Cryptocurrency is a new investment trend that has attracted the attention of many investors worldwide in recent years. When entering the crypto market, it is essential to understand the operational mechanisms of this digital currency and the legal issues in various countries. In this article, Optimal FB Agency will provide useful information about the top 10 countries by crypto ownership. Follow the article to update yourself on the latest news related to this digital asset!
An Overview of Cryptocurrency
What is Cryptocurrency?
The crypto market is becoming more dynamic as more people become interested in this currency and the number of cryptocurrency owners continues to rise. In recent years, cryptocurrency has proven its advantage as millions of people worldwide invest in and use different forms of digital money.
Cryptocurrency is created from digital bits operating in the Internet environment, using blockchain technology to execute transactions and payments. Cryptocurrency can be understood as a payment method through secure signatures. Similar to traditional money, cryptocurrency is a tool for trading, storing, and generating profits. Additionally, it can be converted into paper money at the owner’s request for daily consumption.
According to the European Central Bank (ECB), cryptocurrency is a monetary value stored on electronic devices commonly used to perform payment transactions for other organizations. The Bank for International Settlements (BIS) considers cryptocurrency to be stored-value or prepaid products where information about the customer’s available funds or value is stored on an electronic device. Additionally, you can learn more about: How does Bitcoin fluctuate compared to other assets.
How does Cryptocurrency operate?
Most cryptocurrencies (Bitcoin, Ethereum, Tether, etc.) operate based on blockchain technology, making transactions safer and more convenient. Each coin is like a file stored in a digital wallet. Users can access the wallet via a smartphone or an Internet-enabled device. Unlike USD or gold, cryptocurrency is not managed by any government or central bank.
Cryptocurrency transactions are conducted in a peer-to-peer (P2P) manner. When participating in a transaction, users only need to log in with an email in anonymous mode. Cryptocurrency exchanges do not require users to provide their real names or register with any bank. If you want to know the top 10 countries by cryptocurrency ownership, follow the content below!
How Do Countries Regulate Cryptocurrency?
Currently, countries worldwide have different levels of cryptocurrency ownership and regulations when storing and transacting with this currency. Some countries allow it, some do not prohibit or recognize it, like Vietnam, and some ban it completely. For example, El Salvador, a country in Central America, accepted Bitcoin as a legal payment method in June 2021. It was the first country to recognize this coin as legal currency officially.
China has strict regulations on cryptocurrency, even though it has the largest number of cryptocurrency miners in the world. The country has decided to ban financial institutions within its borders from conducting any business activities related to cryptocurrency and from trading cryptocurrency. Depending on their evaluation and perception of cryptocurrency, each country will have different policies regarding this currency.
Top 10 Countries by Crypto Ownership
According to a recent report by Ceoworld magazine, countries are ranked based on their cryptocurrency ownership rates. The research shows that the United Arab Emirates (UAE) has the highest percentage of people owning cryptocurrency, with nearly 30.39% of the UAE’s population. This is largely due to the favorable regulations of this country regarding blockchain technology and the legal use of cryptocurrency.
Next, Vietnam ranks second among countries with the highest cryptocurrency ownership rate, with nearly 21.19% of the population owning cryptocurrency. According to the Crypto Council for Innovation, cryptocurrency ownership in Vietnam is also not taxed, making it an attractive asset for the majority of the population.
One reason for the high rate of cryptocurrency ownership in Vietnam is that much of the population does not have access to financial services. Thus, cryptocurrency becomes an alternative means, helping people not rely on traditional banks.
However, if ranking countries based on the number of people owning cryptocurrency or cryptocurrency ownership rights, India tops the list with 93 million cryptocurrency owners. China follows with 59 million people, and the United States with 52 million cryptocurrency owners ranks third. In this article, let’s explore the countries with the largest cryptocurrency ownership rights.
India
India ranks at the top of the list for the highest cryptocurrency acceptance rate in the world. As the most populous country in the world with 1.428 billion people, about 93.5 million people own some form of cryptocurrency. Although the Indian government has completely banned cryptocurrency trading and usage, it does not affect India’s younger generation. This demographic is interested in this digital asset, and the IT industry is booming in this country.
China
China, being the second most populous country in the world, ranks high on the list of countries with cryptocurrency ownership rights. Out of the 1.42 billion people, as of 2024, 59.134 million people hold cryptocurrency. Despite the country’s stringent anti-cryptocurrency measures and a complete ban on all related activities, including mining and trading in 2019, it still achieves many records in digital transactions. China’s leading exchanges have a massive volume of Bitcoin traded daily.
United States
Out of a total population of 333.9 million, 52.888 million people own cryptocurrency, reaching an ownership rate of 15.56%. Although this country does not have strict regulations on digital assets and hosts most of the major cryptocurrency trading activities, it is the first country to lead practically when it comes to new trends in the electronic market. Most cryptocurrency owners in the United States are aged 18 to 34.
Brazil
Known as one of the friendliest countries when it comes to free and open cryptocurrency usage, it is unsurprising that nearly 26 million of the 216.4 million people in this Latin American country hold cryptocurrency assets in their portfolios. Favorable rules have allowed for exceptional growth, propelling this country to the 4th position in the cryptocurrency ownership rankings from 2022 to 2024.
Vietnam
Proudly ranking among the top 10 countries in cryptocurrency ownership, approximately 21 million of Vietnam’s 98.8 million population own some form of cryptocurrency. Notably, about 70% of the country’s digital currency owners are aged 18 to 24. This statistic highlights a significant contrast in preferences between different generations.
Pakistan
Although this country does not recognize cryptocurrency as a legal payment method, about 15.879 million people out of Pakistan’s total population of 240.485 million own cryptocurrency assets. This is a significant increase from 9 million in 2022. Interest in investing in Bitcoin and other cryptocurrencies is rising considerably.
Philippines
This is one of the largest cryptocurrency markets in the region. Out of 117.3 million people, 15.76 million people own cryptocurrency assets in the Philippines, with a cryptocurrency ownership rate of 13.43%. From 2022 to 2024, this country has seen a 7.3% increase in the number of cryptocurrency owners.
Nigeria
Belonging to the African region, Nigeria is one of the fastest-growing cryptocurrency markets. Nigeria ranks as one of the top countries for cryptocurrency ownership, with 13.26 million individuals owning cryptocurrency out of a total population of 223.8 million as of 2024, accounting for 5.93%. The country is on the path to becoming a key player in Africa’s digital economy.
Indonesia
In this country, cryptocurrency has become one of the legal payment methods accepted by the populace. Out of 277.5 million people, 12.2 million own cryptocurrencies in Indonesia, reaching an ownership rate of 4.4%.
Iran
Iran ranks among the top countries for cryptocurrency ownership, with 12 million citizens out of 89.172 million holding cryptocurrency, accounting for 13.46%.
With the information on the top 10 countries by cryptocurrency ownership we provided above, you have been updated with many interesting and exciting news. We hope that the information we have shared will help you better understand the crypto market and make wise investment decisions.
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FAQ
As of now, the United Arab Emirates (UAE) has the highest percentage of the population owning cryptocurrency, with nearly 30.39% of the UAE’s total population owning cryptocurrency. This is largely due to the country’s favorable regulations regarding blockchain technology and the legal use of cryptocurrency. Following that, Vietnam ranks second among countries with the highest cryptocurrency ownership rate, with nearly 21.19% of the total population owning cryptocurrency.
The popularity of cryptocurrency in a country is influenced by economic stability, technological knowledge, limited access to traditional banking, and inflation protection. To help increase cryptocurrency popularity and ownership, countries need to find ways to improve these factors immediately.
