China Defies Expectations as Cryptocurrency Gains Momentum

Crypto News– In December 2023, a report by Vietnamese venture capital firm Kyros Ventures, conducted in collaboration with 10 media agencies from China, Thailand, Korea, Taiwan, and Vietnam, revealed insights into cryptocurrency investment trends across these regions. The survey, which encompassed 5,268 participants, unveiled that Chinese crypto enthusiasts exhibit a greater inclination towards heavy investment in cryptocurrency compared to their counterparts in Vietnam, South Korea, Taiwan, and Thailand.

China Defies Expectations as Cryptocurrency Gains Momentum

Remarkably, over 70% of survey participants across these regions indicated that cryptocurrencies constituted more than half of their asset portfolios. However, an intriguing observation emerged regarding the prevalence of stablecoin holdings among investors. While 33.3% of Chinese investors held a significant amount of stablecoins, Vietnam surpassed all other countries with 58.6% of its investors favoring stablecoins. Conversely, investors in most other countries showed a tendency to reduce their holdings in stablecoins, signaling a more risk-averse approach to crypto asset investment.

Despite China’s stringent regulatory landscape for cryptocurrencies, marked by a ban on crypto trading since 2021 and the enforcement actions against individuals involved in the sector, a majority of Chinese investors continue to engage in trading activities on centralized crypto exchanges (CEXs).

Interestingly, Thailand emerged with the lowest rate of stablecoin holders, standing at only 22%. Nevertheless, China is poised to revise its Anti-Money Laundering regulations to encompass cryptocurrency-related transactions.

Throughout 2023, self-research, crypto news, and community groups, along with key opinion leaders (KOLs), emerged as the primary information channels favored by investors across the five countries. Notably, news media was the preferred source of information for over 70% of Thai and Chinese investors, underscoring the significance of media influence in shaping investment decisions within the crypto sphere.