Crypto-adoption: these countries are leading the way

The adoption rate of cryptocurrencies is very unevenly distributed around the world. A new study offers interesting insights into the top bitcoin countries - which include some surprising names.

With a total market capitalization of US$2.4 billion (USD), cryptospace is not long-niche. In Europe, however, adoption has been rather slow. Elsewhere in the world, Bitcoin, Ether, Tether and others are more a part of everyday life. A new study by Cryptocasinos now shows which countries have the most crypto-hodlers - and how EU countries are doing.

1st place: United Arab Emirates

The first surprise: According to the survey, crypto adoption in the United Arab Emirates (UAE) is the highest in the world. 30 percent of the population invests in cryptocurrencies. The search volume for keywords related to cryptocurrencies is also the second highest in the world at 1,415 per 100,000 Google searches. Only Singapore has more people searching for crypto on Google. The UAE is even considered the new hotspot for Bitcoin miners. Electricity is subsidized in the country and is therefore cheap.

2nd place: Vietnam

According to Cryptocasinos' research, 20 million Vietnamese own cryptocurrencies such as Bitcoin; that is about 21 percent of the population. In addition, 6.3 percent of the web traffic on Binance comes from Vietnam. One of the main reasons for the high level of crypto adoption is the country's lax regulations. In addition, crypto ownership is tax-free in Vietnam.

3rd place: US

The first Western country on the list. According to the survey, 15.6 percent of the U.S. population owns cryptocurrencies. The volume of crypto searches is also remarkably high with 1,014 crypto queries per 100,000. All the while, SEC Chairman Gary Gensler is doing everything he can to put an end to the nascent industry.

Americans visited Coinbase more than 48 million times in March, accounting for 59 percent of the site's traffic. The U.S. also accounted for 23.3 percent of traffic on Kraken, showing that the U.S. is actively adopting crypto and is taking action on the exchanges.

4th place: Singapore

With 11 percent crypto adoption, the city-state is no longer the winner. Nevertheless, the financial hub is still leading the way. In addition to Julian Hosp's companies, global players such as Coinbase are also setting up shop in Singapore.

5th place: Ukraine

More than ten percent of Ukrainians own BTC and other crypto. According to the survey, 4.8 percent of Binance traffic comes from Ukraine. The government is actively working to integrate the sector into the country's economy. Crypto will play a decisive role in the reconstruction process. Ukraine's Deputy Minister of Digital Affairs, Alex Bornyakov, explained in an interview, "Peer-to-peer payments in particular have become increasingly popular in times of war. Citizens support friends, family or the military with cryptocurrencies."

And the EU?

The European Union is looking to establish itself as a crypto-friendly region. With the MiCA regulation, the alliance of states issued standardized rules for the industry last year. There was sometimes talk of a complete ban on proof-of-work cryptocurrencies such as Bitcoin. However, this was not included in the final document. Instead, the MiCA now prescribes licensing and whitepaper obligations for providers, regulates the formation of reserves, for example for stablecoins, and requires firms to strictly segregate customer and corporate assets. These rules are currently being implemented. The process should be completed by 2025 at the latest.

In terms of adoption, however, this move is not really making itself felt yet. Germany is the strongest EU country with an adoption rate of 5.8 percent. It is closely followed by France with a rate of 4.7 percent.