Cryptocurrency adoption has witnessed This is a significant increase globally, with the United Arab Emirates (UAE) and Vietnam becoming pioneers in digital asset adoption.
Recent data from Triple-A showed in particular that approximately 30.4%, or 3 million people of the UAE population, now own cryptocurrency, positioning the country as a leader on the global cryptocurrency scene. financial technologies.
The second leader and the laggards
Similarly, Vietnam has seen a notable increase in cryptocurrency engagement, with 21.2% of its population, or approximately 21 million people, also involved in cryptocurrencies.
This trend in Vietnam surpasses that of Singapore, a developed country known for its sophisticated financial landscape.
Vietnam’s preference for cryptocurrencies speaks to a broader trend in emerging markets where digital assets are increasingly seen as viable means of investment and wealth diversification.
Meanwhile, despite its financial prowess, Singapore boasts a more conservative crypto adoption rate of 11.1%, suggesting cautious but steadily growing engagement in the sector.
The United States, Iran, the Philippines, Brazil and Saudi Arabia also show significant adoption rates, highlighting the diverse appeal of cryptocurrencies in different economic contexts.
About 15.6% of the U.S. population owns digital currencies, with nearly 53 million Americans participating. This commitment is supported by regulatory milestones such as the approval of Bitcoin and Ethereum spot exchange-traded funds (ETFs).
On the other hand, countries like Iran and the Philippines have adoption rates of 13.5% and 13.4%, respectively, indicating a strong inclination towards digital assets as tools for financial empowerment and wealth creation.
Global Crypto Regulatory Trends: How Countries Are Adapting
Additionally, as countries around the world adopt digital currency, they appear to be strengthening their respective regulatory frameworks to manage this sector.
For example, the Monetary Authority of Singapore (MAS) recently updated the Payment Services Act, introducing a more comprehensive regulatory framework.
These changes include provisions relating to custodial services for digital payment tokens (DPTs), facilitating their transmission and overseeing cross-border money transfers.
The scope of these regulations also extends to transactions involving funds originating outside Singapore, granting MAS the authority to apply strict measures to DPT service providers.
This approach aims to effectively address the risks associated with digital assets. The MAS will be able to apply standards related to the fight against money laundering, the fight against the financing of terrorism, user protection and financial stability.
At the same time, the MAS published guidelines which sets out consumer protection standards for entities providing DPT services, which will come into force on October 4.
In contrast, the United States has taken a somewhat stricter stance on crypto regulation. Although it recently authorized Bitcoin and Ethereum spot ETFs, there remains a strong desire for a pro-crypto candidate to win the upcoming US election, potentially opening new opportunities for digital currency in the region.
Featured image created with DALL-E, chart from TradingView
