World’s Top 10 Countries That Are Leading In Crypto Adoption

Adoption or acceptance of cryptocurrencies and other digital assets is very important in order to enable their many use cases. When it comes to determining which countries are leading in the race for crypto adoption, a number of parameters can be considered. For example:

• The countries with the most cryptocurrency transactions
• Countries with the highest proportion of cryptocurrency owners
• Countries that accept crypto as a legal tender in some manner or another
• Countries with the friendliest cypto asset regulations; and so on.

But the best parameter will be to measure where the most people are putting the biggest share of their money into cryptocurrency. This will provide a holistic overview of cryptocurrency adoption all over the world.

Chainalysis, a blockchain analysis firm, publishes a yearly report in which it ranks all countries on grassroot cryptocurrency adoption parameters.

Global Crypto Adoption Index

Chainalysis’ report, known as the Global Crypto Adoption Index, ranks all 146 countries on the basis of five metrics:
1. On-chain cryptocurrency value received at centralized exchanges, weighted by purchasing power parity (PPP) per capita
2. On-chain retail value received at centralized exchanges, weighted by PPP per capita
3. Peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and number of internet users
4. On-chain cryptocurrency value received from DeFi protocols, weighted by PPP per capita
5. On-chain retail value received from DeFi protocols, weighted by PPP per capita

Here are the top 10 leading countries in cryptocurrency adoption, according to 2022’s Global Crypto Adoption Index.

According to the report, overall adoption has slowed worldwide in the bear market but remains above pre-bull market levels.
In the second quarter of 2021, global cryptocurrency adoption reached an all-time high.

This report also reveals that upper middle-income and lower middle-income countries, also popularly known as emerging markets or developing countries, are leading in crypto adoption. For example, Vietnam, Philippines, Ukraine, India, Pakistan, Brazil, etc.

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