As the United States and Europe keep crypto under control, new hubs are flourishing in the Asia-Pacific region. Hong Kong recently opened its doors to crypto trading, and Vietnam and India were crowned the top crypto users in 2022.
For companies eager to enter these booming markets, bulletproof KYC processes and localized onboarding experiences are not only important, they’re non-negotiable.
The rise of APAC as a crypto powerhouse
In June, Hong Kong roiled the crypto market when it passed a law allowing individual trading exchanges and platforms to apply for crypto trading licenses. Until now this has been limited to institutional investors and other professionals.
The move came after the city was named the most crypto-ready, due to the large number of blockchain startups and crypto ATMs relative to its population size. In August, Hong Kong granted its first licenses to HashKey Exchange and OSL Digital Securities, and retail investors can now register to trade BTC and ETH.
Meanwhile, India’s young and tech-savvy population has wholeheartedly embraced cryptocurrency, with even a tea seller accepting payments in crypto. According to the 2022 Global Crypto Adoption Index, India is the fourth largest cryptocurrency market in the world, ahead of the United States.
In Southeast Asia, Vietnam stands out as a crypto hotbed. As of 2022, 5 million Vietnamese use cryptocurrency, and this number is expected to increase by 60% in the next 5 years. In fact, Vietnam has ranked first in Chainalysis’ Global Crypto Adoption Index for two years in a row.
For crypto companies suffering from the 2022 bear market and strict regulations, APAC is the place to be. But entering a new market is not an easy task. How can you comply with local regulations while generating sufficient signups, conversions, and revenue?
Localized Login: A New Standard in the Crypto Boom
When entering a new market, standard KYC processes such as ID scanning, proof of address and bank statement verification are just the tip of the iceberg. To drive conversions and make your mark as a crypto leader, you need robust, localized signup flows.
But localization doesn’t just mean having the right translations; it usually means a combination of locally customized UX and country-specific data sources. When a user logs into your crypto trading platform, it is important that he or she can enter information according to local standards and full identity checks with ease. The slightest difference in UX (e.g. DD/MM/YY vs. MM/DD/YY) can cause friction and lead to drop-offs and poor conversion rates.
One company that stands out in this endeavor is Checkin.com. With years of experience working with large global companies around the world in complex regulatory environments, Checkin.com has taken the path less traveled. Instead of adding new markets incrementally, they developed one end-to-end KYC and customer onboarding workflow that is optimized for global reach from day one.
Focus on metrics that matter
As crypto companies strive to expand and secure their customer base, they are increasingly appreciating technology and insights that help optimize sign-up flows. To avoid potential revenue losses, they take into account factors such as cognitive load, hesitation index and device sensitivity.
1. Cognitive load
Anything that requires users to stop and think about what to do next is cognitive load. Minimize the amount of information on the user interface, keep the design clean and intuitive, and provide laser-specific instructions on what to do next.
2. Hesitation index
Eliminate any hesitation your customers may have about providing sensitive information on your platform. Localize question formats, module order, input methods, and notifications and popups to reduce friction.
3. Device sensitivity
Your sign-up process should be customized to work seamlessly on the most widely used device on the market. Maximize the use of native components and device capabilities for higher conversions.
These metrics, developed by Checkin.com, have become influential in shaping user experiences and ensuring onboarding processes resonate with local tastes and expectations.
By focusing on these aspects, companies comply with regional regulations and lay the foundation for success in the diverse and dynamic APAC markets.
Spotlight on APAC-specific UX/UI sign-in elements
Crypto companies should also pay special attention to these UX/UI components that can change dynamically based on the market:
- Full name: Adjust the name formats to match the global variations. For example, Hong Kongers usually have an English first name and a Cantonese first and last name, so make sure you have the option to fill in all three.
- Mobile Number: Collect local phone formats for ease of use and then convert them to international formats behind the scenes.
In India, mobile numbers are 10-digit numbers, with a prefix of +91, which is the same across the country. While in Vietnam, mobile numbers have different prefixes at the beginning, such as 03x, 05x, 07x, 08x, and so on.
- Date of Birth: Consider date order, number entry, and punctuation preferences by region in your onboarding design. In the US, the date of birth is entered as MM/DD/YY, while in most Asian countries it is usually DD/MM/YY.
- Logins: Embrace social media logins and OTPs based on region-specific authentication trends. In India, OTP is the preferred sign-up and login method, instead of a default password.
- Address: Customize address input based on user comfort, taking into account zip codes, prefixes and naming nuances. In India, addresses usually include a six-digit PIN and important identifiers, such as ‘opposite the post office’ or ‘near the school for the blind’.
- ID number: Respect privacy standards and use ID information strategically for conversion optimization across regions. In Hong Kong, for example, financial and personal data are linked to the HKID, which can be uploaded to a crypto app for identity verification. This corresponds to the PAN number and/or Aadhaar card number in India and the National Identity Card in Vietnam.
Once users have signed up for your crypto product, proceed with best localization practices for money transfers, such as:
- Payment methods: Use the payment methods most commonly used in each country. For example, in India, UPI ID and Paytm are very common payment methods
- Deposit amount: Provide local currency conversion hints on deposit screens and format localized currency amounts.
Win with compliance and local know-how
As APAC continues to cement its position as a major global crypto hub, success in the region is increasingly determined by a dual strategy: impeccable compliance and thoughtful localization.
Compliance is important to avoid high fines and protect your reputation. But if you want to make waves in new markets with crypto newcomers, you need to pursue the local sign-up experience. Companies that prioritize both aren’t just playing the game, they’re also strategizing to win.
Checkin.com has worked with hundreds of emerging APAC markets such as India, Hong Kong and Vietnam. It has fully localized KYC and onboarding flows, leading to 100% compliance and higher conversions for major crypto companies around the world.
If you want to try out the optimal KYC flow with your own branding customized for APAC or any other market you are currently targeting – submit your website for an interactive demo!
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