The crypto adoption trends around the world have shown an all-time high in developing countries since 2022. The rate of crypto adoption is particularly high in regions such as Latin America, Africa, and Asia. On March 5, Forbes featured a prominent shift in the crypto market after the 2023 decline of the macroeconomic phase. Bitcoin reached a peak of $45,208 at the beginning in 2024, and the market reached $1.74 trillion on January 3, 2024. Now that Bitcoin has passed $70,000, an all-time high, crypto adoption is also being affected in a positive way.
In this report by Coinpedia, we will cover all the essential insights on cryptocurrency adoption in March 2024. Let’s see how the market has grown in the past month!
Crypto Adoption Analysis in March
According to the Crypto Market Sizing Report by Crypto.com, global crypto ownership will increase by 34% in 2023. Ethereum ownership increased by 39%, while a 33% increase in Bitcoin users was seen. With Bitcoin reaching a high of $70,000 on March 8, 2024, crypto enthusiasts have been closely watching the movement of the token. The crypto adoption rate is also affected, and many countries have taken a flexible stance when it comes to accepting cryptocurrencies.
Here are the top five nations with the highest cryptocurrency adoption in March 2024!
In the
Total percentage of the population that owns crypto: 6.55%
India is surely the country with the highest adoption rate for cryptocurrencies 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 for the high rate of crypto adoption in India in 2024.
China
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.
United States
Total percentage of the population that owns crypto: 15.56%
The United States ranks third on the list of countries with the highest rate of crypto adoption, with most crypto owners in the 18-34 age group. Despite all the regulatory situations in the region, the adoption rate shows an increase.
Brazil
Total number of people who 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 that thrives on digital currencies.
Vietnam
Total number of people who own crypto: 20,945,706
Vietnam earned the fifth spot on the list due to its crypto-friendly scenario when it comes to cryptocurrency adoption by the 18-34 age group.
Important Crypto Regulations in March 2024
Here is a crypto regulation summary for March 2024; here’s how it goes:
The place has become one of the friendliest places for cryptocurrency companies. This has welcomed many companies into the industry as Beijing continues its crackdown. However, the Securities and Futures Commission (SFC) plans new laws to suppress some sectors in the industry. In this case, the city plans to target more than 450 shops, ATMs and websites that provide cryptocurrency services.
The Treasury Department’s Financial Crimes Enforcement Network (FCEE) has stepped up its fight against money laundering. While many large investment advisers are already required to disclose these events, more than 17,000 state-registered advisers are not. These rules will begin to apply to these advisors.
According to the department, these firms must implement anti-money laundering (AML) and counterterrorism financing compliance programs and submit activity reports to FinCEN. They will also maintain records and promote sharing between FinCEN and other law enforcement agencies.
ASIC has announced it will deepen its focus on companies it accuses of making predatory loans. The agency has already sent letters to more than 30 major lenders that have been in business for a while.
It asked them to make sure they follow the law and support customers appropriately in hardship. It has also sued some of these companies and sought financial compensation.
The Taiwan Financial Supervisory Commission (TFSC) has announced plans to allow active ETFs in the city. The agency studied how the assets fit into the development of the financial services industry. It has already gathered 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 allowed these assets as demand increases. The most recent data shows that the total valuation of all ETFs in Taiwan rose more than 64% in the past 12 months to more than $3.8 trillion.
Crypto exchange KuCoin and two of its founders have been charged with violating anti-money laundering laws by US 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 from January 2025.
The new regulation is all about guiding banks, insurance companies and others in the financial industry to innovate with new technology.
It mentions how innovations in the financial sector affect 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 within the scope of the UK’s financial promotions rules. 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 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 legitimize their use in institutional investment strategies and global asset space.
Adoption by cities
A recent addition to the list is a city in Spain! Torrevieja, a tourist center in Spain with a population of 82,000, aims to become “the first crypto-friendly city in Europe” by having its shops 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 Traders 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!
Crypto ownership pattern (gender)
Recently, cryptocurrency ownership data shows more than 420 million digital currency users worldwide.
37% of these global crypto holders are women, nearly 155 million. Asia alone accounts for 263 million digital currency investors, with India leading the way with the highest number of crypto investors at 93 million, followed by Vietnam. For Vietnam, it stands at 12 million female cryptocurrency owners or 24% of the female population. The Philippines comes in second with 9.6%, representing more than 5.5 million female cryptocurrency owners. Almost 10% of women in India own cryptocurrency. India is third in population percentage but ranks first globally in sheer numbers; that is, 63 million women in India own cryptocurrency in 2024.
Closure
The cryptocurrency world is expanding every day. With new cities, states, companies and individuals adapting to the new asset class, the crypto adoption rate is expected to boom in 2024!
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