The global trend of cryptocurrency adoption in developing countries has seen a significant rise since 2022, with regions like Latin America, Africa, and Asia leading the way. Forbes highlighted a notable shift in the crypto market after the macroeconomic downturn of 2023, with Bitcoin hitting a peak of $45,208 at the beginning of 2024 and the market reaching $1.74 trillion on January 3, 2024. As Bitcoin surpassed $70,000, setting a new record high, the positive impact on crypto adoption became evident.
The Coinpedia report covers essential insights into cryptocurrency adoption for March 2024, focusing on the market's recent growth.
Cryptocurrency Adoption Analysis in March
According to the Crypto.com Crypto Market Sizing Report, global crypto ownership grew by 34% in 2023, with Ethereum ownership increasing by 39% and Bitcoin users seeing a 33% rise. The surge in Bitcoin value to $70,000 on March 8, 2024, grabbed the attention of crypto enthusiasts, influencing the adoption rate further. Many countries have shown a lenient approach towards cryptocurrency adoption amid the changing market dynamics.
Here are the top five nations with the highest cryptocurrency adoption rates in March 2024:
- India
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Percentage of population owning crypto: 6.55%
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China
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Percentage of population owning crypto: 4.15%
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United States
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Percentage of population owning crypto: 15.56%
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Brazil
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Number of crypto owners: 25,955,176
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Vietnam
- Number of crypto owners: 20,945,706
Important Crypto Regulations in March 2024
A roundup of crypto regulations in March 2024 includes various developments in different countries:
- Hong Kong: Introducing new laws to regulate cryptocurrency services.
- The U.S.: Enforcing anti-money laundering measures for financial advisors.
- Australia: Focusing on predatory lending practices among financial institutions.
- Taiwan: Planning to allow active ETFs to boost financial services.
KuCoin and its founders faced charges of violating anti-money laundering laws, Indonesia issued new regulations for implementing crypto technology, the UK imposed rules on financial promotions involving crypto companies, and Japan proposed to include crypto assets in institutional investment strategies.
Adoption By Cities
Torrevieja in Spain aimed to become Europe's first crypto-friendly city by enabling stores to accept cryptocurrencies, leading a digital transformation project in collaboration with local merchants.
Crypto Ownership Pattern (gender)
Global data indicates over 420 million cryptocurrency users, with 37% being women. India and Vietnam lead in terms of female crypto owners, with significant numbers in other countries like the Philippines.
Conclusion
With new entities embracing cryptocurrencies daily, including cities, states, companies, and individuals, the outlook for crypto adoption in 2024 remains promising.
