UAE and Vietnam Lead in Global Crypto Adoption
UAE and Vietnam lead in global crypto adoption with significant portions of their populations using digital currencies, outpacing countries like Singapore and the US.
Data from Triple-A shows that 30.4% of the UAE's population, around 3 million people, now own cryptocurrency. This places the UAE at the forefront of the global fintech scene. Similarly, Vietnam has a significant crypto user base, with 21.2% of its population, about 21 million people, engaged in cryptocurrencies, surpassing even Singapore, known for its advanced financial sector.
Vietnam’s high crypto adoption highlights a trend in emerging markets where digital assets are popular for investment and diversifying wealth. In contrast, Singapore has a lower adoption rate of 11.1%, indicating a more cautious but growing interest in cryptocurrencies.
Other nations also show notable crypto usage. In the US, 15.6% of the population, or nearly 53 million people, own digital currencies, supported by regulatory advances like the approval of Bitcoin and Ethereum spot ETFs. Countries like Iran and the Philippines have adoption rates of 13.5% and 13.4%, respectively. This demonstrates a strong interest in digital assets for financial empowerment and wealth creation.
As countries adopt digital currencies, they are updating their regulations. The Monetary Authority of Singapore (MAS) has revised the Payment Services Act, introducing comprehensive regulations for digital payment tokens (DPTs). These updates include rules for custodial services, token transmission, and cross-border money transfers, empowering MAS to enforce strict measures on DPT service providers.
MAS's regulations focus on anti-money laundering, countering terrorism financing, user protection, and financial stability. MAS has also set new consumer protection guidelines for DPT service providers, effective October 4. Meanwhile, the US has a stricter regulatory stance. Despite authorizing Bitcoin and Ethereum spot ETFs, there is a strong push for a pro-crypto candidate in the upcoming US election to further support digital currency growth.
The UAE and Vietnam are at the forefront of global crypto adoption, with significant portions of their populations using digital currencies. Other countries like the US, Iran, and the Philippines also show high adoption rates, though regulatory approaches differ. As global regulations evolve, emerging markets will continue to play a key role in the expanding use of cryptocurrencies.
