Vietnam, Philippines Top List of 2022 Crypto Adopters, India at #4: Chainalysis Report

Has the bear market dented the confidence of investors around the world in cryptocurrencies? Which countries are leading the pack in terms of cryptocurrencies deposited in exchanges and other investing platforms such as De-Fi? Chainalysis will be publishing a full report this October, and in a blog post has given a peek into the major highlights for this year so far.

Chainalysis looked at crypto deposits into central and P2P exchanges taking place from 146 countries. It also tracked trading volumes in Defi platforms. The total amounts from each country in five investing avenues were made comparable with purchasing power parity weightages. Retail or individual investors were scored separately from institutions and organizations (for over $10K per transaction).

The resulting numbers were made into the Global Crypto Adoption Index.

For the year 2022, the results reveal that crypto adoption, though it has decreased in the last two years, is still above the pre-2019 levels.

Which countries are investing more money in cryptocurrencies? The developed, the emerging or the underdeveloped?

The 2022 data shows Emerging countries to be more interested in buying cryptocurrencies.

Out of the top 20 ranked countries, here is the distribution based on income levels:

  • 10 / 20 – Lower middle income (Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia.)
  • 8/20 – Upper middle income (Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador)
  • 2/20 -High income (US and UK)

The rankings

The top two countries with great crypto adoption are Vietnam and Philippines. Vietnam was also the top crypto country last year.

Second tier – Four countries with good cryptocurrency interest – India, Pakistan, US and Ukraine. cryptocurrencies.

Third tier – Countries like China, Brazil, Russia, Argentina, Thailand, Turkey, Nigeria and Argentina.

In Vietnam, over 20% people either own or use cryptocurrencies, although Nigeria has over 30% users. Gaming is an attractive avenue in Vietnam, with popular games like Axie Infinity. It is noteworthy that in Philippines, the Borocay island is the emerging “Bitcoin island”, where over 100 retailers accept Bitcoin. The case for Pakistan makes sense as services like PayPal are not available here, especially affecting the large number of freelancers. War-hit Ukraine has good reasons to legalize and promote.

Among the high movers, US is now in top five after ranking eighth last year. China is back in top ten after placing thirteenth last year.

The data suggests that many of those attracted by rising prices in 2020 and 2021 stuck around, and continue to invest a significant chunk of their assets in digital assets,” says a blog from Chainalysis.

global crypto adoption rankings

Global Crypto Adoption Index

Five sub-indices (all weighted by PPP) calculated by total amounts received from each country:

  1. From large institutions (>$10,000 per transaction) – The total cryptocurrency received at central exchanges for each country, divided by their PPP, i.e., the wealth of one person for that country compared to the world.For e.g., if an American and Indian bank deposit $10,000 worth of BTC each at Binance. Since US has a greater wealth per person, the Indian bank will score higher. These scores are normalized between 0 and 1 for ranking purpose.
  2. From retail investors in centralized exchanges
  3. From traders on P2P exchanges – Total traded volume for each country. P2P are decentralized exchanges, where traders directly buy and sell from each other anonymously, without the use of a common ledger of the exchange. Apart from PPP, the amount is also weighted by total internet users in that country. So the country with less internet users will score higher.
  4. Institutions investing in DeFi services.
  5. De-Fi retail investors

This year’s report includes DeFi services – where cryptocurrency moves between private wallets, and the total volume shows up on explorers. Obviously, this number will there be much higher than centralized exchanges, where the figures are based on the amounts deposited and withdrawn, and not the actual trade volumes. This anomaly has been factored in to show a more accurate picture of actual DeFi and central exchange activity.


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