The crypto adoption trends across the globe have shown an all-time high in developing countries since 2022. The rate of crypto adoption is particularly high in regions like Latin America, Africa, and Asia. On March 5, Forbes showcased a prominent shift in the crypto market after the 2023 dip of the macroeconomic phase. Bitcoin touched a high of $45,208 in 2024 at the beginning, and the market reached $1.74 trillion on January 3, 2024. Now that Bitcoin has crossed $70,000, an all-time high, crypto adoption is also getting affected in a positive way.
In this report by Coinpedia, we will cover all the essential insights into cryptocurrency adoption in March 2024. Let us check how the market has grown in the last one month!
According to the Crypto Market Sizing Report by Crypto.com, global crypto ownership increased by 34% in 2023. Ethereum ownership increased by 39%, while a 33% increase was seen in Bitcoin users. With Bitcoin reaching an all-time high of $70,000 on March 8, 2024, crypto enthusiasts were keeping a close eye on the token’s movement. The crypto adoption rate is also being influenced, and many countries have been taking a flexible stance when it comes to cryptocurrency adoption.
Here are the top five nations with the highest cryptocurrency adoption in March 2024!
Total percentage of the population that owns crypto: 6.55%
India is surely the country with the highest cryptocurrency adoption rate in the world. In the recent report by Chainalysis, India led the crypto adoption index in 2023. India’s thriving IT industry and enthusiastic youth could be the significant reasons behind the high rate of crypto adoption in India in 2024.
Total percentage of the population that owns crypto: 4.15%
About 5.5% of China’s population owned crypto in 2023. There has been a positive crypto adoption in China in 2024 due to technological advancements in the field of cryptocurrency in China.
Total percentage of the population that owns crypto: 15.56%
The United States is third on the list of countries with the highest rate of crypto adoption , with most crypto owners in the 18-34 age bracket. Despite all the regulatory situations in the region, the adoption rate is showing an ascent.
Total number of people that own crypto: 25,955,176
Brazil is fourth on the list, as it is one of the friendliest countries in the world when it comes to crypto usage. Crypto-friendly regulations have shaped the country into a place flourishing with digital currencies.
Total number of people that own crypto: 20,945,706
Vietnam has earned the fifth spot on the list due to its crypto-friendly scenario when it comes to cryptocurrency adoption by the age group of 18-34 years.
Here is a crypto-regulation roundup for March 2024; here is how it goes:
The place has become one of the most friendly places for cryptocurrency companies. It has welcomed many companies in the industry as Beijing has continued its crackdown. However, the Securities and Futures Commission (SFC) is planning new laws to crack down on some sectors in the industry.In this case, the city plans to target over 450 shops, ATMs, and websites that provide cryptocurrency services.
The Treasury Department’s Financial Crimes Enforcement Network (FCEE) intensified its battle against money laundering. While many big investment advisors are already required to disclose these events, more than 17,000 state-registered advisors are not required. These rules will start applying to these advisors.
According to the department, these firms must implement anti-money laundering (AML) and counterterrorism financing compliance programs and file activity reports with FinCEN. They will also keep records and promote sharing between FinCEN and other law-enforcement agencies.
ASIC announced that it would deepen its focus on companies it accuses of doing predatory lending. The agency has already sent letters to over 30 large lenders who have been in the industry for a while.
It asked them to ensure that they were following the law and appropriately supported customers in hardship. It has also sued some of these companies, seeking financial compensation.
The Taiwan Financial Supervisory Commission (TFSC) announced that it plans to allow active ETFs in the city. The agency has been studying how the assets fit in developing the financial services industry. It has already collected views from key players in the industry.
Taiwan will join other companies that have launched ETFs in the Asian region. Singapore and Japan have already permitted these assets as demand rises. The most recent data shows that the total valuation of all ETFs in Taiwan has jumped by over 64% in the past 12 months to over $3.8 trillion.
Crypto exchange KuCoin and two of its founders were charged with violating anti-money laundering laws by U.S. federal prosecutors.
Indonesia’s financial services regulator, OJK, has issued new regulations to implement technological innovation in the financial sector, which will apply to crypto starting January 2025.
The new regulation is all about guiding banks, insurance companies, and other financial industry folks on innovating with new technologies.
It mentions how innovations in the finance sector impact different financial products and services and how companies operate digitally.
It is also about fresh guidelines on protecting the consumers in the cryptocurrency area in Indonesia.
Social media influencers and crypto memes fall into the scope of the UK’s rules for financial promotions. The crypto companies here must include clear risk warnings on websites and communications and give first-time buyers a 24-hour cooling-off period before finalizing purchases.
Japan has recently included in the proposal that it would allow investment-limited partnerships to acquire and hold crypto-assets. The proposal was published by Japan’s Ministry of Economy, Trade and Industry.
It highlights the inclusion of crypto assets in the legal framework to legitimise their use in institutional investment strategies and global asset space.
A recent addition to the list is a city in Spain! Torrevieja, a tourist hub in Spain with a population of 82,000, intends to become “the first crypto-friendly city in Europe” by letting its stores accept cryptocurrencies. Recently, the official website of the Torrevieja administration announced the city’s “ambitious digital transformation project,” a collaboration between the Department of Commerce of Torrevieja City Council and the Association of Small and Medium Merchants of Torrevieja. The local government and businesses will digitize local commerce using blockchain technology, leading to the formulation of the first European crypto-friendly city in 2024!
Recently, cryptocurrency ownership data shows over 420 million digital currency users worldwide.
The cryptocurrency realm is expanding every day. With new cities, states, companies, and individuals adapting themselves to the new asset class, the crypto adoption rate in 2024 is expected to boom!
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