The analysis indicates challenges in ranking crypto investment by country, emphasizing on-chain value flows over surveys. The U.S. leads in total numbers, while India has the most owners, with significant per-capita rates seen in the UAE, Singapore, and Vietnam. Regulatory frameworks vary in effectiveness; positive outcomes emerge in pro-crypto environments like the UAE and Singapore, while negative examples include the Bahamas and El Salvador. The U.S. maintains a mixed regulatory stance, complicating the landscape for firms. Ultimately, regulatory clarity and mobile finance significantly influence crypto adoption rates.
UAE's light-touch licensing and clear AML rules attracted major players like Binance and Bybit, resulting in high crypto investment among its residents.
India leads in the number of crypto owners, with 93.5 million individuals, yet smaller tech-savvy hubs outperform on a per-capita basis.
In jurisdictions with clear regulatory frameworks like Singapore and Switzerland, the linkage of tokenized assets to banking systems led to positive outcomes for crypto adoption.
The U.S. enforcement-first approach by the SEC has left crypto firms uncertain about compliance, highlighting the need for clearer regulatory guidance.
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