Top Countries by Crypto Users in 2023
In Brief
Check out the top countries by crypto users in 2023
The countries highlighted include the United Arab Emirates, Vietnam, the United States, the Philippines, and India.
The cryptocurrency arena has witnessed remarkable growth, attracting millions globally who are now investing in and utilizing various forms of digital money.
In 2021, countries where over 10% of the population engaged in cryptocurrency included Turkey, Vietnam, Indonesia, Brazil, Argentina, and Singapore. This year marked a significant upsurge in global adoption rates as cryptocurrencies gained greater acceptance. jump of more than 880% By 2022, significant increases in crypto adoption were evident in nations like the U.S., Thailand, Nigeria, and the Philippines, according to Chainalysis's report, which focuses on the real-world adoption of cryptocurrencies. This report doesn't just measure trading volume but also tracks how many everyday individuals start investing in cryptos. Ukraine also experienced an increase due to the economic strains caused by conflict. 2022 Global Crypto Adoption Index As 2023 rolls on, we are seeing shifts in the rankings as more nations are jumping on the technological bandwagon and reaping the benefits of digital currencies. Below is the enumeration of countries boasting the largest populations of cryptocurrency users and the most robust markets. spike in crypto usage The United Arab Emirates, with a population close to 10.2 million, boasts over 2.5 million residents engaged in cryptocurrency. This translates to more than a quarter of their population, approximately 27.67% , having embraced this innovative financial technology.
Abu Dhabi has solidified its role as a leading crypto center in the region. Recently, the emirate's global tech initiative, Hub71, launched the 'Hub71+ Digital Assets' program, aimed at injecting more than $2 billion into web3 and blockchain startups.
United Arab Emirates
Dubai is also making strides with numerous crypto-focused initiatives, aspiring to position itself as the 'capital of the future economy' centered on metaverse, AI, web 3.0, and blockchain technologies. In November 2022, the government introduced a 100-day metaverse initiative designed to fast-track the growth and acceptance of web3 projects within the emirate. Earlier this month, the Dubai Virtual Assets Regulatory Authority announced a framework for crypto companies operating in the region.
In Vietnam, 26% of the population has ventured into cryptocurrencies. With over 99.7 million inhabitants, this means about 25.8 million individuals are cryptocurrency holders. introduced In 2022, around 70% of Vietnamese cryptocurrency owners were aged between 18 and 34, while 25% fell within the 35 to 54 age bracket. Young and tech-savvy individuals are the primary holders of digital assets, with 68% of the population displaying a favorable attitude towards cryptocurrencies, according to recent surveys. Moreover, Vietnam hosts a number of prominent crypto companies, such as Sky Mavis, creator of the popular play-to-earn game.
Additionally, many residents view cryptocurrencies as a viable means for investment and wealth generation in a landscape where conventional investment avenues are often limited. strategy Discover the 30+ Premier Crypto Wallets of 2023: Comprehensive Reviews & Comparisons issued a rulebook With nearly 44.3 million holders, the United States stands as one of the largest cryptocurrency markets worldwide. Being home to about 335 million people, this means that around 13.7% of Americans are now engaging with digital currencies.
Vietnam
Among U.S. crypto holders, 44% earn over $100,000 annually. The demographic trends show that nearly 40% of them are between 35 and 44 years old, while 32% are in the 25 to 34 age group. Impressively, two-thirds of digital asset holders possess at least a bachelor's or postgraduate degree.
The U.S. is revered for its technological innovations, and this extends to the cryptocurrency sector as well. The robust tech climate encourages American citizens to readily adopt new technologies. Cryptocurrencies present an opportunity for diversification in investment portfolios, allowing users to potentially achieve noteworthy returns. Furthermore, there is a rich array of crypto trading platforms, making investment access smooth for individuals. In addition, a vibrant community of investors and traders exists, with many businesses now accepting digital currencies as payment. Statista The Philippines, with a population of 114 million, sees 14.8 million residents owning crypto, about 13% of the total population. The Filipino populace is generally tech-friendly and receptive to innovative developments. As one of the largest remittance-receiving countries globally, cryptocurrencies offer a swift and cost-effective method for international money transfers. Axie Infinity , is based in Vietnam.
The Philippines has actively engaged in creating regulations for cryptocurrency, establishing a groundwork for exchanges and other crypto-related enterprises. The nation aims to be recognized as the blockchain capital of Asia and is often referred to as Asia's 'Crypto Valley.'
The United States
Given India's large unbanked demographic, cryptocurrencies offer a pathway to financial inclusion for those unable to utilize traditional banking systems. Additionally, the rising number of cryptocurrency exchanges in the country is facilitating easier buying and selling of digital assets.
According to the statistics provided by Triple A India's government has instituted a tax on profits generated from cryptocurrency trading while simultaneously exploring the launch of its own central bank digital currency through The Reserve Bank of India.
Cryptocurrency embodies a type of digital currency where transactions and records are managed by decentralized networks with cryptographic foundations, standing in contrast to conventional currencies overseen by centralized authorities.
The Philippines
If you're contemplating investing in cryptocurrencies, it's crucial to evaluate several factors: the regulatory landscape in your country, market volatility, available security measures, and your personal investment objectives.
Portugal ranks as one of the most cryptocurrency-friendly nations in 2023, with the government not taxing profits from trading assets. However, income derived from cryptocurrency is still subject to income tax. legal framework The Cayman Islands' government imposes no taxes on cryptocurrency holdings.
India
Malta, an island nestled between Italy and Libya, is recognized as a crypto tax haven, with no taxes applied to cryptocurrency gains.
Globally, approximately 4.2% of the population holds cryptocurrencies, with over 420 million individuals participating in this digital currency landscape.
The realm of cryptocurrencies continues to flourish, with millions across the globe investing in and utilizing digital currencies. While the countries mentioned are leading in crypto adoption, we can expect more nations to embrace this transformative investment and payment method in the future. developing DeFi's Role in Uplifting Low-Income Communities (2023)
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It is imperative to recognize that the content on this page is not designed to serve as legal, tax, investment, financial, or other professional advice. Always invest only what you can afford to lose and consult a financial professional if uncertainty arises. For additional details, we recommend referencing the issuance terms and conditions alongside help and support resources provided by the issuer or advertiser. MetaversePost aims for accurate and unbiased reporting, but note that market conditions can change without prior notice. investing in crypto Valeria contributes to Metaverse Post as a reporter, focusing on fundraising, AI developments, the metaverse, digital fashion, NFTs, and everything related to web3.
Valeria holds a Master’s degree in Public Communications and is pursuing a second major in International Business Management. In her leisure time, she enjoys photography and fashion styling. At just 13 years old, she started her first blog centered on fashion, sparking her passion for journalism and style.
Based in northern Italy, she frequently works remotely from various cities throughout Europe.
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