Recent research suggests that only 13.7% of Americans use Bitcoin (BTC) and other crypto assets, yet they account for the highest trading volume.
Huobi Exchange’s latest data has revealed that the US is the most “senior” crypto market in 2022, with a score of 91.9.
Vietnam and US Lead in Crypto Adoption
Despite the recent decrease in Bitcoin prices, global interest in cryptocurrency remains high. The survey conducted by Huobi Research, a subsidiary of Huobi Global, showed that 9.2% of global centralized exchange (CEX) volume comes from the US, and DeFi accounts for 31.8%.
According to the report, crypto is less popular in the US than in other countries, with only 13.7% of Americans owning crypto, compared to 20.3% in India and 15% in Vietnam, the leader in crypto adoption.
Japan and South Korea are also ranked highly in terms of cryptocurrency trading volume, with South Korea in second place with 7.4% and Japan in sixth place with 3.85% in Asia.
At the other end of the scale, China, Singapore and South Korea scored 5.9, 9.4 and 14.5 respectively. Singapore stands out, considering the growth in cryptocurrency regulation.
“Singapore has become a major destination for tech startups, attracting many innovators and unicorn companies, which naturally includes crypto players,” Huobi said.
“Singapore maintains a high tolerance and openness for the crypto industry: regulations apply, but there is still plenty of room for innovation.”
However, only 4.9% of the population owns cryptocurrency, contributing 0.8% to global CEX volumes, the lowest rate in the world.
Regulatory Action Could Prevent Another FTX
Huobi’s report acknowledges the complex regulatory environment for cryptocurrencies, in light of the FTX scandal.
Related: Will Grayscale Be the next FTX?
FTX was not the largest crypto disaster of the year, as the Terra LUNA scandal and the Three Arrows Capital (3AC) insolvency were more significant.
“The FTX bankruptcy is the third most influential incident in 2022 after the Terra and 3AC collapses. The main issues in the FTX case are misappropriation of funds, affiliate transactions with Alameda Research, etc. At the time, some US regulators expressed that they were investigating or had already begun investigating the issues a few months ago. However, the FTX incident would not have occurred if crypto asset regulations in various countries had been properly implemented.”
Cointelegraph will continue to monitor the latest developments in FTX and their impact on the crypto markets.
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