Blockchain analysis firm Chainalysis is unveiling the 2023 Global Crypto Adoption Index in a new report.
According to Chainlysis, the United States ranks fourth globally with regard to crypto adoption, behind India, Nigeria and Vietnam.
The United States and Canada are the only countries from North America in the top 20. Canada is ranked 19th in the 2023 Global Crypto Adoption Index.
The most prominently represented region on the index is “Central & Southern Asia and Oceania,” which has seven countries among the top 20.
The blockchain analysis firm says North America is the world leader with regard to crypto usage. According to Chainalysis, the cryptocurrency value received on-chain by North America between July 2022 and June 2023 was an estimated $1.2 trillion, or about 24.4% of the global total. The United States received over $1 trillion of that value while Canada and Bermuda combined received less than $200 billion.
With regard to crypto regulations, the Chainalysis report says that “more and more stablecoin activity is occurring through entities that aren’t licensed in the United States,” despite over 90% of all stablecoin activity taking place in US dollar-pegged stablecoins.
“Since spring of 2023, the majority of stablecoin inflows to the 50 biggest crypto services have shifted from US licensed services to non-U.S. licensed services, undoing a shift in the opposite direction that occurred over the course of late 2022 and early 2023. As of June, a 54.6% share of stablecoin inflows to the top 50 services were going to non-US licensed exchanges…
Though US entities originally helped legitimize and seed the stablecoin market, more crypto users are pursuing stablecoin-related activity with trading platforms and issuers headquartered abroad. Unfortunately, this means the US government is increasingly losing its ability to conduct stablecoin oversight and US consumers are missing opportunities to engage with stablecoins with the safeguards provided by the US regulatory regime.”
The Chainalysis report further says that policymakers in the US will need to pass stablecoin legislation that keeps consumers safe while creating an enabling environment for the crypto industry.
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