APAC led global growth in on-chain transaction volume. Over that same period, however, its most established hubs steadily raised their barriers to entry.
So, which APAC market is "winning crypto"?
Vietnam ranks highest for builder conviction in our six-market analysis. Yet it ranks last overall on the Builder Sentiment Index (BSI), which gives greater weight to the conditions businesses need to operate.
How does the most optimistic market end up at the bottom?
That's one of the questions behind the 2026 APAC Crypto Infrastructure Map report, co-authored by ARC and
@PreferencesAI, with insights from our network layer at
@arcthecommunity.
Pairing qualitative field research with large-scale synthetic modelling, the report examines six markets: Hong Kong, Singapore, South Korea, Thailand, Malaysia and Vietnam.
It covers nine sectors: Stablecoins, RWA/DePIN, DeFi/prediction markets, AI, centralised exchanges, funders/VC, macro, robotics and launchpads.
The analysis looks at what it takes to build a crypto business, from licensing and banking access to capital, institutional infrastructure and talent. It also examines builders' expectations and whether conditions are improving.
Hong Kong and Singapore lead the BSI rankings, supported by their strengths in institutional infrastructure and capital depth. Vietnam ranks last despite leading on conviction, reflecting gaps in the infrastructure businesses need to operate once licensed.
The report also explores where each hub's strengths lie. Depending on your priorities, its findings point towards:
- Hong Kong for institutional issuance
- Singapore for raising and holding capital
- South Korea for reaching users at speed
- Vietnam for testing consumer product-market fit
- Malaysia for a faster, realistic path to licensing
- Thailand for tax-efficient retail distribution
The full ARC × PreferencesAI report drops on Wednesday, 14 October.