February 2024’s Monthly Report on Crypto Adoption and Regulation
Crypto Adoption and Regulations: A Global Perspective
Cryptocurrency has been gaining widespread adoption in different regions, with governments recognizing its value and implementing friendly regulations to encourage acceptance among residents. February 2024 has witnessed significant developments in crypto adoption and regulation.
Coinpedia’s latest report provides a compilation of all the details related to these developments in the cryptocurrency field. This year has seen the implementation of regulations aimed at strengthening the crypto base in various regions, along with interesting cases of crypto adoption by nations. Let us delve into the world of crypto with Coinpedia’s February report on crypto adoption and regulations.
Key Metrics
The awareness and ownership rates of cryptocurrencies have reached record levels, with 40% of American adults owning crypto, up from 30% in 2023. This translates to approximately 93 million people.
Among current crypto owners, around 63% have expressed their intention to acquire more cryptocurrency in the coming year. The most desired currencies are Bitcoin, Ethereum, Dogecoin, and Cardano.
The rate of crypto ownership among women has surged from 18% a year ago to 29% at the beginning of 2024.
Furthermore, 21% of non-owners stated that the anticipated Bitcoin ETF makes them more likely to invest in cryptocurrency. This implies that as many as 29 million more Americans could soon enter the market.
46% of Americans believe that the approval of Bitcoin ETFs in 2024 will have a positive impact on the blockchain industry. Current cryptocurrency owners are even more optimistic.
Important Crypto Regulations in February 2024
A recent report revealed that over half of financially-savvy Singaporeans own cryptocurrency, with staking emerging as one of the top use cases.
New Delhi, India, has emerged as a hotspot for crypto investment, driven by young investors. Delhi continues to dominate India’s crypto adoption landscape, followed by IT hubs Bangalore and Hyderabad.
Delhi boasts the highest percentage of crypto investors in the country, with more than 20% of India’s total crypto investments concentrated in three major areas: Delhi, Bangalore, and Mumbai.
3.1. UK
Enhanced regulations in the UK will enable law enforcement agencies to seize cryptocurrency assets in crime cases, including terrorism, starting from April 26. This is a result of the passing of the Economic Crime and Corporate Transparency Act 2023.
3.2. USA
The SEC paved the way for Bitcoin ETFs in January, allowing ordinary investors to enter the market. The rate of crypto ownership in the US grew by 10% in 2023, and a total of 93 million people may hold one or more cryptocurrencies.
3.3. India
In February 2024, India witnessed overwhelming participation by young investors in the crypto landscape. Cities like Gurgaon have over 60% of crypto enthusiasts under the age of 25.
Approximately 75% of crypto investors nationwide are below the age of 35, indicating the growing interest among the youth in exploring alternative investment avenues.
The top invested cryptocurrencies in 2023 were Dogecoin, Bitcoin, and Ethereum, collectively representing 26% of the total value. Dogecoin’s share surged to 11.1%, highlighting its meteoric rise in popularity. Bitcoin (8.5%), Ethereum (6.4%), Shiba Inu (5.7%), and Cardano (5.1%) were the top 5 crypto tokens.
3.4. Top 3 MENAT Countries in Crypto Adoption
Turkey
Turkey has embraced crypto in 2024, becoming a lifeline for many in the region due to economic struggles and a high inflation rate. Major Turkish banks, Akbank and Granati BBVA, have launched crypto initiatives as the nation prepares a regulatory framework.
UAE
The UAE is at the forefront of pushing widespread adoption of crypto beyond the financial sector. In Dubai, selected retail outlets accept crypto payments, allowing consumers to make purchases using digital currencies. Approximately 27.67% of the UAE population is actively involved in cryptocurrencies.
Morocco
Moroccan youth are highly attracted to cryptocurrencies, particularly Bitcoin, as they see it as an investment opportunity to improve their financial situation. Bitcoin is also used for international payments and cross-border transfers due to its lower fees. The adoption of cryptocurrencies aligns Morocco with international practices, and discussions are ongoing regarding the regulation of cryptocurrencies.
Important Updates on Crypto Adoption
The most popular cryptocurrencies in 2024 include Bitcoin, Ethereum, Dogecoin, and Cardano.
The impact of Bitcoin ETFs has been significant, opening up the market to ordinary investors and driving further adoption.
In conclusion, the global adoption of cryptocurrencies is on the rise, with governments implementing regulations to foster acceptance and facilitate growth in this evolving sphere. The developments in February 2024 highlight the increasing interest and participation in the crypto world.