Blockchain analytics firm Chainalysis on Tuesday released an excerpt from its Cryptocurrency Geography 2024 report, focusing on the latest cryptocurrency adoption trends in East Asia, particularly South Korea and Hong Kong. The report notes that East Asia is the sixth largest cryptocurrency economy in the world, with its on-chain value exceeding $400 billion between July 2023 and June 2024. This growth is primarily driven by institutional investors and professionals seeking alternatives to the traditional financial system. South Korea is the region's leader, receiving around $130 billion in funding during the reporting period. Meanwhile, Hong Kong has positioned itself as a major cryptocurrency hub thanks to its unique regulatory framework. The report highlights that institutional adoption in the region is on the rise, thanks to the introduction of new regulations for virtual asset trading platforms in 2023.