In recent years, the cryptocurrency industry has undergone significant changes. Governments that once criticized the crypto market are now embracing it, leading to shifts in which countries dominate in terms of adoption. Recently, data from Triple-A highlighted that the United Arab Emirates (UAE) is a major player in the industry.
According to the survey, 30.4% of the UAE population owns cryptocurrency. However, reports suggest that the UAE may ban the use of cryptocurrencies for payments, which could potentially impact their position.
On June 5th, the Central Bank of the UAE (CBUAE) discussed projects under the Financial Infrastructure Program (FIT), aimed at supporting digital transformation. Cryptocurrency advocate Irina Heaver believes that the new laws could lead to a ban on crypto payments in the UAE.
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Vietnam is emerging as a strong competitor to the UAE in the crypto space. The study shows a significant increase in cryptocurrency ownership in Vietnam, with 21.2% of the population, or over 21 million people, participating in the market. This is remarkable considering Vietnam’s smaller size compared to countries like the USA and Singapore.
The United States, despite having 53 million cryptocurrency holders, ranks third as this number represents only 15.6% of their population. With the recent interest in cryptocurrencies from both President Joe Biden and former President Donald Trump, the USA may experience further adoption growth.
