Web3-focused research company Tiger Research shared remarkable findings on individual investor behavior in its new report covering nine countries in Asia. According to the report, while the weight of institutional investors in the market increases, there is a significant weakening in the interest of individual investors.
Corporate growth, decline in individual interest
Following the approval of spot Bitcoin ETFs in the USA in 2024, institutional capital inflows accelerated and market size expanded. On the other hand, there is a downward trend in the number of individual investors. Bitcoin’s market dominance reaching 60 percent is attributed to the weakening of altcoin-focused high return expectations.
In the report, the segment defined as “crypto-curious”, who are interested in crypto assets but do not invest, was highlighted as the main determinant of future growth. The main factors limiting this group’s entry into the market include regulatory uncertainty, security risks, tax burden, access issues and social perception. The impact of these barriers varies from country to country.
Tiger Research is known as a research company that produces analyzes on Web3 and the digital asset ecosystem. The company carries out studies that evaluate the dynamics of the sector with its reports focusing especially on Asian markets.
Regional differences and regulatory developments
While regulatory frameworks are rapidly taking shape in Northeast Asia, there are marked differences between countries. The won-based transaction volume in South Korea reached 663 billion dollars in the second half of 2025, ranking at the top of the global rankings. However, recently there has been a downward trend in daily transaction volume and local currency deposits. It is stated that the transaction demand may decrease further if taxation practices come into effect.
While market stability stands out in Japan, the tax rate of up to 55 percent applied to crypto earnings poses a significant burden for investors. It is considered that the reduction to 20 percent planned in April 2026 may be a turning point for the market. While Hong Kong offers a relatively ready structure in the field of regulation, security and tax, access for individual investors remains limited.
Adoption in Southeast Asia is progressing through different pathways, but institutionalization is still at an early stage. While Thailand provides temporary tax exemption for transactions made on licensed exchanges, Vietnam has given legal status to digital assets and launched a pilot application. While usage increased in the Philippines, security risks were among the prominent problems.
In this process, exchanges are trying to adapt to licensing, sharing proof of reserves and localization strategies. Binance is licensed in more than 20 countries, while OKX continues its expansion plan across Europe. HTX aims to strengthen its global presence through different centers.
“Asia could be the next growth engine for the crypto market. For this potential to be realized, it is critical that countries develop solutions that suit their obstacles in advance.”
