A World Tour of Crypto Adoption

28 September 2021

China’s most recent ban on crypto trading has contributed to a market slowdown, but throughout the world, crypto is being embraced by citizens and governing bodies alike.

In the United Arab Emirates, government regulators have signed an agreement with the Dubai World Trade Centre Authority to support regulated crypto trading within the DWTCA’s economic free zone. Under terms of the agreement, the DWTCA will be authorized to issue approvals and licenses for crypto-based businesses – including issuing and trading cryptocurrencies.

Meanwhile, crypto researchers at Chainalysis report that India has more crypto users than any other country. The research firm’s 2020 Geography of Cryptocurrency Report estimates that India is home to 100 million crypto users, or 7.3% of the population.

A survey by BTC Markets shows growing crypto use in Australia. BTC reports that the average Australian portfolio has grown from €493.88 a year ago to €1,769.08 in 2021 – an increase of 258%. Surveys show that about 17% of Australian adults own crypto.

Crypto use is on the rise in Ukraine, too. The nation’s parliament and cabinet of ministers have established a legal framework that allows citizens to buy, sell, hold, mine, and invest in cryptocurrency. The law includes provisions that are intended to encourage crypto-based businesses to establish relationships with Ukrainian banks and set up shop within the country.

Data shows that nearly 5,000 cryptocurrencies have been launched over the past 12 months – an average of more than 10 new coins per day. Most of the new coins were created for specific purposes: to support a particular DeFi app, for instance, or to serve as the utility token for a market-specific blockchain. Few of the coins were created, as Bitcoin was, to serve as a general-purpose currency. But each of them represents a unique investing opportunity with a unique profile and market position.