Cryptocurrency, blockchain, and web3 have found its way all across the globe, including Asia, a region where interest in web3 is always at an all-time high. While different regions such as the US and Europe, are keen on Layer-1 projects such as Ethereum and Solana, Asia has a wide spectrum of narratives that different countries indulge in. However, the narratives in Asian countries vary due to diverse economic strengths and the interests of their constituents.

Philippines

Hailed as the most Web3-interested country in the Philippines, it saw a surge of Web3 adopters through the play-to-earn game Axie Infinity. According to Coingecko data, the Philippines continues to be a highly-interested country when it comes to gaming, despite the falloff of Axie Infinity’s popularity.

Moving forward from Web3 gaming, the Philippines boasts of being one of the most degen countries in the world for cryptocurrency so far in 2024. This means that Filipino crypto participants are heavily interested and invested in small and micro cap coins, particularly in the memecoin narrative. The Philippines stands beside the United States and the United Kingdom as one of the most degen countries out there.

Taiwan

Taiwan’s growth into the Web3 ecosystem is a unique one as the country is at the forefront of developing cutting edge AI technology. Taiwan, a leader in semiconductor manufacturing, has seen demand rise since 2022, boosting the country’s overall economy. The Taiwan Semiconductor Manufacturing Co. (TSMC) has been producing 2nm chips ahead of its planned schedule, and Q2 profits are approaching above the $7 billion mark.

The AI industry in crypto has seen a huge surge in early 2024 and its current total market cap is at $22 billion today. Projects such as the Artificial Superintelligence Alliance, Render Network, and Aethir have significantly benefited from the strength Taiwan has brought in the AI industry.

Singapore

Compared to other non-crypto friendly countries in Asia, Singapore led the way in enabling businesses to be involved with cryptocurrencies. Additionally, Singapore actively pursued its goal of developing into a global center for cryptocurrency and invited fintech firms, making it one of the first nations to investigate blockchain technology and digital assets. In effect, Singapore has become a hub for cryptocurrency projects to establish their headquarters, such as what Gemini did for their Asia HQ.

Vietnam

Vietnam is a prominent leader in the region. Foreign investors, notably well-known funds with a focus on blockchain technology, have poured money into Vietnam in recent years. Vietnam boasts an impressive IT labor base, with over 400,000 highly qualified software developers and 50,000 IT graduates annually. Vietnam has more than 200 venture capital funds, more than 100 project incubation funds, and more than 3,800 blockchain-related initiatives since 2021 to help the nation's startups. 

Nowadays, Vietnam's tech scene is bursting at the seams with Web3-creative startups and innovation clusters. Web3 entrepreneurs can access resources, networking opportunities, and guidance through local incubators and accelerators. 

While there are more and more countries looking to be more involved in cryptocurrency, there are yet to be those who will first accept cryptocurrency as the next big thing. Countries like China, which are still keen on the ban against cryptocurrencies, there are rising Web3 hubs like Singapore and Vietnam serve as an interesting case study on how countries can elevate their quality of life through blockchain technology.