The recent Chainalysis Global Crypto Adoption Index report revealed a shifting global landscape. It showed how APAC has emerged as the fastest-growing region, with on-chain activity rising 69% year-over-year to $2.36 trillion.
In an exclusive interview with Cryptonews, Chengyi Ong, Head of Public Policy, APAC at Chainalysis, reveals how the East is building a distinct, sustainable path for digital assets, challenging Western dominance with pragmatic regulation.
APAC’s Crypto Ascent is Real – Here’s Why
“Asia or APAC is, is definitely not behind,” begins Ong, adding that half of the top 10 countries in the Chainalysis index are from APAC, with India, Pakistan, Vietnam, Indonesia, and the Philippines leading the charge.
Even mature hubs like Singapore, despite having advanced financial systems, show strong crypto usage, she added. Over half of the population is crypto-aware and uses digital assets for daily transactions.
Further, Ong clarifies that the city-state’s success stems from targeted regulatory precision, “through private partnerships and initiatives like Project Guardian.”
Stablecoins Are the Catalysts for Crypto Growth in APAC
When asked about stablecoin disruption in APAC, Ong stressed that “unquestionably, stablecoins are a game-changer…but the question is, which stablecoins?” acknowledging the current dominance of USD-pegged assets.
“The US has just passed the GENIUS Act. It’s not enforced yet,” she noted. “Here in Asia, Hong Kong’s regime went live in August, and Singapore’s de facto marketplace already exists.”
“Over time… local currency stablecoins would emerge, and that’s going to add diversity to the overall stablecoin ecosystem, and it’s going to add additional sort of choice for users in APAC.”
Further, emerging markets such as Vietnam and India are undertaking foundational regulatory work to support future stablecoin adoption.
“I think that when that regulatory framework is in place in India, that’s going to be a big unlock,” Ong continued. “It will be a really, really exciting market to watch.”
Stablecoins and Traditional Finance: Competitors or Collaborators?
Chengyi Ong draws parallels to past fintech disruptions, noting that traditional banks and stablecoin issuers are likely to form partnerships.
“There’s a lot of collaboration, and I think that’s what we’re going to see eventually, in the stablecoin space.”
The flurry of activity from institutions like DBS and SWIFT signals a pivotal shift. “They see this as a material market, something that is here to stay, and something that they need to build a strategy around,” she added.
Combating Illicit Activities in Crypto
Ong describes that Chainalysis’ blockchain intelligence arm plays a crucial role in detecting, tracing, and preventing illicit finance in the crypto ecosystem.
Chainalysis published a new report last week, highlighting how illicit entities hold nearly $15 billion in 2025. Stolen funds represent the largest category. Meanwhile, darknet market administrators and vendors alone control more than $40 billion in on-chain value.
“We have a mature suite for investigating crime. Now we need to go one step further to prevent harm,” she stated. “That’s the next frontier.”
The post APAC Crypto Surge: Insights from Chainalysis’ Chengyi Ong on Adoption, Regulations, and Innovations appeared first on Cryptonews.
