[Manila, Philippines July 30, 2024] – As regulatory pressures in the United States prompt crypto companies to seek more favorable environments, Asia emerges as a beacon of opportunity for the Web3 and crypto industries. Coinfest Asia, slated for August 22-23, 2024, in Bali, Indonesia, is set to highlight the region’s rising potential and reaffirm its status as the new epicenter for crypto innovation.
Asia: A Powerhouse of Web3 Economic Value
The global Web3 market is on a trajectory to reach $81.5 billion by 2030, with a staggering CAGR of 43.7%, according to Emergen Research. The Asia-Pacific region, in particular, is projected to lead this growth, driven by high demand from the BFSI sector, e-commerce, healthcare, and pharmaceuticals. In Southeast Asia alone, the Web3 market is anticipated to be worth $6.4 billion by 2030, reflecting an impressive growth rate of 50.2%.
This exponential growth underscores Asia’s role as a powerhouse in the Web3 space. The region’s drive for innovation and technology adoption is not only fueling economic growth but also transforming the way societies and businesses interact with digital technologies, creating vast opportunities for investment and development.
Creating a Crypto-Clear Environment
Cities like Dubai, Singapore, and Hong Kong are at the forefront of creating a “crypto-clear” environment, characterized by regulatory clarity and openness. Dubai, with its 772 crypto-based companies, Singapore’s vibrant ecosystem of over 247 fintech firms, and Hong Kong’s government-backed Cyberport hosting around 150 Web3 companies, exemplify the supportive landscapes fostering crypto innovation.
Indonesia, with 1,629 registered companies or startups in blockchain technology, is also making significant strides in this direction. Coinfest Asia, hosted in Indonesia, serves as a testament to the region’s commitment to nurturing a favorable environment for crypto and Web3 ventures.
High Adoption Rates and Institutional Investment
Countries like India, Vietnam, the Philippines, and Indonesia are leading the charge in crypto adoption, ranking in the top 10 globally. According to Chainalysis, around 68.8% of total transaction volume in Asia comes from transfers of $1 million or more, indicating robust institutional investment. This surge in adoption is attributed to crypto’s accessibility, speed, and cost-effectiveness, particularly in e-commerce transactions across the Asia-Pacific region.
Coinfest Asia: A Hub for Innovation and Collaboration
Coinfest Asia 2024 is poised to bring together over five thousand participants from across the globe, offering a unique platform for networking, learning, and collaboration. With a focus on driving mass adoption and fostering continuous innovation in the Web3 space, the event provides unparalleled opportunities for businesses to expand their footprint in Asia.
Join Us in Shaping the Future
Coinfest Asia invites companies, investors, and enthusiasts to explore the dynamic opportunities within the Asian Web3 market. Engage with industry leaders, discover groundbreaking innovations, and be part of the movement that is redefining the global crypto landscape.
For more information and to register, visit www.coinfest.asia.
