Countries such as the UAE, Vietnam, and the United States have experienced a substantial surge in the usage of cryptocurrencies.
The United Arab Emirates (UAE), with a significant 30.4% of its population possessing crypto, is leading the way in the worldwide financial technology (fintech) industry.
Vietnam boasts a substantial number of crypto users, with 21.2% of its people actively participating in the crypto market.
This surpasses Singapore, which is renowned for its modern financial industry. The significant rate of adoption is indicative of a prevailing pattern in developing economies, where there is a strong inclination towards investing in digital assets as a means of diversifying wealth.
In the US, 15.6% of the population possesses digital currencies, thanks to legislative progress such as the endorsement of Bitcoin and Ethereum spot exchange-traded funds (ETFs). Iran and the Philippines had adoption rates of 13.5% and 13.4%, respectively.
As nations embrace digital currencies, they are revising their legislation. The Payment Services Act in Singapore has been updated by the Monetary Authority (MAS) to include extensive restrictions for digital payment tokens (DPTs).
These regulations primarily aim to address issues related to anti-money laundering, fighting terrorism funding, user protection, and financial stability. The US has adopted a more stringent regulatory position, and there is a strong desire for a candidate who supports cryptocurrency in the upcoming election to promote the expansion of digital currency.
