15 Sep 2022 · 1 min read

There Are Some Major Surprises in the Global Crypto Adoption Index 2022

Source: Chainalysis

The newly released Global Crypto Adoption Index for 2022 by blockchain intelligence firm Chainalysis contains several surprises, with perhaps the most notable being that China remains a top 10 country for crypto adoption despite a ban on nearly all-things crypto.

The data shows that China’s position is especially strong when it comes to use of centralized services, the report that accompanied the index said. It noted that this means the Chinese ban has “either been ineffective or loosely enforced.”

China’s position as number 10 on the list of countries with the highest levels of crypto adoption places it ahead of countries such as Turkey, Argentina, and the UK. Turkey and Argentina are both countries where residents have turned to crypto as their countries struggles with extremely high inflation, while the UK is one of the largest and most important economies in Europe.

South East Asia leads in adoption

Meanwhile, the top two spots on the list were taken by Vietnam and the Philippines, two South East Asian nations well-known as hotspots for metaverse and play-to-earn related crypto games in particular. Among other things, Vietnam’s Ho Chi Minh City is home to the development team behind the popular play-to-earn game Axie Infinity (AXS).

As number three on the list came Ukraine, which has stood out as pro-crypto in several respects. Among other things, Ukraine has benefited from accepting crypto donations to help its defense efforts against Russia in the ongoing war. Additionally, non-fungible tokens (NFTs) and metaverse-related initiatives such as Meta History: Museum of War have also played a part in its defense fundraising efforts.

The United States came in as the country with the 5th highest level of crypto adoption.

Naturally, crypto adoption has slowed worldwide this year thanks to the bearish market conditions, Chainalysis wrote in the report. Still, it also said that data suggests that many of those who entered crypto in 2020 and 2021 have stayed despite the lower prices.

This proves that the crypto markets have been “surprisingly resilient,” the report said, adding that many big holders “are optimistic the market will bounce back, which keeps market fundamentals relatively healthy.”