What happened?
The Asia Pacific (APAC) region is currently driving the crypto market, with a clear focus on policy development and consumer scaling. From late 2023 to mid-2025, there was a significant increase in the region’s on-chain value received, peaking at near $244 billion in December 2024. Japan has emerged as a key player due to rule changes that treat more tokens as investment instruments, planned crypto taxation updates, and the licensing of the first yen-backed stablecoin issuer.
Who does this affect?
This development directly impacts countries within the APAC region, particularly Japan, India, South Korea, and Vietnam. As the standout, Japan’s on-chain value received rose 120% within a year leading to June 2025. Furthermore, crypto traders are significantly affected as various stablecoin listings begin to loosen, and volumes are heavily channeled into XRP, then BTC and ETH while also observing how USDC and JPYC gain traction.
Why does this matter?
The rise of APAC in the global crypto market matters because it signifies a shift toward clearer policies and faster scaling of consumer rails in crypto trading. This has the potential to influence the trading practices globally and create a significant market impact. The fact that the region’s monthly on-chain value received remains high, often ranking second to Europe and sometimes outpacing North America, further underscores APAC’s growing influence on the global flow of crypto.