Key Points :
- India ranks first globally in crypto adoption for the third consecutive year, driven by grassroots retail, DeFi activity, youth, low mobile data costs, and remittance demand.
- The U.S. rises to second place, thanks to regulatory clarity, institutional engagement, and Bitcoin ETF inflows.
- APAC region shows the fastest growth overall, with Vietnam, Pakistan, and Brazil also rising.
- Stablecoins (USDT, USDC) dominate global flows; new entrants like EURC and PYUSD gaining traction.
- India’s crypto industry is pushing for tax reform; regulatory clarity remains a challenge despite growing internet penetration and user base.
- The U.S. is formalizing crypto as a strategic asset, establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile.
- Japan’s blockchain ecosystem grows, including institutional adoption of asset tokenization and Chainlink partnerships.
- Implications for Japanese investors: global adoption driving utility, stability, ecosystem expansion—importance of education, flexibility, and local innovation.
1. India’s Unmatched Crypto Momentum
India has secured the top global rank in the 2025 Chainalysis Global Crypto Adoption Index for the third year running. This top position spans retail centralized services, decentralized finance (DeFi), and institutional activity, demonstrating deep and multifaceted adoption across segments.
Key drivers include:
- Nearly 900 million internet users in India, low mobile data costs, and seamless crypto platforms facilitate high retail adoption.
- Strong remittance demand and digitally savvy youth accelerate adoption; stablecoins become important for cross-border transfers.
- APAC overall has experienced 69% growth in on-chain activity, driven largely by India, Vietnam, and Pakistan.
Despite this momentum, challenges remain:
- India continues to impose high taxes on crypto — a 30% capital gains tax and 1% transaction levy — which has driven much trading offshore (>90%) .
- The industry is lobbying for tax reductions (such as a 0.1% transaction tax) to revive domestic activity, while global players like Coinbase and Binance are re-entering India, eyeing growth to potentially $15 billion by 2035.
- Policymakers remain cautious; despite widespread usage (with over 100 million crypto owners in 2024 and 820 million internet users), regulatory clarity and public trust are still lacking.
〔図挿入：インドにおけるインターネット普及率と暗号資産所有者数の推移グラフ〕
2. U.S. Gaining Ground Through Regulation and Institutions
The United States has climbed to second place in the crypto adoption index, rising two spots from 2024. Institutional engagement and regulatory clarity—such as the approval of spot Bitcoin ETFs—have been central to this advance.
- Bitcoin ETFs have drawn huge inflows, making the U.S. a primary institutional avenue for crypto capital.
- Regulatory clarity provides legitimacy, encouraging corporate and institutional participation: “Regulatory clarity is particularly important for large corporates and traditional financial institutions…”.
- Stablecoins (USDT, USDC) continue to lead global flows, though launches like EURC (Circle) and PYUSD (PayPal) are rapidly gaining traction.
Furthermore, the U.S. government has taken a strategic turn:
- In March 2025, an executive order established a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, funded by forfeited seized crypto. The U.S. is the largest known state holder with $24 billion, leveraging crypto as a strategic national asset.
3. APAC and Beyond: Emerging Markets Fueling Crypto Growth
Beyond India, other regions are pivotal:
- APAC is the fastest-growing region, with Vietnam, Pakistan, and Brazil emerging alongside India.
- Pakistan launched its own strategic Bitcoin reserve and aims to leverage surplus energy for Bitcoin mining and AI infrastructure, under the leadership of the Pakistan Crypto Council and its head, Bilal Bin Saqib.
These developments highlight crypto adoption driven by diverse motivations—financial inclusion, remittances, savings in inflationary economies, and even sovereign strategic positioning.
4. Japan’s Blockchain Evolution and Institutional Moves
While the article focuses on India and the U.S., these global shifts bear lessons for Japan:
- In 2025, SBI Holdings partnered with Chainlink to promote blockchain and digital asset adoption among Japanese and Asia-Pacific financial institutions, leveraging Chainlink’s CCIP, SmartData (NAV), and Proof of Reserve services.
- Asset tokenization is gaining traction: regulated frameworks for real estate tokenization are in development in GIFT City, and platforms like J.P. Morgan’s Kinexys illustrate institutional tokenized asset infrastructure.
5. Implications for Japanese Crypto Investors and Stakeholders
Practical Takeaways:
- Global Utility and Trust Are Value Drivers
Adoption in emerging markets (utility-focused) and in mature economies (trust and infrastructure) mutually reinforce crypto’s long-term value. - Regulatory Clarity Enables Institutional Entry
As seen in the U.S., clearer rules and ETF pathways open the door for large-scale investment—crucial if Japan hopes to see institutional growth. - Japan Needs Homegrown Innovation
Partnerships like SBI–Chainlink and efforts in asset tokenization show potential. Japan can lead by creating real-use cases (e.g., tokenized real estate, finance, remittances) tailored to domestic needs. - Continuous Learning and Flexibility
India’s experience—with rapid retail adoption despite regulatory lag—underscores the importance of staying alert to global trends, policy developments, and emerging tech.
Conclusion
India’s continued lead in crypto adoption reflects a strong grassroots movement driven by affordability, youth, and remittances. The U.S.’s rise highlights how regulatory clarity and institutional frameworks can elevate crypto to a mainstream financial asset. Emerging markets across APAC and beyond add diverse adoption vectors. For Japan, the combination of institutional partnerships (like Chainlink), tokenization frameworks, and global trends offers a rich playbook.
Japanese investors and stakeholders should:
- Evaluate crypto not only by price but also by its global utility and institutional trajectory.
- Support and advocate for clear regulation that balances trust with innovation.
- Build real-world blockchain applications locally.
- Stay globally informed and adapt rapidly.
Crypto’s transformation from fringe to strategic financial infrastructure is underway—and Japan, learning from India and the U.S., has the opportunity to shape its path wisely.
