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Top 10 Countries By Using Crypto
Crypto is destroying all boundaries of the modern world. It is changing the economy, opening new business opportunities, and shifting away from traditional financial systems. Thanks to decentralization, digital currencies are expanding their influence throughout the globe. Let's check out the top 10 countries most actively implementing and legalizing crypto.
The Issue of Crypto Legality
Before identifying specific leaders, it is necessary to divide all countries into groups: Legal, Legal (with Bank Ban), illegal Forum, No Data. According to statistics (December 2023) of our partner, the analytical platform CoinGecko, cryptocurrency is legal in over 119 countries. About 20 of them have been banned by central banks. At the same time, more than half of the countries from the Legal group have introduced regulatory laws. You can see a world map with markers for most countries below.
#1 United States
The US is the core of the cryptocurrency world. This country has the largest ecosystem of startups and revolutionary discoveries. The US has made crypto a legal asset but needs help finding the right regulatory solution. Considering the approval of the BTC ETF on January 11, 2024, this could happen very soon. The US ranks first in our top, thanks to considerable blockchain investments and the most ATMs worldwide – over 300k. In addition, the country has the highest transaction volume, one of the highest crypto adoption indexes, and a 7.25/10 crypto-readiness score for 2024 (based on Forexsuggest.com research).
#2 India
India is the largest country by population. Over 100 million people here own cryptocurrencies. India has legalized crypto, but like the United States, it did not introduce any regulatory measures. According to Chainalysis research, India ranks second by trading volume and first by adoption index.
#3 China
According to available information, more than 50 million people in China own digital assets. Thus, China can be considered a giant regarding trading volume in crypto assets. This colossal number was formed even with the crypto illegalization. How do you explain it? China is paying more attention to blockchain technologies.
#4 Singapore
Singapore is leading in driving the adoption of cryptocurrencies in the Asia-Pacific region. The island country's progressive approach to blockchain technology has attracted vast world investment. Moreover, cryptocurrency in Singapore is legal and tax-free for individuals.
#5 Switzerland
Known as the “Crypto Valley,” Switzerland is home to a thriving blockchain ecosystem and a favorable regulatory environment. The country's pro-business policies and a strong tradition of banking secrecy have made it an attractive destination for investors.
#6 Estonia
Estonia is another attractive country for any crypto startups. Estonia's regulatory framework allows entrepreneurs to run a location-independent business. According to Forexsuggest.com, this country is the busiest hub, with 18 crypto companies per 100k residents.
#7 Germany
Germany is one of the most advanced countries in Europe. It has developed a stable economy and legalized cryptocurrency. The country's regulatory system clarifies crypto businesses and investors, fostering innovation and sector growth. Therefore, Germany has one of the highest crypto-readiness indexes for 2024.
#8 Great Britain
The UK has embraced cryptocurrency technology with open arms. Its smart approach to crypto legalization has stimulated investment, especially in London. Britain has also created the Financial Conduct Authority, which oversees cryptocurrency-related activities. It has implemented strict Anti-Money Laundering and Know Your Customer regulations to ensure maximum consumer protection.
#9 Japan
Thanks to its tech-savvy population, Japan remains a significant player in the global market. The country has legalized cryptocurrency and introduced clear regulatory rules. Based on this, Japan will be at the top for a long time.
#10 El Salvador
This is the last country on our list. Cryptocurrency adoption is relatively low in El Salvador, with adoption rates ranking 55th. However, the country's government made history as the first to legalize cryptocurrency through the Bitcoin Law and accept BTC as legal tender. Simply put, El Salvador is the first country to introduce crypto as an alternative primary currency.
We see a global shift towards digital assets. While the most influential countries are shaping development vectors, we should learn more about crypto and try to earn it.