The Asian crypto market is thriving. This region is home to 35% of the global crypto workforce. The two most populous nations, India and China, are currently in the lead, followed by Singapore. These three Asian nations roughly employ around 29,400 people out of a total of 65,900.
Hong Kong, South Korea, and Indonesia stood right behind, accounting for 5%-10% each. The UAE, Australia, Turkey, and Thailand were at the bottom of the ladder. The remaining countries, together, accounted for 21%. Binance, OKX, and Crypto.com emerged as the top employing organizations. Collectively, their workforce consisted of around 8,300 Asian employees.
Making a Case for Singapore
Several nations from the list are deemed to be crypto hubs in the global economy. Take the example of Singapore. Right from Ripple to Crypto.com, a host of prominent companies have been receiving licenses from the Monetary Authority of Singapore (MAS) to extend their services in this region. As reported recently, the “well-regulated, efficiently governed” region is what has been attracting firms to the nation. Parallelly, Singapore also has the highest rating in the world for digital infrastructure. It additionally occupies one of the top positions in the World Bank’s Ease of Doing Business Index, making it quite a competitive hub.
The Top-2 Tussle
Despite the uncertain regulatory landscape, even India has been trying to leave a mark on the crypto industry. In this sector, the demand for blockchain developers is usually high. India has one of the largest pools of developers, giving it a positional advantage. Several stalwarts from the space are optimistic about the future as well.
Minal Thukral, Executive Vice-President, Growth and Strategy, CoinDCX, recently asserted that the crypto industry has immense potential and will certainly create many more jobs and entrepreneurial opportunities for India’s workforce. In fact, companies like BlackRock are also looking to fortify their position in this region. Further elaborating on the trend, the K33 research report asserted,
“The Indian presence is large in most of the major crypto companies globally.”
Alongside crypto, even the Web3 industry has gradually been maturing. According to a survey released by NASSCOM [National Association of Software and Service Companies] in Q4 2022, this sector provides jobs to almost 11% of the world’s Web3 talent. India is the third largest in this space, and the workforce is anticipated to expand by over 120% in 2023.
China, on the other hand, became the flag-bearer of anti-crypto nations after it announced a nationwide crackdown on this asset class in 2021. However, this region has been softening its stance of late. Beijing recently supported Hong Kong’s vision of becoming a crypto hub. In fact, officials from China’s Liaison Office have been “frequent guests” at crypto gatherings, with their encounters being labeled “friendly.” Officials have also been checking on developments, asking for reports, and in some cases, making follow-up calls.
Summing it all up, the K33 report asserted,
“Under the hood, Asia flourishes with uniqueness, with several countries seeing substantial employment within national exchanges and three distinct highly influential hubs facilitating infrastructure for the global crypto market.”