The launch rate of cryptocurrency startups in Africa and Asia rose to all-time highs in the first half of 2024, taking share from the US and Canada due to recent regulatory uncertainties.

Europe has emerged as the leading destination for new cryptocurrency startups, accounting for a 31.4% share, according to a July 10 article from blockchain startup accelerator and founder community Alliance. Asia ranked third with a share of 26.8%.

Alliance DAO members Qiao Wang and “Chloexyg” believe this trend may be due to regulatory uncertainties in the US and greater adoption of digital asset applications in emerging markets.

Africa's share also rose to 5.2% - slightly below Latin America - while Oceania saw just 1.8% of total cryptocurrency startups in the first half of the year, mostly from Australia and New Zealand.

The Alliance compiled the data from receiving 3,000 applications a year for its startup accelerator program. “Due to our sample size and relative neutrality to these factors, we are able to gain unique insights into where the industry is headed.”

Self-service providers such as Phoenix Wallet and Wasabi Wallet have been forced to exit the US market due to the same regulatory uncertainties cited by the Alliance, while several other firms have expanded elsewhere.

Many blamed the U.S. Securities and Exchange Commission's enforcement-through-regulation approach.

Meanwhile, the number of startup founders from big tech firms has fallen by more than 15% since 2021, data from the Alliance shows.

Additionally, there was a similar decline in the number of founders who graduated from a university in the top 100 rankings.

Approximately 39% of startups are started by a single founder, and 51% are teams of 2-5 members.

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