The 2024 Global Adoption Index: Central & Southern Asia and Oceania (CSAO) Leads the World in Cryptocurrency Adoption
Introduction The latest edition of the Chainalysis Global Crypto Adoption Index is here! Now in its fifth year, this report leverages both on- and off-chain data to identify the top countries driving grassroots cryptocurrency adoption. By analyzing real-world usage trends, the index highlights how and why people across different regions are embracing crypto.
Key Topics Covered
- The methodology behind the Global Crypto Adoption Index
- Changes in this year’s ranking methodology
- The top 20 countries for 2024
- Key takeaways and insights
How the Global Crypto Adoption Index Works
The index consists of four sub-indexes that measure various aspects of cryptocurrency usage. We rank 151 countries based on these metrics and normalize their scores on a 0 to 1 scale, where 1 represents the highest level of adoption.
Sub-Index Categories:
- On-Chain Cryptocurrency Value Received by Centralized Services (weighted by GDP per capita, PPP adjusted) – This metric evaluates total cryptocurrency value received by centralized services relative to a country’s economic capacity.
- On-Chain Retail Cryptocurrency Value Received by Centralized Services (weighted by GDP per capita, PPP adjusted) – Measures the extent of crypto activity among individual, non-professional users via retail transactions below $10,000.
- On-Chain Cryptocurrency Value Received by DeFi Protocols (weighted by GDP per capita, PPP adjusted) – Evaluates DeFi adoption by tracking transaction volumes.
- On-Chain Retail Cryptocurrency Value Received by DeFi Protocols (weighted by GDP per capita, PPP adjusted) – Focuses on smaller DeFi transactions that reflect grassroots adoption.
Methodology Updates for 2024
This year’s index features two key changes:
- Refined Measurement of DeFi Activity: We now exclude intermediary smart contract transfers to provide a more accurate estimate of real DeFi adoption.
- Exclusion of P2P Exchange Volume: Due to a significant decline in P2P trading activity following the shutdown of LocalBitcoins.com, this sub-index has been removed.
Top 20 Countries in the 2024 Global Crypto Adoption Index
The CSAO region dominates the rankings, with seven countries in the top 20. These markets exhibit strong engagement in centralized exchanges, DeFi platforms, and merchant adoption.
| Rank | Country | Region | Centralized Service Rank | Retail Centralized Service Rank | DeFi Rank | Retail DeFi Rank |
| 1 | India | CSAO | 1 | 1 | 3 | 2 |
| 2 | Nigeria | Sub-Saharan Africa | 5 | 2 | 2 | 3 |
| 3 | Indonesia | CSAO | 6 | 6 | 1 | 1 |
| 4 | United States | North America | 2 | 12 | 4 | 4 |
| 5 | Vietnam | CSAO | 3 | 3 | 6 | 5 |
| 6 | Ukraine | Eastern Europe | 7 | 5 | 5 | 6 |
| 7 | Russia | Eastern Europe | 11 | 7 | 7 | 7 |
| 8 | Philippines | CSAO | 9 | 8 | 14 | 9 |
| 9 | Pakistan | CSAO | 4 | 4 | 18 | 13 |
| 10 | Brazil | LATAM | 8 | 10 | 10 | 14 |
| 11 | Türkiye | MENA | 14 | 11 | 15 | 11 |
| 12 | United Kingdom | Europe | 12 | 21 | 9 | 8 |
| 13 | Venezuela | LATAM | 17 | 16 | 11 | 12 |
| 14 | Mexico | LATAM | 18 | 17 | 13 | 10 |
| 15 | Argentina | LATAM | 13 | 13 | 17 | 20 |
| 16 | Thailand | CSAO | 16 | 15 | 19 | 16 |
| 17 | Cambodia | CSAO | 10 | 9 | 35 | 23 |
| 18 | Canada | North America | 22 | 26 | 16 | 15 |
| 19 | South Korea | Eastern Asia | 15 | 14 | 33 | 33 |
| 20 | China | Eastern Asia | 20 | 18 | 24 | 22 |
Trends in Global Crypto Activity
Between Q4 2023 and Q1 2024, the total value of global crypto activity increased significantly, surpassing levels seen during the 2021 bull market.
Key Takeaways:
- Crypto Adoption Spans All Income Levels: While last year’s growth was driven by lower-middle-income countries, 2024 has seen increased adoption across all economic brackets.
- Bitcoin ETF Impact: The launch of Bitcoin ETFs in the U.S. has spurred institutional adoption, particularly in North America and Western Europe.
- Stablecoin Growth in Emerging Markets: Retail and professional stablecoin transfers have surged in Sub-Saharan Africa and Latin America, supporting real-world use cases.
- DeFi Expansion: DeFi activity has seen remarkable growth in Sub-Saharan Africa, Latin America, and Eastern Europe, fueling an increase in altcoin transactions.
Conclusion
The 2024 Global Crypto Adoption Index underscores the continued expansion of cryptocurrency adoption worldwide. The CSAO region remains the leader in grassroots adoption, while institutional investors have driven Bitcoin’s resurgence in high-income regions. Meanwhile, DeFi’s growth in emerging markets highlights the evolving nature of crypto’s global impact.
Stay ahead of the curve—download the full report for in-depth insights into the global crypto landscape!