They’re Obsessed With CRYPTO!! This Report Explains It All!

Crypto is alive moisturized and thriving In China that much is clear from a new Report on five major crypto markets in East Asia which conspicuously features China alongside South Korea Taiwan Thailand and Vietnam today we're Bringing you the highlights from this Report including the scoop on China and All the other Intel you need to be Prepared for the Asia hours because we All know they can get a little wild and Remember there are no borders in crypto So wherever you are this is a video that You don't want to Miss the report that we're looking at Today is called Asia's cryptocurrency Market report it was published earlier This month by chyos Ventures a VC and Crypto project incubator in Vietnam it's Just nine pages so it's worth taking a Moment to read it the link is in the Description now the report compiles data From a December 2023 online survey of 5,286 respondents in China Vietnam South Korea Thailand and Taiwan the majority Of the respondents were from Vietnam but Chyos claims to have ameliorated this With unspecified data analysis and Cleansing methods we'll have to take Their word for it on that one another Thing worth mentioning is that there's No information about who the respondents Were or how they were recruited when it Comes to interpreting survey results the

Devil tends to be in the details so it's A bit of a shame they left that to our Imagination but having read the survey From top to bottom we feel it's safe to Say that the sample was taken from Crypto users of one kind or another Rather than the general public anyway Before we start reeling off statistics There's something we have to address China what happened to the ban you see Apparently a lot of people in China Didn't get the memo because they're Still trading crypto like nobody's Business according to the Wall Street Journal China was binance's biggest Market last year with 900,000 active Users these users were responsible for a Whopping 90 billion of traded volume in May alone and according to the kyus Report 89% of Chinese crypto users are Trading on centralized exchanges it's Not exactly the kind of staly approach You would expect to find in a country Hellbent on stamping out crypto so what Gives did they ban crypto or not well as It happens it depends who you ask Coinbase's website for example has an Impressive timeline of China's crypto Crackdowns beginning with a pledge to Prohibit virtual currencies from June 2009 you got to hand it to them they Were early early and it was all downhill From there until 2021 when the Government introduced its most extensive

Restrictions yet these included Declaring crypto related business Activities illegal Banning domestic Centralized exchanges and forbidding Overseas exchanges from providing Services to people in China there was a Major Crackdown on domestic mining Operations too it was this round of Restrictions that was packaged in English as China's Crypt ban and you Have to admit it's not the most bullish Set of policies is it but almost 3 years On crypto appears to be booming in China Recently Reuters reported on how China's Retail investors are turning to bitcoin As the country's Trad fight starts to Creek at the scenes so if China's crypto Crackdown has retail quaking in their Boots they're certainly doing a good job Of hiding it the journalist Emily Parker Wrote a fresh take on this whole Situation that made a lot of sense to us Here's the gist the restrictions are Enough to Det H the vast majority of People and businesses from adopting Crypto and the government appears to be Prepared to settle for this at least for The moment that's because to go with the Extra mile and enforce a zero tolerance Ban on anything and everything crypto That would be really difficult perhaps More trouble than it's worth call it Diminishing returns if you will that Means the restrictions that are

Described in terms of a blanket crypto Ban in the western media are more akin To a drag in other words if you really Want to buy and sell crypto there is no Shortage of holes you can slip through Some bigger than others for one thing The government never said it was illegal To own cryptocurrency nor for Individuals to trade crypto peer-to-peer That's likely why Chinese industry Insiders cited by coin Des answered Overwhelmingly no when asked if they Thought crypto was banned in China and If you don't find the anonymous Anecdotes from China's crypto industry Convincing don't worry because there's More what really caught our eye in the Coindesk article was a pair of legal Opinions that supported this view Parker Cites a Chinese Law Firm who stated Plainly that China and I quote has no Laws or administrative regulations Prohibiting Bitcoin trading activities She also references an article published By authorities from a court in fujan Province who say the administrative laws And policies do not completely prohibit Virtual currency transactions now I Don't know about you but if I was a Legal professional in China I wouldn't Stick my neck out to claim that Something was legal when it's not who Knows maybe those are some Brave Deens Masquerading as legal experts but we'll

Take their word for it so crypto in China thoroughly cracked down upon yes But entirely banned not quite and if you Don't believe us just ask by now Anyway that's why China still features Prominently in market research reports Like the one we have for you today we ENT up this program for an emergency Crypto weather forecast get ready for The Whirlwind of savings we're seeing a High pressure sign up bonus system Forming in the Northeast with some Exchanges offering up to $50,000 Lush in the South we'll be Seeing some heavy discounts on Hardware Wallets so watch out for those if you're Going to be out and about and then over In central areas there's a high chance Of trading fee discounts which should be Seten in later on up to 60% off there Amazing for a more comprehensive Forecast visit the coin buau deals page Using the link in the description these Deals are red hot so make sure to take All necessary Precautions that's all for the forecast Now back to our scheduled program so Without further Ado let's get into it The report begins with a few highlights Some of which are more riveting than Others we can see that the General Market sentiment was better in 2023 than It was in 2022 and arbitrum and optimism Are growing fast all right tell me

Something I don't know then the good Stuff starts right off the bat we were Surprised to read that among the five Countries crypto investors in Thailand And China had the highest risk tolerance And profit expectations and the lowest Levels of patience this CAU us off guard Because of our recent brush with the Risk hungry and Tim strap traders of South Korea now if you have seen our Video about Korea's crypto market then You might be wondering how anyone beat Them at their own game if you haven't Seen it yet it's a good one so check it Out the link is in the description while You're down there hit the like button And give the video a booth let's take a Moment to address the risk chyos Dedicated a section of its report to Risk tolerance which they measured by How much of a respondent's Investment Portfolio is taken up by crypto as Crypto is considered a risky asset class This makes sense just over 70% of all Respondents across the five countries Said that crypto accounted for more than Half of their portfolio for a survey Presumably of crypto users it's not a Shocking statistic but when you break it Down by country things start to get Interesting China came out on top with Almost 90% of respondents saying that Cryptocurrency accounts for more than Half of their portfolio this is far

Ahead of the second place which was Occupied by Thailand at 72% and in last place was none other Than South Korea with barely over 57% chyos doesn't attempt to explain the Results of its survey this means our Imaginations are left to run a little Bit we think it's safe to say that China Is lacking economy and stock market have Made crypto more attractive to investors In the country we can also speculate That China's restrictions on crypto have Filed out a lot of casual participants Leaving a subset of the population who Are relatively determined and perhaps Also a little more dedicated to Investing in crypto and in some respects Korea is the exact opposite crypto is Mainstream and made highly convenient by The upbit industrial complex most Trading pairs on Korean exchanges are Fiat to crypto making on and off ramping A non-issue to us all of this suggests a Higher level of pedestrian involvement Think Doge damers and kimchi coin Gamblers who might be less interested in Pouring more than half of their savings Into crypto the next metric that stood Out to us was stable coin holding chyos Uses this as another measure of risk Appetite because the more of your Portfolio is in Stables the less exposed You are to Market volatility And just so we're all on the same page

We're mostly talking about US dollar Stable coins here this isn't specified In kyo's latest report but last year They published a survey indicating that Usdt is overwhelmingly the most popular Stable coin in the region now when it Came to measuring stable coin Holdings The survey took a pretty blunt approach It looks like respondents were simply Asked if they were holding a large Amount of stable coins that that's Definitely going to mean different Things to different people but let's go With it the results show a remarkable Gap between Vietnam and Thailand where Respondents reported the highest and Lowest levels of stable coin Holdings in Vietnam 56% said they were holding large Amounts of staes whereas just 22% of Respondents in Thailand said the same so Why such a big gap in Vietnam's case the Dollarization of the economy is well Documented historical phenomenon Vietnam's national currency the dong is Prone to bout of high inflation leading To widespread adoption of the US dollar As a hedge and store of wealth although The government has been trying to Curtail dollarization in recent years it Seems the dollar still casts a long Shadow over the Economy Vietnam also has a large Population of people who are unbanked or Otherwise lack access to financial

Services all of this sounds to us like a Very fertile ground for adoption of US Dollar Peg stable coins as for Thailand We suspect a few factors can account for The lower reported stable coin Holdings To set the tone let's recall that Thailand's Central Bank declared teror Tibat stable coin illegal back in 2021 The bank dusted off an Arcane statue for The occasion warning that the creation Issuance usage or circulation of any Material or token for money is a Violation of the section 9 of the Currency Act 1958 yikes the following year the Government made it illegal to pay for Goods and services in crypto and ban Domestic crypto exchanges from offering Staking and lending Services which are Really popular use cases for stable Coins and apart from that Thailand Already has a very high adoption rate of Other round thee clock real-time digital Payment systems inflation is low and the Trust in the central bank is apparently High suggesting people are not desperate To store their wealth in something other Than the tibat like usdt for example Moving on we found another surprise at The end of the report section on risk Chyos measured respondents profit Expectations Vietnam Taiwan and China Were all fairly similar expecting around Six to seven extra turns but once again

Thailand and South Korea popped up at The Extremes respondents in South Korea Appear to be incredibly pessimistic Compared to the rest of the region Expecting a 2.6x on their initial Investment meanwhile Thailand is Apparently East Asia's very own Lambo Moonboy with respondents reporting Expected gains of 10.4x on average now This one really had our head scratching Between Ty respondents crypto heavy Investment portfolios that comparatively Low stable coin Holdings and ambitious Profit expectations it seems they're Very risk on and bullish but why is that We know there's generally favorable and Clear regulatory environment in Thailand We know crypto adoption is growing fast We even know that Thailand had a higher Per capita coin market cap visit rate Than the United States last year but None of this seems to explain why profit Expectations in particular is so much Higher High than these other countries Surveyed if you think you know why Thai Investors have such high targets please Let us know in the comments now South Koreans exceptionally conservative Targets also caught us off guard but We're not sure what the reason is Between Korea's xrp addiction and its Sideways only stock market investors may Have become resigned to an eternity of Horizontal price action but really we're

Grasping at straws here so we'll call This one food for thought and grounds For further research Another section of the report that we Found noteworthy uses the survey data to Profile investors in each country this Includes gauging investors familiarity Bias which produce some really Interesting results the survey set out To measure preferences for familiar Products by asking respondents if they Would buy tokens of a product they were Frequently exposed to we wonder if Products can be understood to mean Brands here but the report specifically Said tokens of a product so we'll Refrain from reinterpreting the wording Anyway respondents had to choose one of Four answers do not invest not sure need To research more consider to buy later And participate in token sales these Responses are all mapped out on a chart And they are all over the place the First thing that we noticed was the Negligible level of do not invest Responses Thailand and China appear to Have close to zero while somewhere Between 0 and 5% of responses from Taiwan and Vietnam would do not invest When it comes to participating in token Sales respondents in Vietnam and Thailand appear exceptionally eager to Ape in both countries a little over 40% Of respondents said they would

Participate in token sales as the report Points out this is a much higher level Than other countries interestingly Considered to buy later was by by far The most common response in China and Taiwan with both in the mid 60% range Incidentally this made us wonder how we Could interpret the difference between The responses considered to buy later And not sure need to research more the Only thing we know about these Hypothetical tokens is that they're Associated with a familiar product Naturally this indicates that nobody has Done their own research and that's Impossible and in that case choosing Consider to buy later over not sure need To research more seems to suggest a Respondent who wants to defer their Investment but doesn't feel the need to Research first perhaps we're Overthinking this but it's worth Pondering details like this when trying To draw conclusions from survey data now Like we said the responses are kind of All over the place but there're still One country whose respondents stick out Like a sore firm surprise surprise is South Korea close to zero respondents Said they would participate in token Sales and around 14% said they wouldn't Invest at all these responses were Respectively the lowest and the highest Among all countries surveyed by far the

Most common answer in South Korea was Not sure need to research more which Accounted for 70% of all responses this Was a far higher level than any other Country and suggests that Koreans are Generally unwilling to blindly ape into Tokens just because of their association With a familiar product moving on the Last section that will'll cover measured Respondents usage of web 3 products and And I quote token Investments broken Into five categories these are CFI defy Socialy gamey and nfts to be honest this Section left us with more questions than Answers for one thing it Compares Product usage and token investments in Terms that that make the two sound Mutually exclusive for example and I Quote Vietnam and China prefer token Investments particularly within defi the Language makes it clear that this means As opposed to using di products and sure The numbers show a big contrast more Than 75% of respondents in Vietnam Reported investing in defi tokens while The percentage who reported using D5 Products is below half of that but these Are not at all mutually exclusive Behaviors so we're not sure that the use Of prefer makes total sense here and of Course some wi3 products and Applications require users to hold a Native token for transactions governance Or other kinds of access in such cases

Using the product and investing in the Token are mutually inclusive so the Whole framing of product usage versus Token investment seems a little bit odd The other issue is that some categories Might mean different things to different People in particular social fight the Survey data showed an exceptionally high Level of social product usage reported In South Korea but what exactly does Social f mean when we think of social fi The first thing that comes to our mind Is friend. TE a quintessentially web 3 Social media platform that enjoyed 15 Minutes of fame last summer but where do We draw the line between web 2 social Media and web 3 so Look at kaca talk South Korea's Ubiquitous messaging app if you search For it you can find an inapp crypto Wallet but the vast majority of users Have never touched it and instead use The app in a very web to fashion and What about telegram it has countless Crypto applications built on top of it Does that make it socialy perhaps not But we think terms could be better Defined here we don't know how Respondents interpreted social fi but Unless they were given a very clear Definition we suspect that different Respondents would have different ideas And if we turn to the Token investment Bar chart it basically tells us which

Narratives respondents we're investing In if that's the purpose of this chart Then why not include such major Narratives as Ai deepin and layer ones Although this wasn't the most Illuminating section at least it made us Think about how we should document and Define The Narrative and use cases of Web 3 overall despite some limitations This report was an interesting Contribution from chyos Ventures we'll Look forward to their next report and Bear in mind what we learned about Investors and the markets that we're up Against in the Asia hours and let's end On a heartwarming note the Chinese Deens Have not gone anywhere so they might Still pump our bags Booyah well that's all for this video If You learned something new about the Crypto markets in East Asia don't forget To click that like button while you're Down there let us know what you think About the status of crypto in China in The comments make sure to subscribe and Ding the Bell notification so you can be The first to line up for coin Pur Uploads and remember to save yourself Money by visiting the coin Pur deals Page too the link is in the description As always thank you for watching and I'll see you next time this is Jessica Out [Music]


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