Cryptocurrency Adoption Report March 2024: Global Trends, Key Countries and Regulatory Insights

Global cryptocurrency adoption trends will reach record highs in developing countries after 2022. Cryptocurrency adoption is particularly high in regions such as Latin America, Africa, and Asia. On March 5, Forbes showed notable changes in the cryptocurrency market following the 2023 macroeconomic recession. Bitcoin hit a high of $45,208 in early 2024, and on January 3, 2024, the market size reached $1.74 trillion. Now that Bitcoin has surpassed its all-time high of $70,000, this is having a positive impact on cryptocurrency adoption.

This report from Coinpedia will cover all the essential insights on cryptocurrency adoption in March 2024. Let’s check out how the market has grown over the past month!

Cryptocurrency adoption analysis in March

According to Crypto.com’s Cryptocurrency Market Size Report, global cryptocurrency ownership will increase by 34% in 2023. Ethereum ownership increased by 39%, while Bitcoin users increased by 33%. With Bitcoin reaching an all-time high of $70,000 on March 8, 2024, cryptocurrency enthusiasts were closely watching the token’s movements. Cryptocurrency adoption rates are also being affected, with many countries taking a flexible stance regarding cryptocurrency adoption.

Here are the top 5 countries with the highest cryptocurrency adoption in March 2024!

1. India

Percentage of total population owning cryptocurrency: 6.55%

India is definitely the country with the highest cryptocurrency adoption rate in the world. According to a recent report by Chainalytic, India led the cryptocurrency adoption index in 2023. India’s thriving IT industry and passionate youth could be the reason for the high rate of cryptocurrency adoption in India in 2024.

2. china

Percentage of total population owning cryptocurrency: 4.15%

In 2023, approximately 5.5% of China’s population owned cryptocurrency. Technological advancements in China’s cryptocurrency sector are expected to lead to positive cryptocurrency adoption in China in 2024.

3. USA

Percentage of total population owning cryptocurrency: 15.56%

The United States ranks third on the list of countries with the highest cryptocurrency adoption, with most cryptocurrency owners falling in the 18-34 age group. Despite all the regulatory circumstances in the region, adoption rates are on the rise.

4. brazil

Total number of people owning cryptocurrency: 25,955,176

Brazil ranks fourth on the list as it is one of the friendliest countries in the world when it comes to cryptocurrency usage. Cryptocurrency-friendly regulations have transformed our country into a place where digital currencies thrive.

5. vietnam

Total number of people owning cryptocurrency: 20,945,706

Vietnam ranks 5th on the list due to its cryptocurrency-friendly scenario in terms of cryptocurrency adoption among the 18-34 age group.

Important Cryptocurrency Regulations for March 2024

Below is a summary of cryptocurrency regulations for March 2024. Here’s how:

It has established itself as one of the friendliest places for cryptocurrency companies. As Beijing continues its crackdown, it has welcomed many companies in the industry. But the Securities and Futures Commission (SFC) is planning new legislation to crack down on some parts of the industry. In this case, the city plans to target more than 450 stores, ATMs, and websites that offer cryptocurrency services.

The Treasury’s Financial Crimes Enforcement Network (FCEE) has stepped up its fight against money laundering. Although many large investment advisers are already required to disclose such events, the more than 17,000 state registered advisers are not required to do so. These rules start to apply to these advisors.

According to the department, these companies are required to implement anti-money laundering (AML) and terrorist financing compliance programs and submit activity reports to FinCEN. It will also maintain records and facilitate sharing between FinCEN and other law enforcement agencies.

ASIC has announced it will step up its scrutiny of companies it accuses of engaging in predatory lending. The agency has already sent letters to more than 30 large lenders that have been in the industry for some time.

We have asked you to comply with the law and provide appropriate support to customers in distress. They have also sued some of these companies, seeking financial compensation.

Taiwan’s Financial Supervisory Commission (TFSC) announced plans to allow active ETFs in Taiwan. The agency has been studying how its assets fit into the development of the financial services industry. We have already collected input from key industry players.

Taiwan will join other companies in Asia that have launched ETFs. Singapore and Japan have already permitted these assets as demand grows. According to the most recent data, the combined value of all ETFs in Taiwan has grown by more than 64% over the past 12 months to more than $3.8 trillion.

Cryptocurrency exchange KuCoin and two of its founders have been indicted by U.S. federal prosecutors on charges of violating anti-money laundering laws.

Indonesia’s financial services regulator OJK has announced new regulations to implement technological innovation in the financial sector, which will apply to cryptocurrencies from January 2025.

The new regulations are intended to guide banks, insurance companies and others in the financial industry to innovate with new technologies.

It touches on how innovations in the financial sector are impacting various financial products and services and how businesses operate digitally.

It is also about new guidelines on consumer protection in the cryptocurrency sector in Indonesia.

Social media influencers and cryptocurrency memes fall within the scope of UK regulations on financial promotions. Cryptocurrency companies here must include clear risk warnings on their websites and communications, and provide first-time buyers with a 24-hour cooling-off period before completing their purchase.

Japan recently included a proposal to allow limited investment partnerships to acquire and hold cryptocurrency assets. The proposal was announced by Japan’s Ministry of Economy, Trade and Industry.

This emphasizes the inclusion of crypto assets in the legal framework to legitimize institutional investment strategies and their use in the global asset space.

Adoption by City

The latest city added to the list is a city in Spain! Torrevieja, a Spanish tourist hub with a population of 82,000, plans to become “Europe’s first cryptocurrency-friendly city” by accepting cryptocurrencies in stores. Recently, the official website of the Torrevieja administration announced the city’s ‘ambitious digital transformation project’ in collaboration with the Torrevieja City Council’s Commerce Department and the Torrevieja Small and Medium Business Association. Local governments and businesses will use blockchain technology to digitize local commerce, creating Europe’s first cryptocurrency-friendly city in 2024!

Cryptocurrency ownership patterns (by gender)

According to recent cryptocurrency ownership data, there are more than 420 million digital currency users globally.

• 37% of global cryptocurrency holders are women, or nearly 155 million people. There are 263 million digital currency investors in Asia alone, with India having the largest number of cryptocurrency investors at 93 million, followed by Vietnam.
• In Vietnam, this equates to 12 million female cryptocurrency owners, or 24% of the female population.
• The Philippines comes in second place with 9.6%, representing more than 5.5 million female cryptocurrency owners.
• Almost 10% of Indian women own cryptocurrency. Although India ranks third in terms of population, it ranks first in the world in terms of numbers. This means that by 2024, 63 million Indian women will own cryptocurrency.

conclusion

The cryptocurrency area is expanding day by day. Cryptocurrency adoption rates are expected to skyrocket in 2024 as new cities, states, companies, and individuals adapt to the new asset class!