Cryptocurrencies continue to increase in popularity all around the world. With many countries legalising the currency and more and more infrastructure being put in place, crypto is now available to more people worldwide.
Several countries are leading the crypto adoption path, however, and offer the most opportunity for people to start trading and investing in cryptocurrencies. In fact, the most crypto-ready countries in 2023 are Australia, the US, Brazil, the United Arab Emirates, Hong Kong, Taiwan, India, Canada, Turkey and Singapore (in that order), according to a new study by HedgewithCrypto, a consultancy and info-hub for the crypto market that, for this research, compared nations’ crypto adoption rate, number of crypto ATMs and number of Google searches for crypto.
HedgewithCrypto found that the percentage of Australia’s population who have adopted crypto has more than doubled since 2020, rising from 8% to 18% in 2020. Australians have shown an increased interest in crypto, with searches for cryptocurrency rising by 196% in 2022 compared with 2020. Meanwhile, the sale of cryptocurrency and other digital assets is both legal and regulated in Australia.
The US ranks as the second-biggest country in terms of crypto adoption. Around 16% of Americans either owned or used cryptocurrencies during 2022, rising from just 10% in 2020. This is no surprise as some of the biggest crypto exchanges such as Coinbase and Kraken reside in the US. Moreover, the US is also among the countries with the highest number of crypto-related articles over the past year at more than 25,000. Meanwhile, the US by far leads the charge for cryptocurrency infrastructure with more than 30,000 more crypto ATMs than any other country.
Ranking third, Brazil has seen a huge increase in average monthly searches for crypto (at 355%), alongside 3,326 crypto-related articles in the past year. Just under a quarter of Brazil’s population (24%) have either owned or used cryptocurrencies during 2022, rising from 13% in 2020. Brazil also had zero ATMs back in 2020 but has since opened 25. A new bill signed in December 2022 legalises cryptocurrency throughout Brazil.
Although the UK did not make the HedgewithCrypto's top ten locations, it has made efforts to upscale its crypto infrastructure in an effort to secure more investment across financial services. For example, in 2022, Westminster initiated a plan to have stablecoins recognised as a valid form of payment as part of wider efforts to make the UK a global hub for crypto asset technology and investment.
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"It is my ambition to make the UK a global hub for crypto asset technology, and the measures we have outlined today will help to ensure companies can invest, innovate and scale up in this country," said former Chancellor of the Exchequer (and now Prime Minister) Rishi Sunak. "We want to see the businesses of tomorrow – and the jobs they create – here in the UK and by regulating effectively we can give them the confidence they need to think and invest long-term."