撒哈拉以南非洲已成為全球第三快增長的加密貨幣地區，年增長率 52%；拉丁美洲則受惡性通脹與經濟環境所逼，加密市場增長率達 42.5%。東南亞在基層採用方面領先全球，20 個加密普及國中佔據 7 席，新興市場透過實際 Web3 應用（而非投機）重塑金融服務、跨境支付及經濟機遇的獲取方式。
行政摘要：
- 採用領導：亞太區交易量增長 69% 位居榜首，其後為拉丁美洲（63%）和撒哈拉以南非洲（52%），遠超已發展市場
- 實際場景：匯款、抗通脹、移動支付結合與 Play-to-Earn 遊戲驅動採用多於投資炒作
- 監管演進：2024-2025 年各地區從試驗機制過渡到全面實施，涵蓋巴西、尼日利亞、南非、阿聯酋、菲律賓
- 經濟影響：2024 年有超過 4000 億美元加密資產流入新興市場，穩定幣佔非洲交易 43%
- 基建缺口：全球仍有 17 億成人被排拒於銀行體系外，57% 人口無流動互聯網，同時帶來阻力與機遇
在新興市場，Web3 採用由迫切的經濟需求主導，而非投機或投資機遇。與發達經濟體主要視加密貨幣為資產類別不同，新興地區將數位資產廣泛用於支付、儲蓄及跨境轉賬等基本金融服務。
基礎設施限制為 Web3 推廣既帶來障礙亦激勵。拉丁美洲多國流動電話滲透率逾 100%，但非洲偏遠地區網絡覆蓋不足，導致國內採用出現落差。GSMA 指全球已有 21 億個移動支付帳戶，當中有 5.14 億為每月活躍用戶，這建立了具規模的數碼支付基建，有效促進加密入門。
貨幣不穩根本影響各地區的採用情況。阿根廷通脹於 2024 年 1 月高見 254%，後降至 106%，穩定幣因而成為「保值」工具。委內瑞拉自 2018 年超過一百萬百分比惡性通脹後，現時通脹仍處於 337% 高位。尼日利亞貨幣奈拉於 2024 年 2 月創新低，8 月通脹達 32.15%，促使多人選擇美元計價穩定幣取代本地儲蓄。
匯款需求自然推動新興市場走向加密化。菲律賓每年從海外勞工收取 383.4 億美元匯款，佔 GDP 的 8.3%；墨西哥全球領先，年匯款 633 億美元。傳統匯款平均需收 6.35% 費用，遠高於聯合國可持續發展目標的 3%，提供明顯的加密替代誘因。
單有 17 億成人被銀行體系排斥，Web3 科技透過「流動優先」應用縮短金融鴻溝。肯雅的 M-Pesa 展現手機支付普及——擁 3400 萬用戶、每年處理金額相當於國內生產總值 59%，對加密貨幣採用有穩定數位金融文化基礎。
各地監管生態差異顯著，既有阿聯酋、南非等前瞻制度，亦有中國、孟加拉等嚴厲限制。根據 Atlantic Council，加密監管調查 75 國中，45 國確認加密為合法，20 國有部分禁令，10 國全面禁用。這種「拼貼」局面既創造監管套利空間，也帶來全球平台合規挑戰。
非洲：由穩定幣驅動的金融包容
撒哈拉以南非洲於 2024 年 7 月至 2025 年 6 月共接收超過 2050 億美元鏈上加密價值，年增 52%，成為全球第三大增長區。尼日利亞主導全區，於 Chainalysis 全球採用指數中位列第二，於 2024 年 6 月底截止一年收取 921 億美元。絕大部分屬基層真實應用，非純投機買賣——該區超過 8% 加密轉賬少於 1 萬美元（全球為 6%）。
經濟動因及應用實例
穩定幣佔撒哈拉以南非洲整體加密交易量 43%，反映偏重實際應用非投機。單尼日利亞於 2023 年 7 至 2024 年 6 月間，處理近 220 億美元穩定幣交易，其中 2024 年首季度便有 30 億屬單筆低於 100 萬美元交易。橫跨 20 國營運的 Yellow Card 指 99% 交易現涉穩定幣，企業為規避貨幣波動選用。
跨境支付與匯款成全區採用強大動力。根據世界銀行 2024 年數據，非洲收取匯款高達 922 億美元，傳統匯款平均費用為 7.9%，高於全球均值 6.35%。穩定幣匯款單次 200 美元費用比傳統低約 60%，令接收家庭大幅節省成本。
移動支付基建讓加密貨幣普及更容易。肯雅 M-Pesa 平台服務 3400 萬用戶，全年交易額達國民生產總值 59%；撒哈拉以南非洲有 2.83 億每月移動支付用戶。這種熟悉減低了加密應用門檻，對比現金為主經濟體尤為明顯。
區內 DeFi 採用亦非常突出，尼日利亞於 2024 年獲取超過 300 億美元 DeFi 價值，全球居首。智能合約平台帶來放貸、儲蓄、保險等金融服務，對於難以用傳統銀行的民眾尤其關鍵，肯雅金融帳戶滲透率達 79%，主要歸因流動支付服務。
主要項目與監管動態
Yellow Card 成功打造非洲加密基建，2024 年 10 月完成 3300 萬美元 A 輪融資後，累計處理超過 60 億美元交易。平台與 Coinbase 及 PayPal Xoom 服務夥伴合作，重心轉向 B2B，20 國提供 API 解決方案。年交易額由 2023 年的 13 億，倍增至 2024 年的 30 億，商業採用規模持續擴大。
尼日利亞監管開放進步。總統 Bola Ahmed Tinubu 於 2025 年簽署證券法，正式將加密資產列入證監會監管範圍，取代舊有限制。不過落實仍具挑戰，銀行雖法律認可但仍標記加密戶口。至 2024 年 8 月，僅有 Quidax 及 Busha 兩家公司獲試點審批。
南非引領非洲監管，2024 年有 248 家加密企業取得金融部門牌照。全面制度涵蓋顧問服務（I 類）和投資管理（II 類）牌照，已獲批公司包括 VALR、Luno、Yellow Card 和 Kotani Pay。4 月 30 日前實施 Travel Rule 因應國際合規標準。
AZA Finance（前稱 BitPesa）於多國月處理 1200 萬交易，總融資 5440 萬美元，包括南部非洲開發銀行。公司主力企業跨境支付與外匯，總部設於內羅畢，分支在拉各斯、倫敦、盧森堡、達喀爾和馬德里。
真實案例與基層應用
尼日利亞學生以加密貨幣用作國際學費匯款。TechCabal 曾報道 Damilare 申請波蘭研究院，以非正式加密渠道將奈拉轉帳至朋友海外帳戶，避開本地銀行限制及高昂費用，升學青年善用加密規避匯款困難。
Yellow Card 的轉型折射出非洲加密業成熟。創辦人 Chris Maurice 於 2017 年遇上一名尼日利亞學生，其以 90 美元手續費匯錢回家，由此創立公司。據 Bloomberg 2024 年 11 月報道，平台現已服務 20 國逾 3 萬公司，交易多以穩定幣計價，協助企業對沖貨幣波動。交易金額倍增證明業務用戶在個人匯款外漸成主力。
加納亦有顯著加密應用，人口約 17%，即 300 萬人持有或交易數位資產。當局為此發表監管建議，2024 年 8 月發佈 VASP 草案，並計劃於 2025 年 9 月落實完整監管。
肯雅的採用情況結合了 practical usage with regulatory development. The country ranks 28th globally in crypto adoption, receiving $4 billion in remittances during 2024 with 20% year-over-year growth in cryptocurrency adoption since 2022. Addition to the FATF grey list in March 2024 spurred regulatory action, with the National Treasury unveiling Draft National Policy on Virtual Assets and VASPs Bill in December 2024, targeting framework completion by April 2025.
實際應用配合監管發展。該國在全球加密貨幣採用率中排名第28位，在2024年收到40億美元的匯款，自2022年以來加密貨幣採用率按年增長20%。2024年3月被加入FATF灰名單後，推動了監管行動，國家財政部於2024年12月推出虛擬資產及VASPs法案草案，目標在2025年4月前完成監管框架。
Uganda demonstrates regional expansion of major platforms despite limited specific regulatory developments. Yellow Card includes Uganda in expansion plans while the country follows broader East African regulatory trends, suggesting infrastructure development precedes comprehensive legal frameworks in many African markets.
烏干達在缺乏具體監管政策下，依然見到大型平台進一步擴展。Yellow Card已將烏干達納入擴展計劃之內，而該國亦跟隨更廣泛東非地區的監管趨勢，反映出在不少非洲市場基礎設施的發展，往往走在完整法律框架之前。
Latin America: Inflation Hedge and Remittance Innovation
拉丁美洲：抗通脹避險及匯款創新
Latin America achieved 42.5% year-over-year growth in cryptocurrency adoption, making it the second-fastest growing region globally with $415 billion in received value between July 2023 and June 2024. Four countries rank among the top 20 globally for crypto adoption: Argentina (15th), Brazil (9th), Mexico (13th), and Venezuela (14th). Economic necessity drives adoption more than speculation, with hyperinflation, currency devaluation, and remittance costs creating practical demand for digital assets.
拉丁美洲的加密貨幣採用率錄得42.5%年度增長，成為全球第二快增長的地區，在2023年7月至2024年6月期間收到4,150億美元。區內有四個國家打入全球加密貨幣採用前20名：阿根廷（第15）、巴西（第9）、墨西哥（第13）和委內瑞拉（第14）。由於經濟現實，區內的採用多由於實際需要而非投機，包括惡性通脹、貨幣貶值及匯款成本等都推動了對數碼資產的實質需求。
Hyperinflation and currency crisis response
惡性通脹與貨幣危機下的應對
Argentina demonstrates crypto adoption driven by peso devaluation and inflation. The country received $91.1 billion in cryptocurrency value with stablecoins representing 61.8% of transactions as residents seek USD-denominated savings alternatives. Inflation peaked at 254% in January 2024 before declining to approximately 106%, while President Milei announced 50% peso devaluation in December 2023. Lemon Cash provides crypto debit cards enabling instant peso-to-dollar conversions for 2 million active users across 4,000+ services.
阿根廷的加密貨幣採用，主要由披索貶值及通脹推動。該國收到911億美元加密貨幣，當中穩定幣佔所有交易的61.8%，反映居民尋找美元掛鉤儲蓄替代品。通脹率在2024年1月高見254%，其後回落至約106%；而總統Milei於2023年12月宣布披索貶值50%。Lemon Cash推出加密貨幣提款卡，讓兩百萬用戶可以即時將披索兌換為美元，在超過4,000項服務即時消費。
Venezuela shows the highest regional growth at 110% year-over-year despite economic challenges. Stablecoins account for 34% of small retail transactions, with an estimated 16.3% of households using stablecoins daily for basic commerce. Hyperinflation reached over 1 million percent in 2018 and remains around 337% currently, making crypto adoption essential for economic survival. Universities offer blockchain courses while businesses from street vendors to major retailers accept cryptocurrency payments.
儘管經濟困難，委內瑞拉的年增長率高達110%，為區內冠軍。穩定幣佔小額零售交易的34%，估計有16.3%家庭每日用穩定幣進行日常交易。2018年惡性通脹曾突破100萬%，目前依然有約337%，令加密貨幣成為生計必需品。當地大學開設區塊鏈課程，街邊攤販到大型零售商均接受加密貨幣付款。
Brazil leads institutional adoption with $90.3 billion in received value and 48.4% growth in institutional transactions between Q4 2023 and Q1 2024. Stablecoins represent 59.8% of transactions while the country shows strong DeFi engagement. BTG Pactual's Mynt platform drives institutional adoption alongside Brazil's comprehensive regulatory framework development and planned Digital Real (Drex) CBDC launch in 2025.
巴西在機構採用方面領跑，收到903億美元及2023年第四季至2024年第一季機構交易按季增長48.4%。穩定幣交易佔比59.8%，而該國在DeFi領域參與度極高。BTG Pactual的Mynt平台推動機構應用，加上全面監管框架的起步和2025年數碼雷亞爾（Drex）CBDC即將推出，進一步鞏固地位。
Colombia achieved 6th fastest-growing crypto market status globally with $28.5 billion in value received. Stablecoins account for 66% of transactions, demonstrating similar inflation hedging patterns to regional neighbors. The regulatory framework remains under development following expiration of the Financial Superintendence sandbox program in December 2023.
哥倫比亞以285億美元的收款額成為全球第六快增長的加密貨幣市場。穩定幣佔交易66%，與區內其他國家同樣主打通脹避險。自2023年12月金融監理沙盒計劃到期後，相關監管框架仍在制訂中。
Remittance corridors and cross-border payments
匯款通道與跨境支付
Mexico leads global remittance volume with $63.3 billion received in 2024, creating natural cryptocurrency adoption incentives. Bitso processes approximately 10% of the Mexico-US corridor, equivalent to $4.3 billion in 2023, with transaction fees below 1% compared to traditional 6-10% costs. The exchange serves 9+ million users globally with 70% based in Mexico, partnering with 135,000+ convenience stores including 7-Eleven and Oxxo for cash-to-crypto conversion.
墨西哥2024年接收633億美元，成為全球匯款冠軍，天然推動加密貨幣普及。Bitso處理約10%墨美匯款通道，相當於2023年43億美元，手續費低於1%，傳統渠道則為6-10%。該交易平台全球服務超過900萬用戶，當中70%為墨西哥本地，用戶可於超過135,000間便利店（包括7-Eleven和Oxxo）以現金兌換加密貨幣。
Bitcoin dominates Mexican cryptocurrency portfolios at 53% average allocation, with XRP capturing 8% due to US-Mexico transfer optimization. Stablecoin adoption remains lower at 5% of portfolios compared to regional averages, suggesting preference for volatile assets over stability given relatively controlled inflation. Integration with payment platforms like PayBrokers and Félix Pago expands merchant acceptance.
比特幣在墨西哥投資組合中平均佔比為53%，而XRP則因美墨匯款便利佔有8%。穩定幣僅佔5%，明顯低於區內平均，顯示在通脹較輕的情況下，本地用戶較偏好高波幅資產。結合PayBrokers、Félix Pago等支付平台，進一步拓展商戶應用。
Venezuelan remittances totaled $5.4 billion in 2023 with cryptocurrency representing approximately 9% of total flows. This reflects the 25% emigration rate since 2014 as families abroad support relatives through stablecoin transfers. Crypto remittances provide faster, cheaper alternatives to traditional banking while circumventing government foreign exchange controls.
委內瑞拉2023年匯款總額為54億美元，其中加密貨幣佔約9%。由於自2014年起有四分之一人口移民，海外家庭通過穩定幣支持親人，提供更快更便宜的匯款替代方案，亦可避開政府外匯管制。
Colombia demonstrates regional cryptocurrency payment infrastructure expansion with 1.5 million Colombians migrated to other Latin American countries creating intraregional remittance demand. Bitso Business provides B2B payment infrastructure while stablecoins facilitate cross-border transfers for populations with limited banking access in rural areas despite over 90% mobile penetration but under 60% banking inclusion.
哥倫比亞有150萬人口遷移至拉美其他國家，造就區域內匯款需求。Bitso Business為B2B跨境業務提供支付基建，穩定幣協助偏遠地區銀行服務不足者跨境匯款，儘管手機滲透率超過90%，但銀行滲透度仍低於60%。
Regulatory framework evolution
監管框架演進
Brazil leads regional regulatory development with comprehensive virtual asset legislation enacted in December 2022 designating the Central Bank as primary regulator. Implementation originally scheduled for June 2024 experienced delays allowing additional consultation, with December 2024 consultation addressing foreign exchange rules including proposed bans on stablecoin transfers to unhosted wallets. The country became the first in Latin America to pass comprehensive crypto taxation effective January 2025.
巴西於2022年12月通過全面虛擬資產法例，指定中央銀行為主要監管機構，成為區內領頭羊。原定2024年6月實施，但延後至12月展開新一輪諮詢，涉及外匯管理規定及有意禁止穩定幣傳送至非託管錢包。該國亦成為拉美首個落實全面加密貨幣課稅，2025年1月起生效。
Argentina enacted Law 27,739 in March 2024 establishing VASP regulation under the National Securities Commission (CNV). The framework covers five VASP categories requiring registration for entities processing over 35,000 UVA monthly volume (approximately $29,246). Implementation deadlines require individual registration by July 1, 2025 and legal entity registration by August 1, 2025, with capital requirements ranging from $35,000 to $150,000 depending on activities.
阿根廷於2024年3月通過第27,739號法例，規管虛擬資產服務供應商（VASP），由國家證券委員會（CNV）負責。規範覆蓋五類VASP，所有每月交易額超過35,000 UVA（約29,246美元）的企業須註冊，個人須於2025年7月1日前登記，法團則需於同年8月1日前。註冊資本視業務類型由35,000至150,000美元不等。
Mexico maintains restrictive approach through the National Banking and Securities Commission (CNBV) while developing a digital peso CBDC expected by late 2025. The Fintech Law requires reporting for transactions exceeding $2,700, but regulations remain underutilized for their potential. Mexico's Financial Action Task Force leadership starting July 2024 under Eliza de Anda Madrazo may influence regional policy coordination.
墨西哥一直採取保守監管政策，由國家銀行及證券委員會（CNBV）主導，同時研發數碼披索CBDC，預計2025年底推出。現行金融科技法規定單筆交易超過2,700美元須申報，但實際監管潛力未及發揮。自2024年7月Eliza de Anda Madrazo接任FATF主席，預計墨西哥將影響區內政策協調。
Venezuela demonstrates inconsistent policy approaches with the terminated Petro state cryptocurrency experiment from 2018-2024, periodic Bitcoin mining crackdowns, and sanctions-related exchange restrictions. Current status shows unofficial tolerance for cryptocurrency usage alongside growing retail acceptance despite lack of comprehensive legal framework.
委內瑞拉的政策搖擺不定：2018-2024年推出並終止國家Petro加密貨幣實驗，偶有比特幣挖礦打壓，以及因受國際制裁實施加密貨幣交易限制。目前雖然缺乏完整法律框架，但基本上官方默許加密貨幣流通，零售應用亦持續增長。
Case studies and local adoption stories
案例分析和當地應用故事
Argentine businesses utilize cryptocurrency for peso protection during currency devaluation. Small and medium enterprises immediately convert peso payments to USDT using platforms like Lemon Cash, avoiding overnight currency risk. During major devaluations, stablecoin trading volume exceeds $10 million monthly as businesses preserve purchasing power. Crypto debit cards enable instant spending in dollars following deregulation measures in 2025.
阿根廷商戶用加密貨幣對沖披索貶值風險。中小企會即時用Lemon Cash等平台將收入轉換成USDT，避開隔夜貨幣貶值風險。遇到大規模貶值時，穩定幣月成交額超過1,000萬美元，協助業界守住購買力。隨著2025年進一步放寬監管，加密貨幣扣帳卡容許企業即時美元消費。
Venezuelan families demonstrate cryptocurrency adoption for crisis survival. CNBC reported in May 2019 on the Andreina Cordero family in Barquisimeto using GiveCrypto program stablecoin payments of $7 weekly to avoid malnutrition during hyperinflation. AirTM platform provided peso conversion while digital wallets offered safer storage than rapidly depreciating bolivar cash. Similar programs provided 65,000 healthcare workers with $100 monthly crypto assistance during COVID-19 compared to $3-5 monthly salaries in local currency.
委內瑞拉家庭展現了加密貨幣在危機下的生存之道。2019年5月，CNBC報道Barquisimeto市Andreina Cordero一家通過GiveCrypto計劃每週收到7美元穩定幣，避免因惡性通脹而營養不良。AirTM平台提供披索兌換，數碼錢包則較迅速貶值的玻利瓦爾現金更安全。疫情期間，另有計劃向65,000名醫護每月發放100美元加密貨幣，相比本地貨幣薪金每月僅3-5美元。
Colombian remittance digitization utilizes cryptocurrency to serve migrant populations. With traditional remittance fees reaching 6-10% and banking exclusion in rural areas, families use Bitso Business B2B infrastructure for stablecoin transfers. Mobile-first approaches bypass traditional banking requirements while integrating with local payment systems. Transaction volume grew 70% in Colombia with stablecoins representing two-thirds of activity.
哥倫比亞將數碼匯款服務與加密貨幣結合以服務移民人口。傳統匯費高達6-10%，偏遠地區銀行服務不足，家庭會用Bitso Business的B2B基礎設施與穩定幣轉賬。以手機為主的方案可避開傳統銀行門檻，同時接駁本地支付系統。交易量在本地增長達70%，當中三分之二來自穩定幣。
Brazilian institutional crypto adoption accelerated through platforms like BTG Pactual's Mynt division serving corporate treasury needs. Companies utilize cryptocurrency for international payments while institutional DeFi participation grows significantly. The high Pix adoption rate of 99% provides infrastructure foundation for CBDC deployment expected in 2025.
巴西機構採用加密貨幣進展迅速，BTG Pactual旗下Mynt部門主攻企業財資服務，本地企業用加密貨幣進行國際支付，機構參與DeFi市場亦明顯上升。Pix支付系統用戶滲透率達99%，為2025年CBDC部署提供強大基礎。
Bitso demonstrates successful regional platform scaling with users tripling to over 9 million in three years. Argentina showed 4x transaction volume growth while Mexico achieved 80%+ growth in user activity. Gibraltar Financial Services Commission licensing enables EU expansion while partnerships with XDC Network and Lightspark provide cross-border payment infrastructure.
Bitso地區增長可觀，三年內用戶數三倍增至逾900萬。阿根廷成交量飆升4倍，墨西哥用戶活躍度升80%以上。取得直布羅陀金融牌照後，有利進軍歐盟，同時與XDC Network及Lightspark合作，強化跨境支付基建。
Southeast Asia: Gaming, Remittances, and Mobile-First Adoption
東南亞：遊戲、匯款與以手機為主的普及浪潮
Southeast Asia dominates global cryptocurrency adoption rankings with seven of the top 20 countries in Chainalysis's index: Indonesia (3rd), Vietnam (5th), Philippines (8th), Thailand (16th), plus India, Pakistan, and Cambodia from the broader Central and Southern Asia and Oceania region. The region received over $750 billion in crypto asset inflows between July 2023 and June 2024, representing 16.6% of global value, driven by practical use cases including remittances, Play-to-Earn gaming, and DeFi adoption.
東南亞在全球加密貨幣採用率排名中佔據主導，Chainalysis指數前20位有7個來自該區：印尼（第3）、越南（第5）、菲律賓（第8）、泰國（第16）；加上更大範圍南亞及大洋洲的印度、巴基斯坦和柬埔寨。2023年7月至2024年6月期間，該區加密資產流入高達7,500億美元，佔全球16.6%，需求主要來自實用場景，包括匯款、邊玩邊賺（Play-to-Earn）遊戲及DeFi應用等。
Regional adoption patterns and economic drivers
區域採用模式與經濟動力
Indonesia achieved remarkable growth jumping from 7th to 3rd globally in crypto adoption rankings, receiving approximately $157.1 billion in cryptocurrency value during the measurement period. The country demonstrates 207.5% growth in 2023 with crypto transactions exceeding $30 billion (475.13 trillion rupiah) between January and October 2024, representing a 350% increase from the
印尼在加密貨幣採用排名由全球第7位躍升至第3，期內收到約1,571億美元加密貨幣。2023年錄得207.5%增長，2024年1月至10月區內加密交易額超過300億美元（475.13萬億盾），較去年同期飆升350%。以下為所需內容的翻譯（已按照指定格式跳過markdown連結的翻譯）：
與2023年同期比較。印尼銀行報告，截至2023年11月，印尼有1,825萬加密貨幣用戶，每月交易額達到17.1兆印尼盾。
越南雖然由2023年的全球第3位跌至第5位，但仍保持強勁的加密資產採用度，有1,700萬人持有總市值超過1,000億美元的數碼資產。該國國際交易平台使用率排名全球第3，DeFi參與度顯著，佔地區交易量的55.8%。因為資金管制，許多用戶透過DeFi繞過傳統金融限制，2024年海外匯款流入超過160億美元。
菲律賓持續展現加密貨幣採用度，排名全球第8，雖然較2022年的第2位有所下跌。根據Consensys/YouGov調查數據，2023年至2024年間加密貨幣持有人由45%增至52%，為全球第二高。海外菲律賓工人的匯款在2024年達到383.4億美元，相等於GDP的8.3%，為便宜的國際轉帳提供天然動力促使加密貨幣採用。
泰國在全球排名第16，已建立成熟的監管架構，允許數碼資產買賣但限制作支付用途。Bitkub交易所每日成交量達1.536億美元，儲備達14.7億美元；而證監會則對受牌數碼資產營運商實施監管。
Play-to-Earn遊戲及數碼經濟
菲律賓在全球Play-to-Earn遊戲領域領先，2022年Axie Infinity活躍時期的玩家佔全球逾40%。高峰時期，玩家每月可賺取8,000-10,000披索（155-195美元），收入超越最低工資。至2024年3月，菲律賓有超過520個P2E遊戲公會，透過分帳模式獎學金帶動玩家接觸昂貴的NFT遊戲資產。
Axie Infinity於菲律賓的下載量於2021年突破29,000大關，由3月的10,000迅速增長，反映在COVID-19期間傳統就業機會減少時的迅速普及。像Nueva Ecija Cabanatuan City等地區的社群，為前廚師、三輪車司機及失業人士創造了另類經濟生態。
區域內的遊戲採用並不止於Axie Infinity，菲律賓有19.9%的加密貨幣網絡流量流向遊戲及賭博平台；越南區塊鏈遊戲參與未斷提升，印尼則有43.6%的交易額發生在去中心化交易所，高於地區及全球平均水平。遊戲公會的獎學金機制讓經濟困難人群得以參與其中。
但當Smooth Love Potion (SLP)代幣價格由2022年2月高位跌99%時，經濟可持續性問題浮現，許多玩家被迫離場，有些甚至因借入啟動資金而負債。這也突顯了新興市場Play-to-Earn經濟模式的潛力與波動性風險。
流動支付整合與金融服務
區域內流動支付普及，為加密貨幣整合提供基礎建設。菲律賓GCash與Maya Philippines進一步推動數碼錢包普及，逾110萬商戶接受加密貨幣支付。由BSP認可、Coins.ph推出的PHPC穩定幣與披索1:1掛鈎，根據2024年監管批准，可提升海外菲僑匯款的效率。
新加坡的Grab超級應用程式在2024年3月已接納比特幣、以太幣、XSGD、Circle USD及Tether支付。2024年第二季商戶服務收到近10億美元加密貨幣付款，達兩年來新高，顯示東南亞發達市場已開始主流化應用。
區內DeFi採用度高於全球平均，越南28.8%的交易量來自去中心化金融應用，印尼43.6%的去中心化交易所使用反映用戶對DeFi協議的高參與度，「crypto degen」社群收益農耕及質押愈來愈興盛。
跨境支付效率是區內採用的關鍵動因，傳統匯費至菲律賓長期高於全球平均。加密貨幣提供更快結算、更低手續費，讓216萬海外菲勞能便捷支援家人。越南用戶則利用DeFi協議應對外匯管制。
監管發展與合規架構
菲律賓自2021年BSP通告1108推行VASP發牌規定，目前有14間獲發牌機構，包括Maya Philippines及PDAX。最近一次更新於2024年12月因違規註銷ETRANSS執照，體現這裡有積極監察。2025年8月立法會已提出421號法案，建議加強監管架構發展。
印尼自2025年1月起，將加密貨幣監管自Bappebti（商品監管機構）轉至OJK（證券監管機構），所有加密業者需通過監管沙盒後方可正式發牌。目前已有8間公司獲Bappebti全牌照，27間正等待轉制審批。當局正檢討把稅負減半以鼓勵合規市場發展。
越南正制訂完備法律框架，目標2025年底完成，並根據2024年2月第194/QD-TTg號決定由財政部負任監管。目前僅可作資產持有，自2017年起禁止作為支付手段。政府正研擬平衡風險控制與電商及資訊技術發展的架構。
泰國自2018年《數碼資產業務緊急法令》監管，證監會負責監察。2024年1月撤銷房地產及基建支持ICO投資限額，同時維持支付用途禁令。2024年8月沙盒啟動，涵蓋六類數碼資產服務，促進受控創新。
個案研究與社群影響
Cabanatuan City的遊戲社群既體現了Play-to-Earn經濟模式的機遇，也帶來了風險。TIME、CoinDesk、France24記錄過前廚師Samerson Orias靠玩Axie Infinity最多月賺600美元，遠高於傳統工作80美元。社群成員如Dominic Lumabi憑每月8,000-10,000披索收入，幫家人繳交大學學費。Yield Guild Games為8,000多位玩家提供獎學金，輪候人數達60,000人。
經濟逆轉下，2022年2月SLP幣價暴跌99%，大量玩家因借貸啟動資金陷入負債，被迫放棄遊戲獲利。這突顯即使有初期成功故事，加密貨幣經濟模式本質有高波動風險。
印尼機構交易激增，顯示市場發展成熟。Pintu交易所CEO Barry Matthew Meyer指，千禧及Z世代（佔投資者超50%）受「新鮮感及快錢」吸引，專業交易佔當地交易所價值的43%，單次轉帳$10,000至$100萬，顯示監管下上市的股票市場門檻驅使資金流向加密市場。
由Coins.ph、Coinhako、Indodax及Bitkub組成的數碼資產交易聯盟，促進區內合規及標準制定。Coins.ph 2024年1月TradeDesk成交額1.425億美元，用戶總數達1,800萬，但有80%為休眠戶口，反映用戶教育與參與仍待加強。
區域內匯款數碼化，利用現有流動支付基建推動加密貨幣普及。根據Visa 2024年報告，菲律賓數碼匯款佔總處理量75%，依賴既有GCash及Maya Philippines用戶群整合加密服務。BSP規劃兩年內推出批發CBDC，顯示政策上支持數碼支付發展。
其他新興市場：MENA的創新與監管領航
中東及北非地區於2023年7月至2024年6月共接收3387億美元加密貨幣，全球第7，佔全球交易量7.5%。區內90%以上為機構交易，每筆超過$10,000，與其他新興市場以零售用戶主導形成對比。阿聯酋、沙特及巴林以監管創新影響全球政策制訂取領先地位。
MENA區域領導及機構化採用
阿聯酋領先區內吸納，接收340億美元的加密資產，按年增長42%，透過虛擬資產監管局（VARA）建立全面監管框架。2024年6月《支付代幣服務條例》規定僅有牌穩定幣可在支付使用，ADQ及阿布扎比第一銀行計劃於2025年4月發行迪拉姆穩定幣。ADGM於2024年資產管理規模增長245%，反映機構信心。
沙特阿拉伯錄得全球最快增長，按年增幅153%，接收471億美元加密值。該國對加密貨幣採取審慎態度，視作資產而非法定貨幣，銀行參與需獲SAMA許可。2024年與阿聯酋、中國、泰國及香港一同加入mBridge CBDC試點，展現推動數碼貨幣創新的決心。區內人口結構年輕，63%為青年，推動採用趨勢。
土耳其全球排名第11，$137...
---billion received value, driven by high inflation exceeding 50% creating stablecoin demand for currency devaluation protection. Stablecoin usage reaches 55.2%, highest in the MENA region, reflecting practical utility for wealth preservation during economic instability.
受惠金額以十億計，主要由高達50%以上的高通脹推動，促使市場對穩定幣需求上升，以對沖貨幣貶值風險。穩定幣使用率達到55.2%，為MENA地區之冠，顯示在經濟不穩時期具備實際財富保值功能。
Bahrain introduces pioneering Stablecoin Issuance and Offering Module in July 2025, becoming first Gulf state to provide comprehensive stablecoin regulatory framework. Early cryptocurrency exchange licensing to Rain demonstrates progressive policy approach supporting fintech innovation while maintaining compliance standards.
巴林於2025年7月推出首創「穩定幣發行及發售模組」，成為首個提供全面穩定幣監管框架的海灣國家。早期向Rain發放加密貨幣交易所牌照，展現出積極推動金融科技創新同時維持合規水平的前瞻政策。
South Asian crypto leadership and challenges
南亞加密貨幣領導地位與挑戰
India maintains #1 global ranking in crypto adoption with perfect 1.00 score, preparing cryptocurrency discussion paper for June 2025 while RBI promotes Digital Rupee CBDC circulation reaching ₹10.16 billion ($122 million) by March 2025. Pilot programs serve 1.5 million users and 300,000 merchants across 26 cities with programmable CBDC applications for tenant farmers and direct transfer programs like Odisha's Subhadra Yojana.
印度以滿分1.00在全球加密貨幣普及度保持第一，正準備於2025年6月發布加密貨幣討論文件。印度儲備銀行推動數碼盧比（CBDC），於2025年3月流通金額達到101.6億盧比（1.22億美元）。試點計劃覆蓋26個城市，服務150萬用戶和30萬商戶，並推出針對佃農的可編程CBDC應用及如奧里薩邦Subhadra Yojana等資金直達項目。
Pakistan establishes Pakistan Crypto Council in March 2025 with Binance co-founder Changpeng Zhao as strategic adviser, serving 20 million users with $20+ billion annual transaction volume. Legal status remains uncertain despite State Bank declaring cryptocurrency legal in May 2024, highlighting regulatory development challenges across the region.
巴基斯坦於2025年3月成立加密貨幣委員會，由幣安共同創辦人趙長鵬出任策略顧問，服務2,000萬用戶，每年交易額逾200億美元。雖然國家銀行於2024年5月宣布加密貨幣合法，法律地位仍然未明，突顯區內監管發展的挑戰。
Bangladesh maintains cryptocurrency prohibition under Foreign Exchange Regulations Act 1947 and Money Laundering Prevention Act 2012, with active enforcement by Financial Intelligence Unit and cyber crime divisions. Underground activity continues through local platforms and P2P trading despite legal restrictions.
孟加拉國根據1947年外匯監管法及2012年防止洗黑錢法例，繼續禁止加密貨幣，並由金融情報部門及網絡犯罪小組積極執法。儘管有法律限制，本地平台與點對點交易的地下活動依然存在。
Eastern Europe and DeFi innovation
東歐及DeFi創新
Eastern Europe ranks 4th globally with $499.14 billion received, representing 11% of global transaction volume and significant DeFi growth at $165.46 billion representing 33% of regional inflows. Ukraine ranks 6th globally despite war conditions, receiving $106.1 billion while developing EU-aligned regulatory frameworks for membership candidacy.
東歐於全球排行榜第四，接收資金達4,991.4億美元，佔全球交易額11%，DeFi增長明顯，涉及1,654.6億美元，佔地區流入33%。烏克蘭即使戰爭持續，全球排名第六，接收資金1,061億美元，並制定與歐盟接軌的監管框架以申請成員國資格。
Russia achieved 7th global ranking despite sanctions impacts, receiving $182.44 billion through local exchanges as international platforms restrict access. Both institutional and retail activity decline due to sanctions while users adapt to domestic alternatives.
俄羅斯儘管受制裁影響，全球排名第七，透過本地交易所接收1,824.4億美元，國際平台對其設有限制。受制裁影響，機構及散戶活動雙雙減少，用戶逐漸轉向國內替代方案。
Hungary enacts Act VII of 2024 establishing comprehensive legal framework with 15% flat tax on crypto gains, while Belarus maintains first comprehensive Eastern European cryptocurrency legislation. Estonia's e-Residency program attracts crypto ventures through progressive digital economy policies.
匈牙利於2024年通過第七號法案，建立完整法律框架，規定加密資產利得一律徵收15%稅項。白俄羅斯則維持首份東歐全面加密法例。愛沙尼亞的電子居留計劃憑進步的數碼經濟政策，吸引加密貨幣企業落戶。
Pacific and Caribbean regulatory innovation
太平洋及加勒比創新監管
Pacific Island nations receive IMF recommendations for CBDCs in countries with national currencies while supporting stablecoins in dollarized economies. Palau pioneers USD-backed "Kluk" stablecoin pilot on XRP Ledger with blockchain-based savings bond system prototypes developed in 2024. Digital residency program launches as world's first though adoption remains limited with 800 users.
太平洋島國獲得國際貨幣基金（IMF）建議，擁有自家貨幣國家發行CBDC，已採用美元的經濟體則可發展穩定幣。帛琉於XRP Ledger開展以美元支持的「Kluk」穩定幣試點，並於2024年開發區塊鏈儲蓄債券系統原型。全球首個數碼居留計劃已啟動，但現時僅有800名用戶，普及率有限。
Marshall Islands develops SOV (Sovereign) cryptocurrency as legal tender alongside USD, becoming first nation to legally recognize DAOs while facing IMF concerns over financial stability risks. Vanuatu becomes first Pacific nation recognizing digital asset ownership through amended financial laws in July 2021.
馬紹爾群島發展SOV（主權幣）作為與美元並行的法定貨幣，成為全球首個合法承認DAO的國家，同時需回應IMF關於金融穩定的憂慮。瓦努阿圖於2021年7月修訂金融法例，成為太平洋首個認可數碼資產所有權的國家。
Caribbean leadership emerges through Bahamas' DARE Act 2024 establishing comprehensive digital asset framework through Securities Commission oversight. Enhanced customer protection measures address post-FTX collapse concerns while maintaining innovation-friendly approach.
巴哈馬以2024年的《DARE法案》引領加勒比地區，在證監會監察下建立完善的數碼資產監管體系。加強客戶保障措施，回應FTX事件後的信心危機，同時繼續支持創新。
Barbados completes first blockchain regulatory sandbox with Bitt Inc. over 8-month period in July 2020, later contracting for Eastern Caribbean CBDC pilot development. Citizenship by Investment programs indirectly accept crypto assets while maintaining no capital gains, wealth, or inheritance taxes.
巴巴多斯於2020年7月與Bitt Inc.合作完成首個區塊鏈監管沙盒（為期8個月），其後參與東加勒比CBDC試點開發。投資入籍計劃間接接受加密資產，而且不設資本得益、財富或遺產稅。
Cross-Cutting Themes: Infrastructure, Gaming, and Financial Innovation
橫跨主題：基礎建設、遊戲與金融創新
Remittances and cross-border payment transformation
匯款與跨境支付轉型
Global remittance flows to developing countries reached $685 billion in 2024, exceeding foreign direct investment and official development assistance combined according to World Bank data. Traditional transfer costs average 6.35% for sending $200, far above UN Sustainable Development Goal target of 3%, while digital-only money transfer operators achieve 3.97% average costs. Cryptocurrency alternatives demonstrate 30-50% cost savings over traditional banking channels.
根據世界銀行數據，2024年流往發展中國家的全球匯款總額達到6,850億美元，已超越外國直接投資與官方援助總和。傳統渠道每200美元轉帳平均費用高達6.35%，遠高於聯合國3%的可持續發展目標，純數碼匯款商平均費用為3.97%。加密貨幣成為替代方案，比傳統銀行渠道節省30-50%成本。
Major remittance corridors show increasing cryptocurrency adoption with Mexico-US leading at $63.3 billion annually, Philippines receiving $38.34 billion, and African corridors totaling $92.2 billion. Bitso processes approximately 10% of Mexico-US transfers equivalent to $4.3 billion in 2023, while stablecoin remittances prove 60% cheaper for $200 transfers in Sub-Saharan Africa.
主要匯款走廊採用加密貨幣之風逐步加強，包括墨西哥至美國達到633億美元、菲律賓接收383.4億美元、非洲各項路線合共922億美元。Bitso於2023年處理約10%墨西哥至美國路線，等值43億美元。撒哈拉以南非洲如以穩定幣匯款，200美元轉帳成本可便宜60%。
Mobile money integration facilitates cryptocurrency adoption with 2.1 billion registered accounts processing $1.68 trillion annually according to GSMA 2024 data. Sub-Saharan Africa accounts for 53% of global accounts and 66% of transaction value, providing infrastructure foundation for crypto integration. Bank-to-mobile transfers reach $127 billion in 2024, exceeding mobile-to-bank transfers for the first time since 2019.
流動錢包廣泛應用亦促進加密貨幣普及。根據GSMA 2024年數據，全球註冊流動錢包帳戶達21億，每年交易1.68萬億美元。其中撒哈拉以南非洲佔全球帳戶53%、交易金額66%，為區內加密貨幣整合提供堅實基礎。銀行至手機的轉帳於2024年升至1,270億美元，是自2019年首次超過手機至銀行的轉帳總額。
Speed advantages provide competitive benefits with cryptocurrency transfers completing in minutes versus 3-5 days for traditional correspondent banking. Cross-border data transfer regulations create compliance challenges, though 67% of Global Adoption Survey respondents report enabling KYC regulations supporting legitimate usage.
速度優勢予加密貨幣明顯競爭力，數分鐘內完成轉帳，而傳統代理行銀行需時3-5日。跨境數據傳輸規定帶來合規挑戰，但全球調查中，67%受訪者表示已設立KYC措施，支持合法用途。
Gaming economies and Play-to-Earn sustainability
遊戲經濟及邊玩邊賺可持續性
Play-to-Earn gaming market reached $2.7 billion in 2024 with projections to $26.59 billion by 2034 representing 25.7% compound annual growth rate. Broader blockchain gaming shows $8.5 billion current value expanding to $314.3 billion by 2030 with 67.6% CAGR. Asia-Pacific dominates adoption with Philippines achieving 32% NFT ownership versus global averages.
邊玩邊賺（Play-to-Earn）市場於2024年規模達到27億美元，預計2034年將升至265.9億美元，年復合增長率達25.7%。更廣泛的區塊鏈遊戲範疇現值85億美元，預計至2030年可擴展至3,143億美元，年增率達67.6%。亞太區主導應用，菲律賓NFT持有率高達32%，遠超全球平均。
Axie Infinity revenue growth from $100,000 in January 2021 to $23 million by July 2021 demonstrates income generation potential, though Smooth Love Potion token declines of 99% from February 2022 peaks highlight sustainability challenges. Guild economics emerge through scholarship programs facilitating access for economically disadvantaged populations.
Axie Infinity收入由2021年1月的10萬美元爆升至7月的2,300萬，顯示產生收入潛力。不過，Smooth Love Potion代幣自2022年2月高位大跌99%，反映可持續性挑戰。遊戲公會經濟體亦逐漸發展，透過獎學金計劃助經濟弱勢群體參與。
Mobile gaming represents 38.6% of P2E market share, enabling smartphone-based participation in emerging markets with high mobile penetration but limited PC access. Token reward systems account for 42.8% of market activity while revenue diversification includes subscription plans, staking mechanisms, and advertising integration.
手機遊戲佔P2E市場的38.6%，手機普及的發展中國家受惠於此，即使電腦普及率低也能參與。代幣獎勵制度佔市場活動42.8%，收入分流還包括訂閱制、投注機制和廣告整合。
Layer-2 scaling solutions become essential as Ethereum gas fees peaked at $50, making Polygon, Immutable X, and similar networks critical for affordable gameplay. AI and VR integration represents next-generation P2E development incorporating immersive technologies for enhanced user engagement.
因應Ethereum gas fee曾高達50美元，Layer-2擴容方案如Polygon、Immutable X等成為負擔得起遊戲體驗的關鍵。人工智能及虛擬實境的整合則是下一代P2E發展，結合沉浸式技術加強用戶投入。
NFTs and creator economy development
NFT及創作者經濟發展
Global NFT market achieved $36 billion in 2024 with $49 billion projected for 2025, representing significant creator economy opportunity within Goldman Sachs' estimated $500 billion total creator economy by 2027. Asia-Pacific accounts for 35% global market share with India, Vietnam, and Indonesia showing highest adoption rates beyond Philippines' 32% population ownership.
2024年全球NFT市場達到360億美元，預計2025年達490億美元。這在高盛預計2027年總規模5,000億美元的創作者經濟中是一大契機。亞太地區佔35%市場份額，印度、越南、印尼的普及率僅次於菲律賓（32%人口持有）。
Gaming NFTs generated $12.9 billion revenue in 2025 representing 25% of total trading volume, while art NFTs contributed $4.1 billion through digital galleries and independent artists. Music NFTs produced $520 million revenue from streaming-linked tokens while fashion NFTs achieved $890 million valuation in digital wearables.
2025年，遊戲NFT貢獻129億美元收入，佔總交易25%；藝術NFT透過數碼展覽及獨立藝術家貢獻41億美元。音樂NFT以串流相關代幣獲利5.2億美元，時裝NFT在數碼穿搭領域估值達8.9億美元。
Platform development includes 112 active NFT marketplaces globally reflecting ecosystem diversification with integrated minting, royalty management, and community tools supporting micro-economies. Cross-chain solutions using LayerZero and Axelar reduce friction for multi-chain deployments enabling broader creator participation.
NFT平台發展至今已有全球112個活躍市場，顯示生態系統多元化，同時支援鑄造、版稅管理及社群功能，推動微型經濟圈形成。跨鏈技術如LayerZero及Axelar有助NFT多鏈部署，便利更多創作者參與。
Regional NFT marketplaces serve local creator communities with appropriate payment methods and cultural content, while language localization expands access beyond English-speaking populations. Creator education programs develop technical skills for NFT production and marketing in emerging market contexts.
地區NFT平台拓展出切合本地創作者社群的支付方案與文化內容，語言本地化則進一步讓非英語用戶參與。創作者教育培訓致力提升新興市場相關的NFT製作及推廣技術能力。
Identity, humanitarian aid, and public goods
身份認證、人道援助與公共資源
UN agencies demonstrate blockchain implementation for humanitarian applications with UNHCR serving Ukrainian refugees through digital identity systems building financial inclusion alongside emergency aid. World Food Programme's Building Blocks platform achieved $67 million in coordination savings across 65+ aid organizations in Ukraine during 2024.
聯合國機構展現區塊鏈於人道領域應用，包括聯合國難民署為烏克蘭難民提供數碼身份系統，同時推動金融共融和緊急支援。世界糧食計劃署的Building Blocks平台於2024年協調超過65個援助組織，節省6,700萬美元支銜成本。
Digital identity applications serve 84,000 UN retirees across 190+ countries using blockchain and biometric verification, while ID2020 Alliance partnerships between Microsoft, Accenture, and UNHCR develop portable, persistent identity solutions. Child protection initiatives target 600+ million undocumented children through WIN and UNOPS blockchain-based identity programs.
數碼身份應用結合區塊鏈及生物認證，為超過190國、8.4萬名聯合國退休人員提供服務。ID2020聯盟由微軟、埃森哲及聯合國難民署共同開發便攜及持久化身份方案；WIN與UNOPS則以區塊鏈身份計劃，瞄準全球6億無證兒童的保障。
Government pilot programs include UN-Habitat's goLandRegistry using LTO Network for property registration in South Asian urban settlements, while supply chain transparency applications track humanitarian resources from donors to field operations. Humanitarian cash transfers through Building Blocks serve 10,000+ Syrian refugees with over $1 million in verified transactions.
政府試點計劃亦涵蓋UN-Habitat推動的goLandRegistry，透過LTO Network協助南亞城市貧民的房地產註冊；供應鏈透明應用則追蹤援助資源由捐贈至前線分配。Building Blocks人道現金轉帳，為1萬多名敘利亞難民完成超過100萬美元核實交易。
Privacy-preserving design enables anonymous transaction validation without exposing sensitive personal information, while decentralized control allows users to maintain data ownership through digital wallets. Interoperability standards support cross-platform identity
保障私隱的設計可匿名驗證交易，無須披露敏感個人資料，去中心化管理容許用戶透過電子錢包自行擁有數據；互操作標準支援跨平台身份整合。verification for refugee mobility and service access.
難民流動性及服務獲取的驗證。
DAO governance and community organization
DAO 治理及社群組織
Global DAO ecosystem includes 13,000+ organizations managing $37 billion in collective assets with 11.1 million governance token holders participating in decision-making processes as of 2024. Treasury growth reached $24.5 billion total value demonstrating sustained community investment in decentralized governance models.
全球 DAO 生態系統截至 2024 年包含超過 13,000 個組織，共同管理 370 億美元資產，當中有 1,110 萬治理代幣持有人參與決策程序。金庫總值增長至 245 億美元，顯示社群對去中心化治理模式持續投入。
Governance innovation evolves beyond simple token-weighted voting to quadratic funding and reputation-based systems. Optimism's Token House and Citizen House provide bicameral structures balancing efficiency with representation, while Hypha's "DAO 3.0" model incorporates modular voting and leadership distribution protocols.
治理創新已不再侷限於簡單的代幣加權投票，更進一步發展至二次方集資及聲譽制系統。Optimism 的 Token House 和 Citizen House 採取雙院制結構，兼顧效率與代表性；而 Hypha 的「DAO 3.0」模式則引入模組化投票及領導分配機制。
Emerging market applications include collaborative housing pilots in Europe using DAOs for resource allocation and governance, while Gitcoin facilitates community-driven funding for local initiatives. Grassroots coordination benefits from DAO structures where traditional institutional infrastructure remains limited.
新興市場應用包括歐洲協作房屋先導項目，利用 DAO 作資源分配及治理；Gitcoin 則促進社群主導的本地資助計劃。DAO 結構讓基層協調受益，尤其是傳統機構基建不足的地區。
Legal recognition advances with Delaware corporation status for DAOs serving up to 99 members in US jurisdictions, while Japan tests DAO frameworks for public sector applications. Major corporate adoption includes L'Oreal NYX implementing DAO governance structures for community engagement.
法律認可方面，美國特拉華州允許服務至多 99 位成員的 DAO 註冊為公司，日本亦正試驗 DAO 框架在公共領域的應用。大型企業採納例子包括 L'Oreal NYX 引入 DAO 治理架構以加強社群參與。
Data and Metrics: Quantifying Real Adoption
數據與指標：量化實際採用狀況
On-chain transaction analysis and regional growth
鏈上交易分析及地區增長
Chainalysis data covering 151 countries using GDP-adjusted metrics shows Asia-Pacific leading with 69% year-over-year transaction volume growth, reaching $2.36 trillion from $1.4 trillion previously. Latin America achieved 63% growth while Sub-Saharan Africa demonstrated 52% expansion, significantly outpacing developed market adoption rates.
Chainalysis 覆蓋 151 國的 GDP 調整指標顯示，亞太區以 69% 年度交易量增長領先，由 1.4 兆美元升至 2.36 兆美元。拉丁美洲增長 63%，撒哈拉以南非洲擴張 52%，遠超已發展市場的採用速度。
Individual country leadership includes Indonesia jumping from 7th to 3rd globally, receiving $157.1 billion with 207.5% growth in 2023. India maintains #1 global ranking with perfect 1.00 adoption score, while Nigeria ranks 2nd receiving $92.1 billion representing genuine grassroots usage with over 8% of transfers under $10,000.
單一國家方面，印尼由全球第 7 位晉升至第 3，2023 年接收 1,571 億美元資產，增長 207.5%。印度蟬聯全球第 1，採用指數滿分 1.00。尼日利亞則位居第 2，接收 921 億美元，顯示有超過 8% 的轉賬為一萬美元以下，反映真正基層應用。
DeFi Total Value Locked reached $153 billion by July 2025 representing a 3-year high, with leading protocols including Lido at $34.8 billion and Aave managing $32-34 billion. Layer 2 scaling networks show significant growth with Arbitrum reaching $10.4 billion TVL representing 70% year-over-year increase and Optimism doubling to $5.6 billion from $2.3 billion in 2024.
DeFi 鎖倉總值於 2025 年 7 月達到 1,530 億美元，為三年來新高。主要協議如 Lido 鎖倉 348 億美元，Aave 管理 320-340 億美元。第二層擴容網絡顯著增長，Arbitrum TVL 達 104 億美元，同比升 70%；Optimism 則由 2024 年的 23 億美元倍增至 56 億美元。
Stablecoin transaction volumes exceed $1 trillion monthly with USDT reaching peak volumes of $1.14 trillion in January 2025 and USDC processing $1.24-$3.29 trillion monthly with October 2024 peaks. Combined stablecoin market capitalization reached $287.89 billion with emerging stablecoins showing rapid growth including EURC averaging 89% monthly growth from $47 million to $7.5 billion between June 2024 and 2025.
穩定幣每月交易額突破一兆美元，USDT 於 2025 年 1 月達到 1.14 兆美元高位，USDC 於 2024 年 10 月交易量高達 1.24 至 3.29 兆美元。穩定幣總市值為 2,878.9 億美元，新興穩定幣如 EURC 平均每月增長 89%，於 2024 年 6 月到 2025 年間由 4,700 萬美元激增至 75 億美元。
Developer activity and ecosystem growth
開發者活動與生態系統成長
Global cryptocurrency developer activity reached 23,613 monthly active developers representing 39% annualized growth since 2015, with 39,148 new developers joining in 2024. Established developers with over two years' experience increased 27% while geographic distribution shifted dramatically toward emerging markets.
全球加密貨幣開發者活躍人數達到每月 23,613 人，自 2015 年以來年化增長 39%，2024 年新增開發者 39,148 人。具兩年以上經驗的資深開發者增加了 27%，同時開發人員地域分布大幅轉向新興市場。
Asia became the leading region for crypto developers at 32% of global share, increasing from 13% in 2015, while North America declined to 24% from 44% historically. India represents 12% of global developers while Africa shows 6% increase in development activity. Multi-chain development practices expanded with 34% of developers working across multiple blockchain networks.
亞洲已成為加密開發者最大地區，佔全球 32%，2015 年僅為 13%；北美則降至 24%，過去曾佔 44%。印度佔全球 12% 開發者，非洲地區開發活躍度增長 6%。多鏈開發蔚然成風，三成四開發者橫跨多個區塊鏈平台。
Ethereum maintains leadership as #1 developer ecosystem on every continent while Solana achieved #2 globally, preferred by new developers for the first time since 2016 that a non-Ethereum chain led new developer onboarding. This reflects ecosystem diversification and innovation across multiple blockchain platforms.
以太坊依然是全球各洲最大開發者生態圈，Solana 躍升為全球第二，亦是自 2016 年以來首度由非以太坊鏈領先吸納新開發者，反映多元生態及跨鏈創新。
Platform preferences vary by region with emerging markets showing stronger adoption of alternative Layer 1 networks due to cost considerations and localized use case optimization. Educational programs and developer bootcamps expand across Africa, Asia, and Latin America supporting technical skill development.
各區平台偏好有異，新興市場因成本因素及本地化應用需求，更傾向採用替代型第一層網絡。相關教育課程及開發者訓練營於非洲、亞洲、拉美地區持續擴展，促進技術技能提升。
Mobile adoption and wallet usage patterns
手機採用及錢包使用模式
Crypto wallet downloads approached 2021 all-time highs during 2024 with leading wallets including Coinbase, Blockchain.com, MetaMask, Trust, and Binance showing sustained user acquisition. Bitget Wallet achieved 40 million users by October 2024, doubling in six months with strongest growth in Nigeria (468% in Q3 2024) and India (191% in same period).
加密錢包下載量在 2024 年接近 2021 年歷史高位，Coinbase、Blockchain.com、MetaMask、Trust、Binance 等主流錢包持續吸納新用戶。Bitget Wallet 於 2024 年 10 月突破 4,000 萬用戶，半年內倍增，其中尼日利亞 Q3 2024 增長 468%，印度同期增長 191%，成增長最強市場。
Regional mobile wallet growth demonstrates emerging market leadership with Africa achieving 413% growth, South Asia 126% expansion, Philippines 102% increases, and Vietnam 73% growth during Q3 2024. Android dominance in mobile crypto wallets reflects smartphone platform preferences in price-sensitive markets.
各地區手機錢包增長以新興市場最為突出，非洲 2024 年第三季增長 413%，南亞 126%，菲律賓 102%，越南 73%。Android 在流動加密錢包中佔主導，反映價錢敏感地區智能手機平台偏好。
Global mobile wallet market reached $10.14 billion in 2024 with projections to $12.85 billion in 2025 and $104.69 billion by 2034 representing 26.30% compound annual growth rate. Asia-Pacific accounts for 34% market share in 2024 while hot wallet storage maintains 56.0% user preference over cold storage solutions.
全球流動錢包市場於 2024 年規模達 101.4 億美元，預計 2025 年升至 128.5 億、2034 年達 1,046.9 億，年複合增長率 26.3%。亞太地區於 2024 年佔 34% 市場份額，用戶 56% 偏好熱錢包儲存多於冷錢包解決方案。
Geographic usage patterns show VPN utilization potentially affecting location attribution in Chainalysis data, though impact remains marginal given dataset size of hundreds of millions of transactions and 13+ billion web visits. Mobile-first adoption strategies prove essential for emerging market user acquisition and retention.
地理分佈中，使用 VPN 或會影響 Chainalysis 數據的地點歸屬，但由於樣本涵蓋億級交易與百億級網路瀏覽，因此影響有限。以手機為本的採用策略對新興市場的用戶吸納及留存屬關鍵。
Investment flows and venture capital trends
投資流向及創投趨勢
Web3 venture capital funding reached $5.4 billion in first three quarters of 2024 with Q3 alone contributing $1.4 billion. Early-stage funding shows consistent growth since late 2023 with March-April 2024 exceeding $1 billion across 170+ and 167 funding rounds respectively. Record median valuations of $25 million for early-stage Web3 companies reflect investor confidence.
Web3 創業投資於 2024 年頭三季達 54 億美元，Q3 單季佔 14 億。自 2023 年底起早期資金持續增長，2024 年 3-4 月分別有超過 170 及 167 宗輪次，融資總額均逾 10 億美元。Web3 初創公司中位估值再創新高，達 2,500 萬美元，反映投資者信心。
Web3 gaming represents 33% of high-momentum startups, doubling from 14% in 2023, while 52 Web3/blockchain companies completed early-stage rounds in 2024 versus 22 in 2023. Corporate venture capital rebounded 20% year-over-year to $65.9 billion with early-stage deals dominating the landscape.
Web3 遊戲類高增長初創佔 33%，較 2023 年 14% 增加一倍。2024 年有 52 間 Web3/區塊鏈公司完成早期融資，較 2023 年 22 間大增。企業創投同比反彈 20%，達 659 億美元，且以早期投資主導。
Regional investment distribution shows significant capital flowing into emerging markets at blockchain and artificial intelligence intersection points. Established funds increase allocation to Web3 infrastructure while new specialized funds emerge focused on specific geographic regions and use case verticals.
地區分佈方面，區塊鏈與人工智能交叉的領域吸引大量資本流入新興市場。老牌基金增持 Web3 基建，新設基金則聚焦地區或特定應用垂直領域。
Emerging market startups demonstrate strong fundamentals with revenue generation and user traction metrics supporting valuations. African companies like Yellow Card ($33 million Series A) and Asian platforms show scaled adoption supporting institutional investment thesis for regional Web3 development.
新興市場初創展現穩健基本面，包括營收及用戶增長數據支持其估值。非洲如 Yellow Card（A 輪 3,300 萬美元）及亞洲平台的規模化採用，鞏固區域 Web3 發展的機構投資理論。
Survey data and consumer adoption metrics
調查數據及消費者採用指標
Consensys Global Web3 Survey covering 18,652 respondents across 18 countries shows global crypto awareness at 93% in 2024, up from 92% in 2023, with current or previous crypto ownership reaching 42% globally. Nigeria leads wallet ownership at 84%, followed by South Africa (66%), Vietnam (60%), Philippines (54%), and India (50%).
Consensys 全球 Web3 調查涵蓋 18 個國家共 18,652 名受訪者，2024 年全球加密認知率達 93%，較 2023 年的 92% 再提升，現有或曾有加密資產的全球比例為 42%。錢包持有率以尼日利亞最高達 84%，其次為南非（66%）、越南（60%）、菲律賓（54%）、印度（50%）。
Web3 activity growth demonstrates year-over-year increases across all major categories with Web3 wallets growing 6 percentage points, DeFi usage expanding 4 percentage points, and NFT collecting, blockchain gaming, and staking services each increasing 3 percentage points. Stablecoin usage shows particular growth with USDT gaining 8 percentage points in Argentina and 6 in India.
各主要範疇 Web3 活躍度按年均見增長，Web3 錢包普及度上升 6 個百分點，DeFi 用戶增長 4 點，NFT 收藏、鏈遊、Staking 則各增長 3 點。穩定幣使用顯著上升，USDT 在阿根廷增長 8 點，在印度增長 6 點。
Crypto.com reports global crypto owners reached 659 million by end of 2024, representing 13% growth from 583 million in January. Bitcoin ownership encompasses 337 million holders representing 51.2% of all crypto owners with 13.1% growth, while Ethereum serves 142 million owners representing 21.7% of global ownership with 13.6% expansion.
Crypto.com 指出，全球加密資產擁有人於 2024 年底達到 6.59 億，較 1 月的 5.83 億增長 13%。比特幣持有者達 3.37 億，佔全球 51.2%，增長 13.1%；以太坊持有者有 1.42 億，佔全球 21.7%，增長 13.6%。
Top growth countries include India, Indonesia, Nigeria, United States, and Vietnam with Kenya achieving largest ranking improvement from 32nd to 17th place between 2023 and 2024. Regional survey data shows higher crypto ownership rates in emerging markets compared to developed economies across all major platforms.
增長最快的國家有印度、印尼、尼日利亞、美國及越南，肯尼亞於 2023 至 2024 年從第 32 位一口氣升至第 17。地區性調查顯示，新興市場於各大主流平台之加密擁有率普遍較已發展經濟體為高。
Barriers and Risks: Infrastructure, Regulation, and User Experience
障礙與風險：基建、監管與用戶體驗
Infrastructure constraints and connectivity challenges
基建限制及連接挑戰
Global internet penetration reaches only 57% of population with 4.6 billion people accessing mobile internet according to GSMA State of Mobile Internet Connectivity Report 2024. Regional disparities show dramatic variation with global median mobile speeds ranging from Myanmar's 5.09 Mbps (80% decline in 12 months) to UAE's 441.89 Mbps. Coverage gaps in Africa show 4G urban penetration four times higher than rural areas.
根據 GSMA《2024 年流動互聯網連接狀況報告》，全球上網普及率僅達 57%，約 46 億人可上流動網。地區差異極大，全球中位流動網速由緬甸的 5.09 Mbps（12 個月跌 80%）到阿聯酋的 441.89 Mbps 不等。非洲城鄉流動網絡覆蓋差異大，城市 4G 普及率為鄉郊四倍。
Cost barriers create significant adoption obstacles with entry-level mobile broadband costing 0.5% of monthly income in high-income economies but 11.1% in low-income economies according to ITU 2022 data. This represents 21-fold affordability difference between developed and emerging markets, while power grid reliability issues create additional barriers for consistent Web3 access requiring backup power solutions.
ITU 2022 數據顯示，入門級流動寬頻在高收入經濟體只佔月入 0.5%，但低收入地區則高達 11.1%，可負擔性相差達 21 倍，成本門檻大大阻礙採用。電網可靠性亦影響 Web3 穩定接入，更需輔助電源支援。
Energy consumption concerns affect emerging market adoption with Bitcoin mining consuming 138 TWh annually representing 0.5% of global electricity consumption. Cryptocurrency mining competes with essential services for limited power resources while 67% of mining electricity derives from fossil fuel sources creating additional infrastructure strain.
能源消耗問題亦影響新興市場採用，比特幣挖礦每年用電 1,380 億千瓦時，佔全球電力 0.5%。加密挖礦與基本民生爭奪寶貴電力，當中 67% 的挖礦用電來自化石燃料，加重基礎設施壓力。
Technical complexity creates user experience barriers with crypto literacy assessments showing 96% failure rates in United States and 99% in Mexico and Brazil. Hexadecimal address formats, gas fee fluctuations, and multi-step verification processes
技術複雜性造成用戶體驗障礙，加密知識測試中，美國不及格率達 96%，墨西哥和巴西更高達 99%。十六進位位址格式、手續費波動、及多步驗證過程...confuse new users while hardware requirements exceed capabilities of basic smartphones common in price-sensitive emerging markets.
令新用戶感到混亂，而硬件要求又超過咗喺價格敏感、興起市場常見嘅基本智能手機嘅能力。
Regulatory uncertainty and compliance challenges
規管不明朗同合規困難
Atlantic Council cryptocurrency regulation tracker covering 75 countries shows 45 with legal cryptocurrency status, 20 with partial bans, and 10 with general prohibition. Only 28 countries maintain comprehensive regulations covering taxation, AML/CFT compliance, consumer protection, and licensing requirements. Just 6 emerging markets implement all required regulatory frameworks. Atlantic Council 嘅加密貨幣規管追蹤報告涵蓋75個國家，其中45個國家定義加密貨幣為合法，20個有部份禁令，10個全面禁止。淨係得28個國家設有全面性規管，包括稅務、反洗錢/打擊資恐合規、消費者保障同發牌要求。興起市場之中，得6個係全面落實所有所需監管架構。
Complete cryptocurrency bans remain in China (comprehensive prohibition since 2021), Afghanistan (Taliban restrictions from 2022), and Bangladesh (central bank prohibition with fines and imprisonment). Partial restrictions affect India despite Supreme Court lifting 2020 ban, Egypt with central bank exchange limitations, and Nepal declaring cryptocurrency illegal while actively pursuing enforcement. 中國自2021年開始全面禁止加密貨幣，阿富汗（塔利班自2022年起實施限制）同孟加拉（央行禁令並可罰款甚至監禁）都仲係全禁狀態。部份限制方面，印度雖然最高法院喺2020年解除咗禁令，但仍受部份規限；埃及有央行競兌限制；尼泊爾將加密貨幣定為非法，同時積極執法。
Regulatory evolution shows Bolivia reversing 2014 ban in June 2024 to allow regulated financial institution processing, while Russia permits regulated cross-border transactions while banning domestic payments. European Union MiCA regulation full implementation in December 2024 requires EU subsidiaries for non-EU crypto firms creating compliance burdens. 近年規管演變，包括玻利維亞於2024年6月撤銷2014年嘅禁令，容許監管下金融機構處理有關業務；俄羅斯容許受規管跨境交易，但禁止本地支付。歐盟嘅MiCA規管將於2024年12月全面實施，要求非歐盟加密公司必須設立歐盟子公司，增加合規負擔。
Censorship risks include Myanmar's 80% internet speed decline affecting Web3 access, while Worldcoin faces bans in Kenya, Portugal, and Spain due to biometric data collection concerns. CBDC development raises surveillance and privacy implications while cross-border regulatory coordination through FATF creates implementation challenges. 審查風險方面，例如緬甸網絡速度大跌八成，影響Web3存取；Worldcoin因收集生物識別數據問題被肯尼亞、葡萄牙、西班牙禁用。中央銀行數碼貨幣（CBDC）令監控同私隱爭議升溫，而金融行動工作組（FATF）推動跨境監管協調時亦帶嚟落實難題。
Financial system barriers and user experience gaps
金融體系障礙同用戶體驗缺口
Banking restrictions create significant fiat on/off-ramp challenges with crypto firms struggling to obtain traditional banking partnerships for payment rails. "De-banking" phenomena where banks refuse services to crypto businesses, combined with correspondent banking relationship requirements, limit geographic coverage for cryptocurrency conversion services. 銀行業限制令加密公司難以獲得傳統銀行合作，設立支付通道，帶來法幣出入金重大挑戰。「去銀行化」（de-banking）現象，銀行拒絕為加密業務提供服務，再加上對應行銀行關係規定，嚴重限制加密貨幣兌換服務嘅地理覆蓋範圍。
Transak operates in 64 countries with 136 cryptocurrencies highlighting limited global infrastructure coverage, while many emerging markets lack sufficient fiat-to-crypto conversion options. Payment method limitations in regions without widespread credit card access or formal banking create additional barriers for user onboarding. Transak喺全球64個國家運作、支援136隻加密貨幣，但反映整體基礎設施覆蓋有限。好多興起市場缺乏足夠法幣對加密貨幣兌換選項。信用卡唔普及或者無正式銀行服務嘅地區，支付方式有限令用戶入場更加困難。
KYC/AML requirements exclude users without formal identification documents while compliance costs disproportionately affect smaller operators serving emerging markets. Complex licensing requirements across multiple jurisdictions create regulatory arbitrage opportunities while limiting legitimate business development. KYC/AML（認識你的客戶／反洗錢）要求，令無正規身份證明文件用戶被拒之門外，而合規成本對於規模較細、專攻興起市場嘅營運者造成沉重負擔。跨多司法管轄區嘅複雜發牌要求亦帶來監管套利空間，同時阻礙合法業務發展。
Capital flow restrictions concern regulators with IMF warnings about widespread crypto adoption undermining monetary policy effectiveness. Foreign exchange controls limit crypto-to-fiat conversions while stablecoin growth creates potential capital outflows from local banking systems to advanced economy custodians managing reserves. 資本流動限制令監管機構關注。國際貨幣基金組織警告，加密貨幣大規模應用可能削弱貨幣政策效能；外匯管制阻礙加密貨幣與法幣轉換，而穩定幣興起則有機會加速資金流出本地銀行體系，轉向先進經濟體託管戶口。
Security risks and fraud incidents
安全風險與詐騙事件
Cryptocurrency hacks in H1 2025 caused losses exceeding $1.6 billion with 2024 total illicit transactions reaching $40.9 billion globally. Centralized exchanges account for 71% of crypto platform breaches while phishing attacks comprise 48% of exchange breaches through social engineering methods. Private key compromises represent 43.8% of stolen cryptocurrency in 2024. 2025年上半年，加密貨幣被黑損失超過16億美元；2024年全球非法交易總額更高達409億美元。中心化交易所佔咗71%平台被攻擊個案，當中48%係由釣魚攻擊同社交工程手法造成。私鑰洩漏則導致2024年43.8%加密貨幣盜搶。
Major security incidents include WazirX India suffering $230 million theft from hot wallets in July 2024, while North Korean groups stole $1.34 billion representing 61% of total 2024 crypto thefts. Smart contract vulnerabilities account for 67% of DeFi losses in 2025 while cross-chain bridge exploits exceeded $520 million in stolen funds. 重大安全事件包括印度WazirX交易所2024年7月熱錢包被盜2.3億美元；北韓集團全年盜竊額高達13.4億美元，佔2024年總加密貨幣失竊61%。2025年，智能合約漏洞引致去中心化金融（DeFi）損失佔67%；跨鏈橋攻擊則造成超過5.2億美元損失。
Consumer fraud reached $679 million in first half 2024 in United States alone according to FTC data, with investment scams comprising 46% of crypto-related fraud. "Pig butchering" operations target emerging market users through high-yield investment schemes while limited consumer protection exists compared to traditional banking deposit insurance. 根據美國聯邦貿易委員會（FTC）數據，單係2024年上半年，美國消費者詐騙損失已達6.79億美元，其中投資騙局佔加密貨幣相關詐騙46%。「殺豬盤」等高回報投資詐騙專攻興起市場用戶，加密貨幣用戶受保障遠遜於傳統銀行存款保險。
If exchanges fail or funds are lost through user error, limited recourse exists for fund recovery while regulatory frameworks lag behind evolving fraud techniques. Self-custody challenges create security versus usability tensions with irreversible transactions meaning permanent loss from user mistakes. 如果交易所倒閉或者用戶有操作錯誤導致資金流失，追回損失嘅渠道非常有限，而現有監管法規亦趕唔上新型詐騙手段。自我托管（Self-custody）既提升安全，又帶來用戶易用性難題；交易不可逆轉，操作錯失即永久損失。
Economic and Social Impact: Benefits, Harms, and Measurement Challenges
經濟及社會影響：好處、風險、同量度困難
Documented economic benefits and financial inclusion
已記錄經濟好處及金融共融
Cryptocurrency adoption provides measurable economic benefits across emerging markets through reduced remittance costs, alternative income generation, and expanded financial access for unbanked populations. Remittance cost savings demonstrate 30-50% reductions compared to traditional banking channels, with stablecoin transfers proving 60% cheaper for $200 transactions in Sub-Saharan Africa compared to formal money transfer operators. 加密貨幣應用為興起市場帶來可量化經濟利益，包括降低匯款成本、創造替代收入來源、擴大冇銀行戶口人口嘅金融接觸。跨境匯款成本亦比傳統銀行渠道低三至五成，穩定幣喺撒哈拉以南非洲地區處理200美元交易，比起正規匯款公司更平六成。
Play-to-Earn gaming generates documented income for participants with Axie Infinity players in Philippines earning $155-$195 monthly during peak periods, exceeding minimum wage employment opportunities. Over 520 gaming guilds provide scholarship programs enabling broader participation, while NFT creator economies offer new revenue streams for artists and content creators in emerging markets. 邊玩邊賺（Play-to-Earn）遊戲為參與者帶來實質收入，菲律賓Axie Infinity玩家高峰時期每月可賺155至195美元，高過當地最低工資。超過520個遊戲公會提供獎學金計劃推動更多人參與，而NFT創作經濟亦為興起市場嘅藝術家及內容創作者開拓新收入來源。
Financial inclusion expands through mobile-first cryptocurrency applications serving 1.7 billion unbanked adults globally. Mobile money infrastructure with 2.1 billion registered accounts processing $1.68 trillion annually provides onboarding foundation for cryptocurrency adoption. Banking services integration shows 28% of transactions now "circulating" within digital ecosystems rather than requiring cash-out to traditional banking. 1.7億成年冇銀行戶口人士因應以手機為主嘅加密貨幣App擴大金融共融。全球流動支付基建有21億註冊用戶，每年處理1.68萬億美元交易，為加密貨幣應用提供基礎。銀行業務整合下現時28%交易可於數碼生態中流轉，唔使特登轉返出現金或傳統銀行。
Cross-border payment efficiency improves settlement speeds from 3-5 days for correspondent banking to minutes for cryptocurrency transfers. Small business payment integration enables direct international transactions without traditional banking relationships, while merchant acceptance grows through platforms like Grab processing nearly $1 billion in crypto payments during Q2 2024. 跨境支付效率提升，由傳統對應行需時3-5日到加密貨幣即時幾分鐘結算。中小企可直接進行國際交易，無需再依賴傳統銀行，而電召平台如Grab於2024年第二季度已處理近10億美元加密貨幣支付，商戶接受度不斷上升。
Quantified social and economic harms
可量化社會及經濟禍害
Economic risks include capital flight concerns with foreign-currency stablecoins creating outflows from local banking systems to advanced economy custodians. IMF analysis suggests widespread crypto adoption could undermine monetary policy effectiveness while circumventing capital flow management measures designed to maintain economic stability. 負面經濟影響包括資本外流——外幣穩定幣令資金離開本地銀行體系，轉移到發達經濟體託管戶口。國際貨幣基金警告，加密貨幣普及會削弱貨幣政策同時繞過本來維持經濟穩定嘅資本流動管理。
Market volatility creates economic instability risks with cryptocurrency price fluctuations redirecting capital from productive economic uses. Speculative bubbles can distort resource allocation while "Kimchi Premium" phenomena in South Korea demonstrate regional market manipulation affecting local economic conditions. 市場波動令經濟不穩，價格起落令資金偏離原本應該投向嘅實體經濟。炒作泡沫容易引致資源錯配，「泡菜溢價」等現象顯示地區性市場操控影響本地經濟。
Environmental impacts include Bitcoin mining's 173.42 TWh annual consumption equivalent to ranking 27th globally if a country, while crypto mining and data centers account for 2% of global electricity use projected to reach 3.5% by 2027. Water footprint reached 1,600 gigalitres in 2021 while land equivalent to Netherlands/Switzerland/Denmark needed for carbon offset reforestation. 環境影響方面，比特幣挖礦一年用電173.42太瓦時，若算作國家會排全球第27位。加密貨幣礦場及數據中心現時已佔全球總用電2%，預計到2027年會升至3.5%；2021年用水足跡達1600億升，而碳補償植樹所需土地等同荷蘭、瑞士或丹麥咁大。
Gaming economic sustainability challenges emerged with Smooth Love Potion token declining 99% from February 2022 peaks, forcing players to abandon gameplay and leaving some with debt from borrowed startup capital. Limited consumer protection compared to traditional employment creates income volatility risks for families depending on Play-to-Earn earnings. 遊戲經濟可持續性亦有挑戰，如Smooth Love Potion（SLP）代幣自2022年2月高位暴跌99%，令玩家被迫棄坑，仲有部分借錢入場嘅人最終負債。對比正職，類似模式下消費者保障有限，家庭收入依賴邊玩邊賺收入波動大，承受更高風險。
Gender gaps and social equity concerns
性別差距及社會公平問題
Digital divide issues disproportionately affect women in emerging markets with 70% of global internet users being male versus 65.7% female as of February 2025. Disparities prove more pronounced in Arab States and African regions where technology access barriers limit female participation in Web3 economic opportunities. 數碼鴻溝問題喺興起市場嚴重影響女性，截至2025年2月，全球網民男性比例達到70%，女性只有65.7%。阿拉伯國家同非洲地區男女比例差距更大，技術門檻令女性更難參與Web3經濟機會。
Web3 promises financial inclusion but requires significant technical and financial resources that may benefit already advantaged populations rather than closing digital divides. Risk exists of widening rather than narrowing economic inequality if cryptocurrency adoption concentrates among educated, urban, technologically literate populations. Web3雖主張金融共融，但涉入門檻高、資源需求大，實際可能益咗本身已經有技術同財力優勢嘅人，冇法拉近數碼鴻溝。假如加密貨幣普及集中於教育程度高、城市及有技術知識嘅群體，反而有機會拉闊社會經濟不平等。
Education and digital literacy gaps affect sustainable adoption with fundamental blockchain concepts proving difficult for non-technical users. Language localization remains insufficient in many emerging market languages while educational resources primarily exist in English or major languages, excluding local language speakers from full participation. 教育差距同數碼素養影響可持續普及。基本區塊鏈概念對非技術用戶難以掌握。好多興起市場語言都缺乏本地化，加上教育資源主要用英文或主流語言，當地用家難以完全參與。
Security and usability trade-offs create particular challenges for less technically sophisticated users who may lack understanding of private key management, seed phrase security, and transaction irreversibility. Self-custody requirements contrast with traditional banking consumer protections while gender differences in risk tolerance may affect adoption patterns. 安全同易用性取捨對技術經驗不足嘅用戶尤其構成困難，如私鑰管理、助記詞保存、交易不可逆等常識；自我托管要求同傳統銀行保障大為不同，而性別間風險承受力差異亦有機會影響應用模式。
Economic impact measurement and research gaps
經濟影響量度及研究落差
Quantitative impact assessment remains challenging due to pseudonymous blockchain transactions and limited academic research on cryptocurrency's economic effects in emerging markets. Survey data may contain cultural biases while self-reported information about cryptocurrency usage could overstate or understate actual adoption levels. 受限於區塊鏈交易本身是偽名制，加上針對興起市場加密貨幣經濟影響嘅學術研究有限，令量化評估變得困難。問卷數據可能存有文化偏差，自行申報的加密貨幣用量更會高估或低估實際普及度。
World Bank and IMF studies provide frameworks for measuring financial inclusion impacts, though cryptocurrency-specific research lags behind adoption rates. Remittance cost comparisons show clear benefits though measurement challenges exist in documenting informal transfer mechanisms and total cost calculations including foreign exchange spreads. 世銀同國際貨幣基金設有量度金融共融影響嘅框架，但針對加密貨幣嘅專題研究遠追不上普及速度。雖然匯款成本比較清楚顯示好處，但記錄非正式轉賬途徑或計算所有如外匯差價等總成本仍然困難。
Income generation documentation focuses primarily on successful case studies while
（內容未完）systematic analysis of failed adoption attempts or negative economic outcomes remains limited. Academic research institutions develop measurement frameworks though longitudinal studies require additional time for comprehensive impact assessment.
對於失敗採用嘗試或負面經濟後果的系統性分析仍然有限。學術研究機構正開發衡量框架，但縱向研究需要更多時間才可對影響作出全面評估。
Policy research needs include macroeconomic stability impacts, optimal regulatory frameworks balancing innovation with consumer protection, and international coordination mechanisms for cross-border cryptocurrency flows. Evidence-based policy development requires improved data collection and standardized measurement methodologies across different economic contexts.
政策研究需要涵蓋宏觀經濟穩定的影響、能夠平衡創新與消費者保障的最佳監管框架，以及針對跨境加密貨幣流動的國際協調機制。以證據為本的政策制定，需要加强數據收集，並於不同經濟環境下實施標準化的衡量方法。
Policy Recommendations and Industry Outlook
Regulatory framework development priorities
Comprehensive regulatory clarity emerges as the most critical policy priority across emerging markets, with successful frameworks balancing innovation promotion, consumer protection, and financial stability. South Africa's 248 licensed crypto firms and Nigeria's Investment and Securities Act 2025 demonstrate viable approaches for legal recognition while maintaining oversight capabilities.
全面而明確的監管規範已成為新興市場最關鍵的政策優先事項，成功的框架能夠同時促進創新、保護消費者及維持金融穩定。南非248間獲牌加密公司，以及尼日利亞《投資及證券法2025》，體現了一種兼顧法律認可及監管能力的可行做法。
International coordination through FATF Travel Rule implementation and FSB framework alignment shows progress with 85 of 117 jurisdictions enacting implementing legislation representing 73% coverage. However, only 1 jurisdiction (Bahamas) achieves full compliance with Recommendation 15, indicating continued need for technical assistance and capacity building programs.
通過落實FATF旅行規則及FSB框架，國際間協作取得進展，目前117個司法管轄區中有85個已頒布相關法例，覆蓋率達73%。然而，只有1個司法管轄區（巴哈馬）完全符合第15項建議，顯示仍需持續技術支援及能力建設計劃。
Regulatory sandboxes prove effective for controlled innovation with successful programs in Nigeria's ARIP, Thailand's digital asset sandbox, and Indonesia's required OJK participation before full licensing. These programs enable learning for both regulators and industry participants while managing risks during framework development phases.
監管沙盒已證明是有效進行有序創新的方式，尼日利亞ARIP、泰國數位資產沙盒及印尼OJK強制參與等計劃均取得成果。這些措施讓監管者與業界都能在規劃框架階段學習及交流，同時在可控範圍內管理風險。
Cross-border regulatory harmonization requires enhanced information sharing and consistent policy approaches given cryptocurrency's inherently global nature. Regional cooperation initiatives like ASEAN payment integration and African continental frameworks could provide models for coordinated policy development across similar economic contexts.
加密貨幣具全球性，跨境監管協調須加強資訊共享及政策一致性。區域性合作項目如東盟支付整合、非洲大陸框架等，有望成為相似經濟體協同制定政策的典範。
Infrastructure investment and development support
Reliable internet connectivity and power grid infrastructure represent foundational requirements for sustainable Web3 adoption across emerging markets. Development finance institutions should prioritize telecommunications infrastructure investments enabling mobile internet access for currently underserved populations.
穩定的網絡連接及電力供應是新興市場可持續推動Web3落地的根基。發展金融機構應優先投資電訊基建，為現時未被充分服務的人口提供流動上網的機會。
Educational programs and digital literacy initiatives prove essential for meaningful participation in Web3 economies beyond speculative trading. Technical education focusing on blockchain concepts, security practices, and practical applications could enhance adoption quality while reducing fraud vulnerability.
教育計劃及數碼素養訓練是參與Web3經濟、超越純投機交易的關鍵。強調區塊鏈知識、安全實務及實際應用的技術教育，有助提升應用水平同時減低受騙風險。
Mobile-first application development strategies align with emerging market smartphone penetration patterns and existing mobile money familiarity. Platform developers should prioritize Android compatibility, offline functionality, and local language support to maximize accessibility for target populations.
以流動裝置為本的程式開發策略，配合新興市場智能手機普及及現有流動支付的基礎，將更切合本地需求。平台開發者應優先考慮Android相容、離線功能及在地語言支援，以擴大用戶覆蓋。
Public-private partnerships for digital identity infrastructure could leverage blockchain technology for humanitarian applications, government services, and financial inclusion initiatives. Pilot programs demonstrate potential for cross-sector collaboration while respecting privacy and data sovereignty concerns.
公私營合作發展數碼身份基建，可利用區塊鏈於人道、政府服務及金融普及範疇。試點計劃已反映出跨界協作的潛力，同時尊重私隱及數據主權。
Industry development and innovation support
User experience simplification through abstraction layers and improved interface design could reduce technical barriers preventing mainstream adoption. Wallet applications requiring minimal technical knowledge while maintaining security standards would enable broader participation across educational backgrounds.
透過抽象層及優化介面設計簡化用戶體驗，有助消除影響全民採用的技術門檻。能在安全標準下減低技術要求的錢包應用，令不同教育背景的人士都更易參與。
Layer 2 scaling solutions and alternative blockchain networks offer cost-effective alternatives to high-fee environments that exclude small-value transactions common in emerging markets. Technical innovation should prioritize affordability and transaction speed optimization for practical daily use cases.
Layer 2擴容方案及其他區塊鏈網絡，為手續費高昂而阻礙小額交易的新興市場，提供具成本效益的替代方案。技術創新應以可負擔性及交易速度為優先，配合實際生活應用。
Environmental sustainability considerations require shift toward proof-of-stake consensus mechanisms and renewable energy sources for cryptocurrency mining operations. Carbon offset programs and environmental impact disclosure could address concerns about ecological effects in emerging markets facing climate change challenges.
致力可持續發展，需推動採用權益證明機制及可再生能源作挖礦。碳足跡抵銷計劃及公開環境影響，有助在面對氣候挑戰的新興市場回應生態關注。
Security standard development and implementation help protect users from fraud, hacking, and technical vulnerabilities while enabling legitimate innovation. Industry self-regulation initiatives could complement regulatory oversight through technical standards and best practice development.
建立並執行安全標準，可防止詐騙、黑客及技術漏洞，同時促進合法創新。業界自律可配合監管，透過技術規範及最佳實踐建立信心。
Investment and funding strategies
Venture capital allocation should prioritize startups addressing real utility needs in emerging markets rather than speculative applications popular in developed economies. Focus areas include remittances, financial inclusion, mobile money integration, and practical business payment solutions.
風險投資分配應優先支持針對新興市場實際需求的初創，而非開發經濟體流行的投機項目。重點範疇包括匯款、金融普及、流動支付整合及實用商業支付方案。
Impact measurement frameworks enable better assessment of Web3 technology's development benefits versus potential harms. Investor due diligence should include social impact evaluation, environmental assessment, and regulatory compliance verification for emerging market investments.
成效評估框架有助更全面衡量Web3發展帶來的好處與潛在風險。投資者在進行盡職調查時，應加入社會影響評估、環境審查及監管合規性核查等考慮。
Local ecosystem development through accelerator programs, technical education, and entrepreneur support could build sustainable Web3 industries in emerging markets. Regional hubs with appropriate regulatory frameworks could attract international investment while developing local talent and innovation capacity.
透過加速器、技術教育及創業支援發展本地生態圈，有望在新興市場打造可持續Web3產業。具合適監管制度的地區樞紐可吸引國際資金，同時培養本地人才及創新力。
Microfinance integration and small-scale lending products using blockchain technology could expand credit access for unbanked populations. DeFi protocols adapted for emerging market conditions might provide alternative financial services where traditional banking remains limited.
結合區塊鏈的微型金融及小額貸款方案，有助為無銀行服務人士提供信貸機會。針對新興市場調整的DeFi協議或能在傳統銀行服務未普及地區，作為替代金融服務。
Future Scenarios and Outlook
Bull case scenario (2025-2030)
Progressive regulatory frameworks proliferate across major emerging markets following successful models in South Africa, UAE, and Brazil, creating regulatory clarity that attracts institutional investment while protecting consumers. CBDC deployment reaches mainstream adoption with interoperability between national digital currencies facilitating efficient cross-border trade and remittances.
漸進式監管框架在南非、阿聯酋、巴西等成功經驗帶領下，於主要新興市場普及，達致明確監管，有助吸引機構資金並保障消費者。中央銀行數字貨幣（CBDC）取得主流應用，國與國之間的數字貨幣互聯互通促進高效跨境貿易和匯款。
Infrastructure investment delivers reliable mobile internet access to previously underserved populations while renewable energy adoption makes cryptocurrency mining economically viable across Africa and Asia. Mobile money platforms integrate seamlessly with cryptocurrency services, enabling smooth on/off-ramps through existing agent networks and digital wallet applications.
基礎設施投資令原本未被服務的人口也享有穩定流動上網，而可再生能源的採用則令非洲及亞洲的加密貨幣挖礦更具經濟效益。流動支付平台順利結合加密服務，透過現有代理網絡及電子錢包促成無縫資金出入。
User experience innovations abstract technical complexity while maintaining security, enabling mass adoption among non-technical populations through simplified interfaces and automated security features. Layer 2 scaling solutions reduce transaction costs to levels suitable for micro-payments and daily commerce in emerging markets.
用戶體驗創新，將技術複雜度抽象化同時保持安全，讓非技術人士也能透過簡化介面和自動化安全參數大規模採用。Layer 2擴容方案將手續費降至適合新興市場小額消費、日用商務的水平。
Economic impact reaches significant scale with cryptocurrency remittances capturing 20%+ market share in major corridors, reducing costs for families while improving settlement speed. Play-to-Earn gaming and NFT creator economies provide sustainable income streams for millions of participants across developing countries.
經濟效益達重大規模，加密貨幣匯款在主要地區市佔超過兩成，減輕家庭負擔並加快清算速度。邊玩邊賺遊戲及NFT創作經濟為數以百萬計發展中國家用戶帶來可持續收入。
Base case scenario (2025-2030)
Moderate regulatory development continues with some emerging markets achieving comprehensive frameworks while others maintain restrictive approaches creating fragmented global landscape. Selective adoption accelerates in specific use cases like remittances and business payments while broader financial service integration remains limited.
監管發展呈溫和增長，有些新興市場建立全面框架，另一些則持續收緊，形成碎片化全球格局。匯款及商業支付等個別應用率先加速落地，但更廣泛的金融服務融入則有限。
Infrastructure gaps persist in rural areas though urban centers achieve sufficient connectivity for Web3 adoption among educated populations. Mobile money integration advances incrementally with successful pilots expanding gradually rather than achieving rapid mainstream deployment.
農村基建差距持續，城市則有足夠連接度讓教育水平較高的人士採用Web3。流動支付整合逐步推進，成功試點會逐步擴展，而非短時間內大規模落地。
User experience improvements enable broader adoption among technically comfortable populations while barriers remain for older and less educated demographics. Security incidents continue affecting public confidence though improved platforms and education reduce fraud vulnerability over time.
介面設計改善讓較熟悉科技的群體更易採用，而年長及教育程度較低者的障礙仍然存在。保安事件仍會影響公眾信心，不過隨著平台進步及教育普及，詐騙風險會慢慢減少。
Economic impact grows through specific applications rather than comprehensive financial system transformation. Cryptocurrency captures meaningful remittance market share in select corridors while gaming and creator economies provide supplemental income for participants rather than replacing traditional employment.
經濟效益主要表現在個別應用而非全面性金融體系變革。加密貨幣在特定匯款市場取得實質市佔，遊戲及創作型經濟則為參與者帶來補充性收入，而非取代傳統就業。
Bear case scenario (2025-2030)
Regulatory crackdowns intensify across multiple major emerging markets following financial stability concerns, tax evasion investigations, or geopolitical tensions affecting cryptocurrency access. International coordination efforts fail due to competing national interests while fragmented approaches create compliance burdens limiting legitimate business development.
因金融穩定問題、逃稅調查或地緣政治緊張，多個主要新興市場加強監管及打壓加密貨幣。國際協調因利益衝突失效，分裂的政策增加遵規負擔，連帶阻礙正規業務發展。
Infrastructure development stagnates due to economic downturns or political instability while energy grid limitations prevent reliable cryptocurrency access for large populations. Security incidents and fraud cases undermine public confidence while limited consumer protections discourage mainstream adoption.
經濟衰退或政治不穩令基礎建設停滯，電網限制亦阻礙大批用戶穩定接觸加密貨幣。安全事故與詐騙打擊公信力，加上消費者保障不足，拖累主流推廣。
Technical barriers persist with complex user experiences limiting adoption to technically sophisticated minorities while mobile money platforms resist cryptocurrency integration due to regulatory uncertainty or competitive concerns.
技術障礙未消，複雜用戶體驗只吸引技術精英少數；流動支付平台受監管不明或競爭擔憂，阻止與加密貨幣整合。
Economic benefits prove limited to speculation rather than sustainable utility while volatility creates economic instability concerns prompting government restrictions. Gaming and creator economies experience sustainability challenges while remittance adoption remains marginal
經濟效益只限於投機行為，難以帶來可持續的實用價值；波動性引發經濟不穩疑慮，促使政府施加限制。遊戲和創作型經濟難以維持，匯款用途僅屬邊緣。相比傳統渠道。
需要監察的主要指標及觸發因素
監管發展指標包括於十大新興市場全面落實監管框架、透過FATF（金融行動特別工作組）合規率體現的國際協調成果，以及央行數碼貨幣（CBDC）部署至可持續營運規模。如出現政策逆轉、執法行動或國際制裁，則可能預示發展走向負面。
基建指標涵蓋新興市場的手機互聯網滲透率、平均連接速度，以及電網穩定性等量度。若智能手機滲透率達80%以上並有足夠連接速度，便有利主流採用；反之，基建下滑則會限制增長潛力。
採用指標包括交易量增長率、活躍用戶數據，以及地域分佈模式。若持續錄得超過50%按年增長，顯示擴展動力強勁；用量下跌則可能反映市場飽和，或問題已透過其他方式解決。
經濟影響量度追蹤滙款市場佔有率、透過遊戲／創作者經濟產生的收入，以及金融包容性擴展數據。若能取得15%以上滙款市場佔有率，或出現有意義的就業替代效應，則可視為經濟發展產生重大轉變。
總結
新興市場證明，Web3獲得廣泛應用，關鍵在於切實回應經濟需要，而非單單滿足投機炒作需求。撒哈拉以南非洲錄得52%增長，拉美擴展42.5%，亞太交易量增長達69%，反映在滙款、防通脹、金融共融、創造收入等範疇展現實際用途。非洲區內，穩定幣已佔43%交易量，全球向中低收入國家轉移逾4,000億美元加密貨幣資產，同時已證實經過加密支付渠道平均可節省30-50%成本，證明其經濟影響不限於炒賣。
最具說服力的證據來自不同地區的本地案例及實地報道：尼日利亞學生用加密貨幣支付海外學費、委內瑞拉家庭憑穩定幣援助計劃抵禦惡性通脹、菲律賓遊戲社群賺取收入超過當地最低工資、非洲企業透過加密平台處理數十億交易等，證明Web3技術能夠回應傳統系統未能解決的基本經濟挑戰。
然而，在基礎設施、監管、用戶體驗和安全性等多方面，仍存在嚴重障礙，阻礙進一步普及。目前全球只有57%人口可接觸手機互聯網，仍有17億成年人未能享用銀行服務，技術門檻亦令非技術用戶難以參與。監管不明朗阻礙業務發展，而單在2025年上半年已確認損失超過16億美元，安全風險亦打擊用家信心。
要取得成功，需在技術創新、監管發展、基建投資和用戶教育方面協調合作。南非、阿聯酋和巴西等地推行的漸進式監管框架，展示維護消費者權益的可行政策方向；以流動裝置為先的平台善用現有電子支付基建，為大規模普及鋪路；Layer 2方案及替代網絡亦有助解決成本障礙，容許微交易，切合新興市場需要。
整體證據顯示，Web3技術會繼續因應經濟需要於新興市場擴展，而非純粹因投機炒賣。不過，未來發展步伐及可持續性，仍需視乎能否克服目前基建缺口、監管不明朗及用戶體驗等根本障礙，否則大眾普及僅限於具技術背景的城市人群。