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Crypto Dominance Shift: Central & Southern Asia, Oceania Lead Global Adoption

Jack Evans
Sep 12, 2023 at 04:16 pm

In the ever-evolving landscape of cryptocurrencies, change is the only constant. In this tale of digital transformation, Central & Southern Asia (CSAO) and Oceania have taken center stage, rewriting the narrative of global crypto adoption. According to Chainalysis' latest report, the crypto world has witnessed a tectonic shift in its power dynamics.

For the period spanning from July 2022 to June 2023, CSAO commands an impressive 19.3% share of the global cryptocurrency value received. What sets this region apart is its affinity for large institutional transactions, with sums exceeding a staggering $10 million dominating the crypto transfers scene. Retail transactions, both small and large, played a comparatively minor role.

Chainalysis' comprehensive evaluation takes into account crucial metrics, including centralized service value received, retail centralized service value received, P2P exchange volume, DeFi value received, and retail DeFi value received. The amalgamation of these metrics forms the foundation of the overall ranking.

In a twist that may surprise some, the global crypto adoption rate has taken a slight dip. Yet, shining through the fluctuations, six countries from the CSAO region have claimed their positions among the top 10 worldwide. India, Vietnam, the Philippines, Indonesia, Pakistan, and Thailand have made their mark on the crypto map, with India proudly reigning supreme at the top.

India's meteoric rise to the number one spot underscores its growing influence in the crypto sphere. Notably, it secures the top position across all assessment parameters, except for P2P exchange trade volume, where it still impressively ranks fifth. It's a testament to India's diverse and burgeoning crypto ecosystem.

Vietnam, previously perched at the pinnacle in the 2022 report, gracefully takes the third position this year. The Philippines, another CSAO standout, secures a respectable sixth place. Indonesia, Pakistan, and Thailand follow closely, clinching the seventh, eighth, and tenth positions, respectively. Meanwhile, Bangladesh joins the ranks in the top 20, securing the 17th spot.

As the story unfolds further, it's worth highlighting that Nigeria, the sole African representative in the top 10, shines brightly, claiming the first spot based on P2P exchange trade volume and the second overall. Nigeria's remarkable ascent from the 11th position in the 2022 report underscores the global growth of cryptocurrencies.

While the spotlight shines brightly on CSAO and Oceania, the United States, in a minor yet noteworthy leap, ascends from fifth place in the previous report to a solid fourth place this year. In the ever-evolving world of cryptocurrencies, the balance of power continues to shift, with new contenders and pioneers emerging to redefine the landscape.

In this ever-evolving crypto tale, Central & Southern Asia and Oceania have taken the lead, commanding a substantial portion of the global crypto stage. As the crypto world experiences fluctuations and surprises, these regions continue to shape the narrative, setting the course for a future where digital currencies play an increasingly prominent role on the world stage.

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