- UAE leads global crypto ownership with 30.4% of its population owning cryptocurrency, encouraged by government policies.
- Global cryptocurrency market to grow to $11.71 billion by 2030, with Asia Pacific leading in growth.
- Regulatory landscapes vary, impacting crypto businesses and ownership; examples include Australia’s bill rejection and Britain’s new marketing rules.
The landscape of global cryptocurrency ownership is evolving, with several countries showing significant adoption rates. According to recent data from the crypto payment gateway Triple-A, the United Arab Emirates (UAE) leads the world with the highest rate of crypto ownership, with 30.4% of its population owning cryptocurrency. This translates to approximately 3 million people.
Following the UAE, Vietnam ranks second with a 21.2% adoption rate, totaling 21 million people. The U.S. is not far behind, with 15.6% of its population, or 53 million people, owning some form of cryptocurrency. Other countries like Iran, the Philippines, Brazil, Saudi Arabia, Singapore, Ukraine, and Venezuela also feature prominently in the top ten list of nations by crypto ownership rates.
Interestingly, if we rank countries based on the absolute number of crypto owners, India leads with 93 million, followed by China with 59 million, and the U.S. with 52 million. This discrepancy highlights the impact of large populations on total ownership numbers, even if the percentage of the population involved is smaller.
The UAE’s top position can be attributed to its government’s crypto-friendly policies. The Financial Services Regulatory Authority (FSRA-ADGM) was one of the first to establish comprehensive rules for buying and selling cryptocurrencies. The UAE’s approach includes zero taxes for crypto owners and businesses, fostering a welcoming environment for digital assets.
Vietnam’s high ownership rate, particularly notable in Southeast Asia, is partly due to the tax-free status of cryptocurrency holdings. This feature, combined with a large unbanked population, makes cryptocurrencies an attractive alternative to traditional financial services.
Globally, the cryptocurrency market was valued at $4.67 billion in 2022 and is expected to grow to $11.71 billion by 2030, at a compound annual growth rate of 12.5%. The Asia Pacific region is anticipated to experience the highest growth, driven by rising crypto awareness and investments in blockchain technology in China, Japan, and South Korea.
Despite this growth, the future of the crypto industry faces challenges and uncertainties. Regulations vary significantly by country. For instance, Australia recently saw the rejection of the Digital Assets (Market Regulation) Bill, which aimed to establish licensing systems for crypto services. This decision could hinder the expansion of crypto companies in Australia. In contrast, Britain’s Financial Conduct Authority is implementing stringent rules against the marketing of cryptocurrencies to protect consumers, with penalties including unlimited fines and up to two years in prison for violations.
These developments indicate a complex and rapidly changing regulatory landscape for cryptocurrencies, with countries striking different balances between fostering innovation and protecting consumers.
