NordenBladet – Cryptocurrencies have taken the world by storm, with a global market value of $4.67 billion in 2022, projected to reach $11.71 billion by 2030, according to a report by Grand View Research. This surge is driven by the increasing adoption of distributed ledger technology and growing acceptance of digital currencies as a legitimate means of payment.
Asia-Pacific’s Crypto Surge
The Grand View Research report highlights that the Asia-Pacific region is at the forefront of cryptocurrency growth, with China, Japan, and South Korea leading the charge. These nations are witnessing a rapid increase in crypto awareness and investments in blockchain technology.
Navigating Regulatory Challenges
While the crypto industry continues to expand, regulatory hurdles are not uncommon. Australia’s Senate Economics Legislation Committee recently rejected a bill proposing licensing systems for crypto-related services, hindering industry growth in the country. Similarly, the UK’s Financial Conduct Authority is poised to introduce strict rules on crypto marketing to protect citizens from illegal activities.
Unveiling Blockchain with Arkham’s Intelligence
Miguel Morel, a 23-year-old entrepreneur, is on a mission to deanonymize blockchain with his startup, Arkham’s Intelligence. His platform aims to shed light on cryptocurrency transactions by linking users’ blockchain identities to their real-world identities. By encouraging transparency and accountability, Miguel hopes to create a mechanism where users are incentivized to share valuable information with the crypto community.
Corporate Giants Driving Crypto Adoption
Established companies like Coinbase Global Inc., CME Group Inc., and PayPal Holdings, Inc. play a pivotal role in shaping the crypto landscape. Coinbase recently obtained approval to offer cryptocurrency futures trading, while CME Group introduced reference rates for Bitcoin and Ethereum, expanding market access. PayPal launched its own stablecoin, PYUSD, facilitating digital asset transactions.
The Global Impact of Corporate Investment
Large corporations wield considerable influence in driving crypto adoption, leveraging their extensive networks and resources for research and development. These investments enhance industry dynamics and build trust in digital assets. Many companies are also launching mobile applications to make crypto usage more accessible.
25 countries Leading in Cryptocurrency Ownership:
To provide insight into the global cryptocurrency landscape, we’ve compiled a list of the top 25 countries with the highest cryptocurrency ownership rates, based on data from Triple A. The rankings are determined by the percentage of each country’s population that owns cryptocurrencies:
25. Nepal (Crypto Ownership 4.43%)
Nearly 4.8% of Nepal’s population owns crypto.
24. Indonesia (4.55%)
Crypto as a payment method is widely accepted in Indonesia, with 4.55% of the population owning crypto.
23. Colombia (4.81%)
Approximately 4.8% of Colombia’s population, or 2.5 million people, own cryptocurrencies.
22. Morocco (4.90%)
Morocco boasts a cryptocurrency ownership rate of 4.90%.
21. Turkey (5.46%)
Turkey has 5.5% of its population, or nearly 4.6 million people, owning cryptocurrencies.
20. Argentina (5.56%)
Argentina has experienced significant growth in crypto ownership, with 5.6% of its population owning digital assets.
19. Russia (5.87%)
Russia counts nearly 14 million crypto owners, making up 5.87% of its population.
18. France (5.90%)
France has 5.9% of its population, approximately 3.4 million people, owning cryptocurrencies.
17. Philippines (6.13%)
Approximately 6.13% of the population in the Philippines owns cryptocurrencies.
16. United Kingdom (6.2%)
In the UK, 6.2% of the population, nearly 4.2 million people, own crypto, primarily among wealthier individuals.
15. Pakistan (6.40%)
Pakistan ranks among countries with high cryptocurrency ownership at 6.40%.
14. Brazil (6.98%)
Brazil has a substantial crypto community, with almost 16 million people, or 6.98% of the population, owning digital assets.
13. India (7.23%)
India ranks 12th in cryptocurrency ownership, with approximately 97.5 million crypto owners. Regulatory uncertainty persists.
12. Thailand (9.32%)
Thailand boasts a high crypto ownership rate of 9.32%, thanks to favorable laws.
11. South Africa (9.4%)
South Africa has a thriving crypto market, with a large middle-class population investing in digital assets.
10. Venezuela (10.30%)
Venezuela is a major crypto market, with 10% of its population owning digital assets.
9. Nigeria (10.34%)
Africa is witnessing rapid crypto growth, with Nigeria ranking high in ownership at 10.34%.
8. Kenya (10.71%)
Kenya has a substantial crypto community, with 10.71% of its population, almost 6.1 million people, owning digital assets.
7. Singapore (11.05%)
Singapore’s crypto ownership stands at 11.05%, reflecting its status as a global financial hub and crypto hotspot.
6. Iran (13.46%)
Iran has a robust crypto market, with 13.46% of its population owning digital assets.
These countries are at the forefront of the global cryptocurrency revolution, showcasing the growing acceptance and adoption of digital currencies on a worldwide scale. As crypto continues to shape the financial landscape, these nations are setting the pace for others to follow.
5. United States (13.7%)
Cryptocurrencies are highly popular in the United States. The government regulations are supportive and there is an exponential increase in the use of blockchain technology.
4. Ukraine (15.72%)
Amidst the Ukraine-Russia conflict, residents of Ukraine turned to foreign currencies and crypto as a safe haven. This has particularly fueled the use of crypto in Ukraine.
3. Saudi Arabia (17.53%)
Saudi Arabia is one of the largest markets for crypto in the world. Almost 17 % of the total population in Saudi Arabia owns crypto.
2. Vietnam (18.73%)
Vietnam ranks high among the countries with the highest cryptocurrency ownership. The rapid digitization of the economy explains the surge in crypto ownership across the country.
1. United Arab Emirates (27.67%)
The United Arab Emirates holds the largest ownership of crypto. The use of cryptocurrency is legal in the country, and government regulations are also favorable towards blockchain technology. Almost 28% of the total population in the country owns crypto.
Featured image: UAE (Unsplash)