In the first half of 2024, Africa and Asia have witnessed a surge in cryptocurrency startup launches, marking a significant shift from traditional hubs like the United States and Canada. 

Europe has taken the lead, capturing 31.4% of new startups, while Asia follows closely with 26.8%, according to blockchain startup accelerator and founder community Alliance. Africa, despite historical underrepresentation, has seen its share rise to 5.2%, slightly trailing Latin America, while Oceania lags far behind at 1.8%.

Southeast Asia: A Leader in Adoption and Innovation

Southeast Asia, notably countries like Vietnam, the Philippines, and Thailand, has emerged as a global leader in crypto adoption. Chainalysis's 2023 global crypto adoption index ranks several Southeast Asian nations among the top 10 worldwide. 

This region's openness to fintech innovations and significant participation from Web2 giants like Sony and Square Enix in the Web3 landscape underscores its potential as a crypto-friendly environment.

The Rise of Crypto ETFs

A pivotal development shaping Asia's crypto landscape is the introduction of exchange-traded funds (ETFs) focused on digital assets. Hong Kong recently made headlines with its first crypto ETF launch, signaling a milestone in the city's crypto market evolution. 

Despite regulatory challenges, Hong Kong's approval of spot Bitcoin and Ethereum ETFs demonstrates its commitment to fostering a transparent and regulated crypto ecosystem.

Dubai: A Magnet for Crypto Businesses

Dubai has positioned itself as a significant global crypto hub, attracting numerous businesses with progressive regulations and a favorable 0% tax rate. 

The establishment of the Virtual Asset Regulatory Authority (VARA) in March 2022 further enhances Dubai's appeal as a crypto-friendly destination, promoting economic diversification and bolstering its global commercial presence.

Africa's Crypto Potential

Africa, despite infrastructure challenges, has showcased remarkable growth in its crypto market. The region's embrace of blockchain technology and peer-to-peer payment platforms has catalyzed its digital transformation journey. 

Between July 2020 and June 2021 alone, Africa's crypto assets surged by a staggering 1,200%, demonstrating its growing influence.