Are you curious to find out which countries have the most crypto users? Crypto users are people who use digital currencies such as Bitcoin, Ethereum, and Litecoin for transactions. As of 2021, the number of crypto users has increased rapidly, with more than 100 million people estimated to be involved in crypto activities worldwide. In 2023, this number has grown considerably.
Wish to learn more? So continue reading to learn the top 10 nations with the most cryptocurrency users in 2023.
Top 10 countries with the most cryptocurrency users in 2023
Crypto users have become increasingly common around the world as more countries recognize the benefits and potential of digital currencies. Here, we review some of the top countries based on their estimated crypto user base in 2023.
1. United Arab Emirates – 27.67% of its population
The United Arab Emirates (UAE) is one of the most progressive countries when it comes to digital currencies. The UAE has a well-regulated crypto market and allows citizens to trade cryptocurrencies without fear of legal repercussions.
Crypto users in the UAE are also given access to various online platforms and services for trading, as well as educational materials. This has encouraged a large number of people to invest and use cryptocurrencies, with an estimated 27.67% of the population being crypto users in 2023.
Read also: Dubai as a center of innovation: from blockchain to AI, a city projected into the future
2. Vietnam – 26% of its population
Vietnam is another country that stands out when it comes to the number of cryptocurrency users percentage-wise. The government there has taken a proactive stance in regulating the crypto industry, providing more certainty to users.
Additionally, Vietnam has implemented numerous initiatives to help promote digital currency adoption, such as launching a blockchain-based system for online payments and allowing businesses to issue their own tokens. As a result, nearly 26% of Vietnamese citizens will be using cryptocurrencies in 2023.
3. The United States – 13.7% of its population
The crypto markets in the US are relatively new, but they have already attracted a large number of users. In fact, the country has an estimated 13.7% of its population as crypto users. This is largely due to the US’s open attitude towards cryptocurrencies and its advanced financial infrastructure.
Additionally, many blockchain-related projects are being developed within the country, which has further created an appetite for digital currencies among its population.
4. The Philippines – 13% of its population
One of the economies in Asia with the quickest rate of growth is the Philippines, which has embraced digital currencies wholeheartedly. The country’s progressive financial sector, combined with its population’s tech-savvy nature, has contributed to the growth in crypto users.
This is further supported by the government, which announced plans to regulate cryptocurrencies back in 2017. In 2023, about 13% of Filipinos will be using digital currencies.
5. India – 11.5% of its population
India is home to one of the world’s largest populations, and it has also seen a surge in crypto users over the last few years. This growth is largely due to the government’s openness towards embracing new technologies, such as blockchain and cryptocurrencies.
Additionally, there is strong consumer demand for digital currencies in India due to their perceived benefits over traditional payment methods. Thus, an estimated 11.5% of Indians will be users of digital currencies in 2023.
6. Ukraine – 10.3% of its population
With 10.3% of its total population as crypto users in 2023, Ukraine is one of the top countries for cryptocurrency adoption. The country already has more than 200 digital asset exchanges and numerous startups that focus on blockchain technology.
Increasingly, Ukrainians are turning away from traditional banking systems and towards digital currencies as a way to store and transfer value.
7. South Africa – 10% of its population
With 10% of its population as crypto users in 2023, South Africa is one of the top markets in Africa for cryptocurrency adoption. There are other significant exchanges in the nation, including Luno and VALR, and it has seen an increase in investments due to its low-cost electricity and favorable regulatory environment. This is especially true since South Africa’s first cryptocurrency exchange, VALR, launched in 2018.
8. Thailand – 9.32% of its population
With 9.32% of its population as crypto users in 2023, Thailand has been an enthusiastic adopter of digital currencies. The country has significantly increased trading volumes since the government issued crypto assets and exchange regulations in 2018. This has made it easier to buy, sell, and store cryptocurrencies, promoting their use among Thai citizens.
9. Brazil – 6.98% of its population
Brazil has seen a rise in crypto usage over the past few years and will have nearly 7% of its population as active crypto users in 2023. This impressive growth is largely attributed to the country’s vibrant P2P marketplace, which offers easy access to Bitcoin exchanges and wallets. Additionally, the nation is home to one of Latin America’s biggest cryptocurrency exchanges, making it simpler for Brazilians to buy and trade virtual money.
10. France – 5.90% of its population
France has a long history of embracing new technologies and trends, evidenced by its 5.90% crypto user base in 2023. The French have a keen interest in digital currencies, and many of the country’s top financial institutions, such as BNP Paribas, are actively exploring blockchain technology.
Additionally, the government has taken an open approach to cryptocurrency regulation which allows tech companies to flourish within the space. This welcoming attitude has made France a hotbed for crypto-based services and businesses.
Overall, these 10 countries provide an insightful look at the global spread of crypto usage. As more nations begin to recognize the potential of digital currencies, we can expect to see further growth in this area over the coming years. Moreover, as blockchain technology continues to evolve and mature, cryptocurrency will become a much more prominent feature in our lives.
Read also: Global cryptocurrency regulatory framework: FSB, IMF and BIS lay the groundwork for common rules