese investor when they converted $49 million of their Ether holdings into 515 BTC, bringing their total stash to 3,183 BTC. Other companies like SOS and Jetking Infotrain in India, as well as the government of Bhutan, have also entered the Bitcoin game.

Despite the US approving numerous spot Bitcoin ETFs in early 2024, major Asian economies like Hong Kong, Singapore, and South Korea have been hesitant about these products. Hong Kong was the first in Asia to launch spot Bitcoin and Ether ETFs, but they failed to perform as expected. Mainland Chinese investors are currently barred from investing in Hong Kong’s crypto ETFs unless they are residents.

Additionally, a new scam tactic called pig butchering scams has been on the rise in Southeast Asia, with Cambodia emerging as a significant hub. These scams, which have stolen over $75 billion globally, use AI-powered face-changing technology to deceive victims. Huione Guarantee, an online marketplace identified as a money-laundering hotspot, has processed over $49 billion in crypto transactions since 2021.

As the Asian crypto landscape continues to evolve, it’s essential to stay informed about these developments and how they may impact the future of the industry.