Nations in the fastest-growing and most populous continent of Asia dominated the top ranks in global crypto adoption, according to blockchain data provider Chainalysis, including China which had banned the digital asset class.
Six out of the top 10 countries by crypto adoption were based in Asia, according to Chainalysis’ 2022 Global Crypto Adoption Index, with Vietnam in the top position for the second consecutive year.
Other top Asian nations include the Philippines (2nd), India (4th), Pakistan (6th), Thailand (8th) and China (10th).
The index is based on five metrics: on-chain crypto value received at centralized exchanges; on-chain retail value received at centralized exchanges; peer-to-peer exchange trader volume; on-chain crypto value received from DeFi protocols; and on-chain retail value received from DeFi protocols. All the metrics are weighted by purchasing power parity per capita, according to the market assessed.
China: «Ineffective or Loosely Enforced»
Despite a bitcoin mining crackdown and a crypto ban in 2021, China rose from 13th place to 10th with «especially strong» usage of centralized exchanges.
According to Chainalysis, this suggests that the ban announced in September last year «has either been ineffective or loosely enforced».
