UAE Leading the World in Crypto Adoption

Cryptocurrency adoption has witnessed a significant surge globally, with the UAE leading the world in embracing digital assets, Triple-A, the first digital currency payments gateway to be licensed by the Monetary Authority of Singapore (MAS), revealed.

In its report entitled “The State of Global Crypto Currency Ownerhsip 2024,” Triple-A said that the 25.3% of the UAE population owns crypto, making it number one country in the world in adoption rate in 2024.

The UAE is followed by Singapore, whose crypto adoption rate is 24.4%, Turkiye (19.3%), Argentina (18.9%), Thailand (17.6%), Brazil (17.5%) and Vietnam (17.4%) respectively among the top 30 countries in the world.

The US, Iran, the Philippines, Brazil, and Saudi Arabia also showcase indicated significant adoption rates, highlighting the diverse appeal of cryptocurrencies across different economic contexts, the report said.

“About 15.5% of the US population owns digital currencies, with nearly 53 million Americans participating. This engagement is supported by regulatory milestones such as approving spot Bitcoin and Ethereum exchange-traded funds (ETFs),” the report said.

On the other hand, the Philippines have adoption rate of 10.6%, indicating a strong inclination toward digital assets as tools for financial empowerment and wealth formation, the report said.

Globally speaking, 562 million people across the world own some or various forms of digital currencies in 2024, up from 420 million in 2023. In other words, 6.8% of the entire world population own and use digital currencies.

Asia is leading this surge, with crypto ownership rising from 268.2 million to 326.8 million, a 21.8% increase. This growth highlights Asia’s significant role in shaping the digital currency landscape, according to the report.

North America follows closely, with ownership climbing from 52.1 million to 72.2 million, a 38.6% increase. Meanwhile, in South America, cryptocurrency ownership soared from 25.5 million to 55.2

million, an impressive 116.5% increase.

Europe also saw substantial growth, with numbers rising from 30.7 million to 49.2 million, a 60.3% increase. Africa experienced a moderate rise from 40.1 million to 43.5 million, registering an increase of 8.5%.

Regulatory Frameworks

Furthermore, as countries worldwide embrace digital currency, they seem to be stepping up their respective regulatory frameworks to manage this sector. For instance, MAS has recently updated the Payment Services Act, introducing a more comprehensive regulatory framework.

These amendments include provisions for the custodial services of digital payment tokens (DPTs), facilitating their transmission, and overseeing cross-border money transfers.

The scope of these regulations also extends to transactions involving funds from outside Singapore, granting MAS the authority to enforce stringent measures on DPT service providers.

This approach is aimed at addressing risks associated with digital assets effectively. MAS will be able to enforce standards related to anti-money laundering, countering the financing of terrorism, user protection, and financial stability.

Concurrently, MAS has also published guidelines that set forth consumer protection norms for entities providing DPT services, which will take effect on October 4.

In contrast, the US has adopted a somewhat stricter stance on crypto regulations. Although it has recently authorized Bitcoin and Ethereum spot ETFs, there is a strong desire for a pro-crypto candidate to win the upcoming US election, potentially unlocking further opportunities for digital currency in the region, Triple-A data said.