Evercode Lab is a growing blockchain development company. As such, we find the ongoing crypto legalization process extremely important. Therefore, we track and welcome every step taken in this direction. Understandably, we like to be approached by customers from all over the globe. Thus, the more crypto-friendly countries there are, the better it is for Evercode Lab. And what’s good for Evercode Lab is also good for the web3 industry. 


Crypto Adoption Countries, Rates and Index


Ever since 2009, the very beginning of crypto, digital assets have come a long way, both technologically and legally. As of now, there is just one country where BTC is a full-fledged legal tender. Obviously, it is El Salvador.


Who is going to legalize crypto in the short-run?


Yahoo!Finance reminds us, the range of crypto-enthusiasts includes Panama, Cuba, Paraguay, and Ukraine.

One can conclude that the range of crypto enthusiastic countries is still limited. At the same time, many more nations, while not contemplating any sort of full legalization, are experimenting with crypto.

Indeed, as of November 2021, there were as few as 9 countries with an absolute ban on crypto: China, Nepal, Bangladesh, Tunisia, Algeria, Iraq, Oman, Egypt, and Morocco.

In addition to that, 42 nations are pursuing the policy of the so-called ‘implicit bans.’ Such measures may cover ‘prohibiting banks and other financial institutions from dealing in cryptocurrencies or offering services to individuals/businesses dealing in cryptocurrencies.’ On top of that, one can also mention banning ‘cryptocurrency exchanges.’

What are the ‘implicit ban’ countries? To name a few, they include Moldova, Turkey, Bolivia, Ecuador, Indonesia, Saudi Arabia, Nigeria, Tanzania, and some other African countries.

As for the type called ‘Regulatory Framework for Cryptocurrencies,’ it covers, on the one hand, tax laws and AML/CFT laws on the other hand. Countries may also apply both frameworks to crypto, thus, recognizing and trying to regulate it. Back in November 2021, there were 103 nations of this type. Most of them are applying both frameworks to digital assets. This range includes such developed and advanced countries as the US and Canada, the UK, all the EU member states (excluding Bulgaria), Japan, and South Korea. As for the prominent developing countries, one can name India, Argentina, and Thailand.  

At the same time, it is clear that a legal framework may differ from the actual situation. So it will be a reasonable step to revisit the most reliable and illustrative crypto adoption rates and indexes.

Our first guideline in this respect is the Crypto Adoption Index proposed by Chainalysis. They rank countries in accordance with the following three criteria: 

  • Value of on-chain crypto received, weighted by PPP
  • On-chain retail value transferred, again, adjusted to PPP
  • P2P exchange trade volume

In this context, the TOP-10 leading countries are: 

  • Vietnam 
  • India 
  • Pakistan
  • Ukraine
  • Kenya 
  • Nigeria 
  • Venezuela 
  • US 
  • Togo 
  • Argentina 

Another valuable indicator is the popularity of crypto measured by percentages of the corresponding populations. In this respect, the TOP-10 countries are: 

  • Ukraine – 12.73%
  • Russia – 11.91%
  • Venezuela – 10.34%
  • Singapore – 9.40%
  • Kenya – 8.52%
  • US – 8.31%
  • India- 7.30%
  • South Africa – 7.11%
  • Nigeria – 6.31%
  • Colombia – 6.14%