Are cryptocurrencies still a speculative & retail firepower in Asia?

Could you elaborate on the current status of cryptocurrencies in Asia? Are they primarily viewed as a speculative investment tool for retail investors? How have regulatory frameworks in the region shaped the cryptocurrency landscape? Are there any significant trends or patterns emerging in Asian cryptocurrency markets that suggest a shift away from their speculative nature? Additionally, what challenges do cryptocurrencies face in gaining wider acceptance and legitimacy in Asia, and how are these being addressed?