Cryptocurrency has been around for long enough that almost every country has passed legislation on it. While some of the best countries for cryptocurrency took a more relaxed approach and allowed it to thrive, other countries have imposed strict crypto regulations. A few, including China, Egypt, and Qatar have even outright banned cryptocurrency. Nowadays, 10% of the world's population owns some form of cryptocurrency. Adoption of bitcoin and other cryptocurrencies has grown over 800% in the past year. This brings up an obvious question. Which country is the most bullish on cryptocurrencies? Top countries with the most crypto users? Let's start with the top 10 countries with the highest number of crypto users in 2022.
As of November 2022, Tether took the highest market share of the most traded cryptocurrencies in Thailand, which accounted for 17.3 percent of the entire market. Other leading traded cryptocurrencies in Thailand were Bitcoin and Ethereum. Thailand is one of the top 10 countries with the highest number of crypto users in 2022.
Nigeria is the first country in the world where the search term 'crypto' and related keywords are recorded despite the decline in the value of bitcoin and similar digital assets. The cryptocurrency industry has opened up a new world of job opportunities for Nigerians. It is one of the world's top 10 crypto countries.
In November 2022, Union Bank of the Philippines launched a pilot program for Bitcoin and Ether custody. They are also allowing trading services for some retail customers. In the summer of 2020, the Philippines central bank approved 16 cryptocurrencies exchanges, paving the way for a true boom in the markets there. It is one of the top 10 countries with the highest number of crypto users in 2022.
At least 8 million people in Turkey are engaged in crypto, according to a 2022 research report by Turkish crypto exchange Paribu. In Turkey, crypto represents freedom from inflation, national currency and the constraints of corporate life, advocates say. It is one of the top countries with the most crypto users.
In May 2022, Argentina's central bank tightened the rules when it comes to crypto. For instance, local financial institutions can no longer offer cryptocurrency-related services. Many Argentines are turning to cryptocurrencies as one way to escape the peso. About one-third of Argentines said they bought or sold cryptocurrencies at least once a month, double the percentage of people in the United States, according to a separate survey by Morning Consult. It is one of the world's top 10 crypto countries.
The use of cryptocurrency assets as a means of payment is illegal in Indonesia, but transactions for investment are allowed in the commodities market. Currently, Bitcoin is the most popular cryptocurrency to own in the country and remains the digital currency with the highest transaction values among Indonesian investors. It is one of the top countries with the most crypto users.
Last month, the Brazilian digital bank Nubank announced the release of its cryptocurrency — called "Nucoin" — saying it hoped to "further democratize new technologies such as blockchain and web3." Brazil is one of the top 10 active markets globally for crypto, according to 2022 Chainalysis data. It is one of the top 10 countries with the highest number of crypto users in 2022.
The Monetary Authority of Singapore (MAS) has increased access to crypto trading for authorized investors, and numerous exchanges have received preliminary clearance to offer services related to digital payment tokens in the city-state. It is one of the top countries with the most crypto users.
The crypto market in South Korea is booming but also insular in part due to regulatory restrictions. The space is dominated by five major local exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax. It is one of the top 10 countries with the highest number of crypto users in 2022.
Some of the cryptocurrencies that the security commission has approved in Malaysia are BTC, ETH, Bitcoin Cash, Ripple, Litecoin, etc. The users can buy digital currencies in any registered exchange in Malaysia. Investing in cryptocurrencies in Malaysia is safe, as long as you trade through regulated platforms. It is one of the top countries with the most crypto users.
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