As of recent reports, India is at the forefront of global cryptocurrency adoption for the second consecutive year. According to Chainalysis's 2024 report, both centralized and decentralized crypto assets are significantly used in India, making it the top country in terms of crypto adoption.
Additionally, the Central and Southern Asia and Oceania (CSAO) region shows the highest rates of cryptocurrency adoption globally. This region includes countries like India (ranked 1st), Indonesia (3rd), Vietnam (5th), and the Philippines (8th), all of which are among the top 20 in the Global Crypto Adoption Index by Chainalysis in 2024.
Globally, other countries such as Singapore, Hong Kong, the United Arab Emirates, the United States, and the United Kingdom also rank highly in crypto adoption. For instance, Singapore ranks first on the Henley Crypto Adoption Index 2024 due to its supportive financial, business, and regulatory environment, which fosters cryptocurrency adoption.
Overall, the rate of cryptocurrency adoption is rising rapidly in developing countries, where financial systems are limited, while developed countries are also seeing increasing popularity in cryptocurrency use.
References:
India leads in crypto adoption for the second straight year, report shows
Central and Southern Asia crypto adoption 2024
Henley Crypto Adoption Index 2024