Cryptocurrency Adoption Index 2024 in Southeast Asia and India
The cryptocurrency adoption index for 2024 shows that India continues to lead globally, maintaining the number one position in Chainalysis's rankings. The acceptance of crypto in India is supported by strong participation from organizations and regulatory adjustments, although the country still faces challenges from strict regulations and high taxes. Meanwhile, Indonesia has surged from seventh place to third, reflecting an increase in crypto usage thanks to the adoption of decentralized exchanges and a more favorable regulatory environment.
In Southeast Asia, the use of crypto is quite diverse. Singapore leads in the acceptance of stablecoins for trade, while other countries like the Philippines focus on applications such as play-to-earn games and remittances. Vietnam has dropped to fifth place due to increased competition from countries in the region, although there is still strong participation from the community and P2P exchanges.
In summary, Southeast Asia and India continue to be important focal points for cryptocurrency adoption, although the situation varies between countries in the region.
