The detailed crypto adoption survey by Chainalysis — The 2022 Global Crypto Adoption Index — places Vietnam at the top position in global crypto adoption, followed by the Philippines and Ukraine. This is the second time in a row that Vietnam has topped the global crypto adoption index. India stands at the 4th place, the United States at the 5th, China at the 10th, and the UK at 17th place in the index, which ranks a total of 146 countries.
A shorter version of this survey — The 2022 Global Crypto Adoption Index — released last month focused chiefly on the ranking index while the detailed survey put out last week offers a more detailed geographic insight into crypto adoption.
Three key takeaways from the survey are: emerging markets lead in grassroots crypto adoption, crypto fundamentals appear to be healthy, and China remains active despite the ban. Another major trend that the Chainalysis survey points out is that the bull market adoption seen during 2021 may not be wiped out during the bear market.
Central, Northern, and Western Europe turn out to be the world’s largest crypto economy. It’s all due to the larger adoption of Defi and NFT amid greater regulatory clarity. Within Europe, the UK is the biggest center of Defi activities. Eastern Europe is the fifth largest crypto market accounting for 10% of global crypto transactions at $630.9 billion in value between July 2021 and June 2022.
