Cryptocurrencies have been rising in popularity in recent years. While many countries have tried to regulate and suppress the technological advances, others have accepted and supported the growth of these new industries. Three Asian countries are ranked among the top ten.

Research by crypto experts at Crypto Casinos analyzed ten metrics to determine which countries across the globe have adopted crypto more so than any others.

The metrics chosen are the percentage of the population holding cryptocurrency, the cost and profit of mining one bitcoin, and search volume per 100,000 population for crypto-related keywords.

The data also includes the percentage share of each country's traffic to each of the major crypto exchanges Binance, Coinbase, BitFinex, Kraken, Kucoin and OKX.

1. Argentina is the most crypto-friendly country. One in ten (9.7 percent) of the country’s population holds cryptocurrency, over triple the global average of 3 percent. The low energy costs make it a perfect place to mine Bitcoin, costing an estimated $14,647 to mine 1 Bitcoin, meaning a profit of $51,261 (based on a BTC price of $65,908). Argentina also has one of the highest amounts of traffic (6.3 percent) to Binance (the world’s largest crypto exchange).

2. America has a high percentage of the population holding a cryptocurrency, with 15.6 percent. However, higher average energy costs mean it costs more to mine Bitcoin in certain parts of the States ($87,885). Americans visited Coinbase over 48 million times in March, making up 59 percent of the website traffic. The US also made up 23.3 percent of the traffic to Kraken, showing the US is actively embracing crypto and investing through these exchanges.

3. Colombia ranks third for crypto adoption; the rise in blockchain activity is partly due to the depreciation of the Colombian Peso over the past few years (as reported by Bloomberg in 2022); crypto offers wealth protection from depreciating currencies. 5 percent of the population holds crypto, and Colombians make up 5.8 percent of the global web traffic for the largest exchanges, which is on par with many of the other countries in this list.

4. Ukraine is the fourth most crypto-friendly state. Over 10 percent of the population holds cryptocurrency, and mining costs are particularly cheap, averaging around $19,530 per bitcoin. Based on the price previously stated, this would mean the profit would be $46,378. Ukraine also makes up 4.8 percent of the web traffic to Binance, the world's largest crypto exchange.

5. The United Arab Emirates (UAE) ranks fifth for crypto adoption worldwide, with the largest percentage of the population holding crypto at 30.4 percent(The average across all countries is 3 percent), only Vietnam comes close with 21 percent. Search volume for crypto-related terms is also the highest with 1,415 searches per 100,000 of the population. The UAE has been fostering a robust and flexible ecosystem to attract business and drive forward technological innovation, making the nation a frontrunner in digital adoption, as reported by Forbes in 2023.

6. Vietnam, ranking sixth, has continued to witness its economy becoming more digitized in the last decade, becoming one of the world's most crypto-adopted nations and is currently Asia's most crypto-friendly country. 20 million (21.2 percent) of the population hold cryptocurrencies. Vietnam drives 4.9 percent of the web traffic to crypto exchange OKX and 6.3 percent to Binance.

7. Turkey ranks seventh for crypto adoption, which could be because the Turkish lira has, at times, proven to be more volatile than bitcoin. Turkey’s inflation rate surpassed 83 percent in 2022 and is around 67 percent currently. Due to this, over 4.8 million (5.6 percent) of the population choose to hold crypto. Turkey makes up 6.6 percent of the web traffic to Binance, and mining operations may be slightly cheaper, with an average cost of $39,060 per Bitcoin.

8. Canada is eighth in this ranking for crypto adoption. 7 percent of the nation currently holds crypto, and there are 1,204 searches for crypto-related keywords every month per 100,000 of the population. Canada is also responsible for 8.4 percent of website traffic to Kraken.

9. Singapore ranks ninth for crypto adoption. Having earned a reputation as one of the key financial centers in the world, it is unsurprising that Singapore has begun to establish itself as a global cryptocurrency hotspot. 11.1 percent of the population owns cryptocurrency, and there are 1,750 searchers per 100,000.

10. Pakistan is the tenth most crypto-adopted nation, with 15.8 million crypto holders (6.6 percent of the population). Mining costs are also low, averaging around $19,530 per Bitcoin, which would be a profit of $46,378.