The 2024 Chainalysis report on cryptocurrency adoption in Central, Southern Asia, and Oceania (CSAO) reveals the region as a significant driver of global crypto growth, with over $750 billion in inflows between July 2023 and June 2024. This region is notable for its diverse crypto activity, which includes high levels of grassroots participation, retail usage, and innovative adoption of decentralized finance (DeFi) solutions.
Key Findings
India’s Leading Role:
India ranks first in the Global Crypto Adoption Index, signaling the country’s significant influence on the global market. Despite ongoing regulatory challenges, grassroots activity in India is thriving. The report highlights that Indian users engage heavily in DeFi, peer-to-peer transactions, and staking, making it the dominant player in the region. With a population of over 1.4 billion and a rapidly digitizing economy, India continues to push forward, blending traditional finance with decentralized technologies.
Indonesia’s Crypto Boom:
Indonesia stands out with a growing appetite for crypto trading, driven by a youthful population and increased access to blockchain education. At $ 157 billion, Indonesia leads the region in terms of value of cryptocurrency received. The report underscores the importance of a strong retail investor base in Indonesia, noting that it is particularly active in DeFi protocols and NFT markets. Crypto transactions have surged in the country, thanks to a combination of government efforts to educate citizens and rising interest in cryptocurrencies as an alternative investment.
Singapore’s Institutional Adoption:
Singapore emerges as a regional leader in terms of regulatory clarity and institutional adoption. The country’s well-defined crypto regulatory framework has fostered confidence among investors. Notably, the use of stablecoins has been on the rise, especially among businesses, contributing to the city-state’s growing crypto transaction volume. With its reputation as a financial hub, Singapore is well-positioned to play a central role in shaping the future of digital assets in the region.
Defi dominates total value received across all regions
More than 55% of all value received in all regions was from centralized exchanges followed by DeFi. DeFi transactions were highest in sub-Saharan Africa and Western Europe.

Regional Contributions and Crypto Use Cases
The CSAO region’s adoption trends show that its crypto users are engaged in a wide range of activities, from retail transactions to decentralized applications (dApps). This is reflected in the diversity of markets that are developing across the region:
- Peer-to-peer trading: A significant portion of crypto users in the region rely on peer-to-peer platforms to facilitate transactions, a practice particularly common in India and Indonesia.
- Decentralized Finance (DeFi): Users in the region are becoming increasingly active in DeFi platforms, engaging in activities such as lending, borrowing, and staking to generate yields. India leads this trend, with DeFi driving much of its crypto activity.
- Non-fungible Tokens (NFTs): Indonesia’s interest in NFTs is highlighted as a growing trend, with younger investors showing a strong appetite for digital collectibles.
Global Crypto adoption Index 2024: Nigeria leads in Africa
The Chainalysis also conducted the Global Crypto Adoption Index 2024 Top 20 with India leading followed by Nigeria.
Country | Region | Overall Index Ranking | Centralized Service Value Received Ranking | Retail Centralized service received ranking | Defi Value Received Ranking | Retail Defi Value Received Ranking | |
1 | India | Central & Southern Asia and Oceania (CSAO) | 1 | 1 | 1 | 3 | 2 |
2 | Nigeria | Sub-Saharan Africa | 2 | 5 | 2 | 2 | 3 |
3 | Indonesia | Central & Southern Asia and Oceania (CSAO) | 3 | 6 | 6 | 1 | 1 |
4 | USA | North America | 4 | 2 | 12 | 4 | 4 |
5 | Vietnam | Central & Southern Asia and Oceania (CSAO) | 5 | 3 | 3 | 6 | 5 |
6 | Ukraine | Eastern Europe | 6 | 7 | 5 | 5 | 6 |
7 | Russia | Eastern Europe | 7 | 11 | 7 | 7 | 7 |
8 | Philippines | Central & Southern Asia and Oceania (CSAO) | 8 | 9 | 8 | 14 | 9 |
9 | Pakistan | Central & Southern Asia and Oceania (CSAO) | 9 | 4 | 4 | 18 | 13 |
10 | Brazil | LATAM | 10 | 8 | 10 | 10 | 14 |
The other countries making the top 20 are the following: Turkey, the UK, Venezuela, Mexico, Argentina, Thailand, Cambodia, Canada, South Korea, and China respectively.
Conclusion
The CSAO region continues to shape the global crypto landscape, characterized by a broad mix of retail and institutional activity. With over $750 billion in inflows during the period studied, it remains one of the most dynamic regions for cryptocurrency usage and adoption. India’s leadership in grassroots adoption, Indonesia’s youthful investor base, and Singapore’s institutional clarity each contribute to a diverse and robust crypto ecosystem that is likely to remain a key player in the future of digital finance.