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Central & Southern Asia and Oceania Lead Global Crypto Adoption

Central & Southern Asia and Oceania Lead Global Crypto Adoption

CoineditionCoinedition2024/09/11 16:00
By:Coin Edition
  • CSAO leads global crypto adoption with high activity in local exchanges and DeFi.
  • Lower-income regions see increased stablecoin use, driving practical crypto adoption.
  • U.S. Bitcoin ETF boost contrasts with high-income countries’ reduced crypto activity.

The 2024 Global Crypto Adoption Index shows a surprising trend: Central Southern Asia and Oceania (CSAO) is now the world leader in cryptocurrency adoption. In the latest Chainalysis report , seven out of the top 20 countries on the index are located in this region, highlighting its vibrant crypto scene.

Read also: Chainalysis Study Claims: CSAO Is the 3rd Largest Crypto Market

CSAO’s strength has been in its high activity on local exchanges, strong merchant services, and active participation in DeFi.

Leading Nations in Crypto Adoption

India tops the 2024 index, leading in centralized and retail service values and showing significant engagement in DeFi, despite holding the third spot in this category. Indonesia follows closely, securing the third position overall, with exceptional performance in DeFi, both in general and retail contexts. 

Vietnam also shines, holding its ground across both centralized and DeFi services. The Philippines and Pakistan further solidify CSAO’s dominance in the top ten.

Global Trends and Emerging Markets

While the United States, ranked fourth, saw a boost in Bitcoin activity following the launch of the Bitcoin ETF , this growth contrasts with a broader pullback in crypto activity across high-income countries.

Lower-income regions are also experiencing remarkable crypto adoption. Sub-Saharan Africa and Latin America are seeing increased stablecoin activity, driven by practical use cases in these areas. Nigeria, for instance, ranks second overall, highlighting its growing importance in the global crypto market.

The 2024 index also highlights a surge in DeFi activities in Sub-Saharan Africa, Latin America, and Eastern Europe. This trend has driven an increase in altcoin activity in these regions, contributing to a broader global growth pattern. Consequently, the total value of global crypto activity has surged, reaching levels not seen since the 2021 bull market.

Overall, while high-income regions like North America and Western Europe continue to exhibit growth, the most significant changes are occurring in lower-income regions. The rise in DeFi and stablecoin use, alongside institutional Bitcoin activity, reflects a dynamic and evolving global cryptocurrency landscape. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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