East Asia is the most important region for cryptocurrencies. But how exactly do the residents of the region use cryptocurrencies? What coins do they use and what do they do with them? A report from Chainalysis mixes onchain analysis and anecdotal reports to answer these questions. The blockchain analysis company Chainalysis presents excerpts from exciting reports on its blog. Often it is about crime and money laundering, but sometimes also about the much more interesting question of what crypto currencies are used for in the legal area. The latest report, which will appear in September, examines the geographic use of cryptocurrencies – where in the world are cryptocoins used for what and what are the differences between the regions? The excerpt on the blog is dedicated to East Asia, the region that mainly includes countries such as China, Korea and Japan.
East Asia is still the largest market, but the lead is melting
Since these three major economies are known to have active crypto communities, it is not surprising that East Asia is the largest crypto market in the world. The region is responsible for 31 percent of all cryptocurrencies sent in the last 12 months; Addresses in East Asia have received $ 107 billion in crypto, which is 77 percent more than addresses in Western Europe, which ranks second in this ranking.Of course, Chainalysis explains, much of this can be traced back to the region’s dominance in mining. But the market outside of mining is also extremely active.