Hong Kong Experienced Crypto Break Out Year in 2021: Gemini Report

blockchain.news:

Hong Kong experienced a break out year for crypto investing in 2021 and currently, the city has a 24% adoption rate in crypto investors, according to a report by global cryptocurrency exchange Gemini.

The Global State of Crypto Report surveyed almost 30,000 adults across 20 countries and territories. The findings reported that more than half of crypto owners in Hong Kong, or 51%, started investing in crypto last year.

The Gemini report stated, «In 2021, (the) cryptocurrency reached a tipping point, evolving from what many considered a niche investment into a global, established asset class.»

While 37% or more than one-third of crypto owners in Hong Kong are women, the percentage is higher than in the United States (32%) and the United Kingdom (35%); however, 51% or more than half of crypto owners in Indonesia are women.

Including Hong Kong, these 20 economies that were surveyed were nations with developed and developing economies levels, and several Asia Pacific region (APAC) markets are leaders in cryptocurrency adoption.

Indonesia's overall adoption rank was highest, with more than two in five (41%) in the country holding cryptocurrency despite warnings from the Financial Services Authority (OJK) on the market volatility of crypto and a decision by Majelis Ulama Indonesia (MUI) that cryptocurrency was not permissible under Islamic law.

For the primary driver of adopting crypto in APAC, the report mentioned that inflation is one of the key reasons to deal with, such as in Indonesia. 

Although crypto adoption in Hong Kong has remained positive, there have been barriers to these investments.

According to the report, fear of losing funds through bad investments and security are top barriers to crypto adoption in the APAC.