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1、The 2022 Geography of Cryptocurrency ReportEverything you need to know about crypto adoption around the globe2Table of Contents2Table of ContentsTable of ContentsThe 2022 Global Crypto Adoption Index 3North America 11Latin America 19Central,Northern&Western Europe 28Eastern Europe 36Central&Southern

2、 Asia and Oceania 45Eastern Asia 55Middle East&North Africa 64Sub-Saharan Africa 72 The 2022 Global Crypto Adoption Index:The Full List 813The 2022 Global Crypto Adoption IndexThe 2022 Global Crypto Adoption Index4The 2022 Global Crypto Adoption IndexThe 2022 Global Crypto Adoption Index:Emerging ma

3、rkets lead in grassroots adoption,China remains active despite ban,and crypto fundamentals appear healthyWere excited to share with you Chainalysis 2022 Global Crypto Adoption Index.For the third consecutive year,we ranked all countries by grassroots cryptocurrency adoption.What is grassroots adopti

4、on of cryptocurrency?Think of it this way:We could easily rank countries by raw cryptocurrency transaction volume,which would give you a straightforward view of where the most cryptocurrency activity is happening.But thats not what were interested in.The goal of our index is to measure where the mos

5、t people are putting the biggest share of their money into cryptocurrency.While institutional activity is important to that,we also want to highlight the countries where individual,non-professional investors are embracing digital assets the most.You can read our methodology below to learn how we do

6、that,then keep scrolling to see the top 20 of our index.You can also go to page 82 of this report to see the full list of country rankings.Our methodologyOur Global Crypto Adoption Index is made up of five sub-indexes,each of which is based on countries usage of different types of cryptocurrency ser

7、vices.We rank all 146 countries for which we have sufficient data according to each of those five metrics,take the geometric mean of each countrys ranking in all five,and then normalize that final number on a scale of 0 to 1 to give every country a score that determines the overall rankings.The clos

8、er the countrys final score is to 1,the higher the rank.In order to calculate our sub-indexes,we estimate countries cryptocurrency transaction volumes for different services and protocols based on the web traffic patterns of those services and protocols websites,with web traffic data provided by Sim

9、ilarweb.Relying on web traffic data means that usage of VPNs and other products that mask online activity could throw off our rankings,but given that our index takes into account hundreds of millions of transactions,VPN usage would need to be extremely widespread to meaningfully skew our data.Expert

10、s we interviewed for the report generally 5The 2022 Global Crypto Adoption Indexagreed that our index matches their perceptions of the markets they operate in,giving us more confidence in the methodology.Below,we lay out our five sub-indexes and how theyre calculated.On-chain cryptocurrency value re

11、ceived at centralized exchanges,weighted by purchasing power parity(PPP)per capitaThe goal of this sub-index is to rank each country by total cryptocurrency activity occurring on centralized services,and to then weight the rankings to favor countries where that amount is more significant based on th

12、e wealth of the average person and value of money generally within the country.We calculate the metric by estimating total cryptocurrency received by users of centralized services in each country,and weighting the on-chain value based on PPP per capita,which is a measure of the countrys wealth per r

13、esident.The higher the ratio of on-chain value received to PPP per capita,the higher the ranking,meaning that if two countries had equal cryptocurrency value received,the country with the lower PPP per capita would rank ahead.On-chain retail value received at centralized exchanges,weighted by PPP pe

14、r capitaThe goal of this metric is to measure the activity of non-professional,individual cryptocurrency users at centralized services,based on how much cryptocurrency theyre transacting compared to the wealth of the average person.We approximate individuals cryptocurrency activity by measuring the

15、amount of cryptocurrency moved in retail transactions,which we designate as any transaction for under$10,000 USD worth of cryptocurrency.We then rank each country according to this metric but weight it to favor countries with a lower PPP per capita.Peer-to-peer(P2P)exchange trade volume,weighted by

16、PPP per capita and number of internet usersP2P trade volume makes up a significant percentage of all cryptocurrency in emerging markets.For this sub-index,we rank countries by their P2P trade volume and weight it to favor countries with lower PPP per capita and fewer internet users,the goal being to

17、 highlight countries where more residents are putting a larger share of their overall wealth into P2P cryptocurrency transactions.On-chain cryptocurrency value received from DeFi protocols,weighted by PPP per capitaDeFi has been one of the fastest-growing areas of cryptocurrency over the last two ye

18、ars.In fact,as we see in the case of DEXes vs.CEXes,decentralized cryptocurrency protocols,which primarily use Ether as opposed to Bitcoin,have at times overtaken centralized services in on-chain transaction volume.Given the importance of DeFi to innovation in cryptocurrency,we wanted our adoption i

19、ndex 6The 2022 Global Crypto Adoption Indexto highlight countries where users are concentrating a disproportionately high share of their financial activity in DeFi protocols.For this sub-Index,we rank countries by their DeFi transaction volume,with weighting to favor countries with lower PPP per cap

20、ita.On-chain retail value received from DeFi protocols,weighted by PPP per capitaJust as we want our index to incorporate the activity of non-professional,individual cryptocurrency users on centralized services,we want to do the same with DeFi.So,this sub-index ranks each country by DeFi transaction

21、 volume carried out in retail-sized transfers,weighted to favor countries with lower PPP per capita.How our methodology changed this yearThe biggest change to our index methodology this year is the addition of two sub-indexes based on DeFi transaction volume,and the modification of two other sub-ind

22、exes to include only transaction volume associated with centralized services.We did this for two reasons:First,as we explain above,to highlight countries leading the way in DeFi given its importance to the overall cryptocurrency ecosystem.Second,we wanted to address the issue of DeFi-driven inflatio

23、n of transaction volume.Deposits to and withdrawals from centralized services show up in on-chain transaction volume,but transactions within those services,such as trades on a centralized exchange,do not.Centralized services track that transaction volume internally,such as in order books for exchang

24、es,meaning we dont have access to it.This is not the case with DeFi protocols.Because DeFi protocols are non-custodial and simply route cryptocurrency between private wallets,all DeFi transactions show up on-chain.That means that if youre using on-chain data,DeFi protocol transaction volumes will re

25、ceive a bump that volumes associated with centralized services dont receive.In the context of this index,that could lead to us artificially favoring countries with higher DeFi adoption over ones with more activity on centralized services,even if the amount of real transaction activity is the same.In

26、 order to address this,we decided to measure each countrys CeFi and DeFi transaction volumes separately both in total and at the retail level and use them as equal components of the Global Crypto Adoption Index.This way,every countrys transaction volume is compared more accurately,and we can be tran

27、sparent about which countries see more transaction volume in the DeFi ecosystem.7The 2022 Global Crypto Adoption IndexThe 2022 Global Crypto Adoption Index Top 20CountryOverall index rankingCentralized service value received rankingRetail centralized service value received rankingP2P exchange trade

28、volume rankingDeFi value received rankingRetail DeFi value received rankingVietnam155276Philippines24466135Ukraine366391014India4118211United States53311132Pakistan61010502216Brazil77711387Thailand812126153Russia9881091112China102214464Nigeria111818172017Turkey12991211915Argentina131313262125Morocco

29、141919213318Colombia152323102729Nepal161717193441United Kingdom171414711211Ecuador18373764556Kenya1943435934Indonesia20161612918138The 2022 Global Crypto Adoption IndexKey takeaways from the 2022 Crypto Adoption IndexOverall adoption slows worldwide in bear market,but remains above pre-bull market l

30、evelsOur data shows that global adoption has leveled off in the last year after growing consistently since mid-2019.We look at this trend in the chart below,where we apply our index methodology globally by summing all 154 countries Global Crypto Adoption Index scores quarterly,from Q2 2019 to the pr

31、esent,and re-index that number again to show adoption growth over time across the world.Global adoption of cryptocurrency reached its current all-time high in Q2 2021.Since then,adoption has moved in waves it fell in Q3,which saw crypto price declines,rebounded in Q4 when we saw prices rebound to ne

32、w all-time highs,and has fallen in each of the last two quarters as weve entered a bear market.Still,its important to note that global adoption remains well above its pre-bull market 2019 levels.The data suggests that many of those attracted by rising prices in 2020 and 2021 stuck around,and continu

33、e to invest a significant chunk of their assets in digital assets.That also aligns with our previous research showing that cryptocurrency markets have been surprisingly resilient through recent declines.Big,long-term cryptocurrency holders have continued to hold through the bear market,and so while

34、their portfolios have lost value,those losses arent locked in yet because they havent sold the on-chain data suggests those holders are optimistic the market will bounce back,which keeps market fundamentals relatively healthy.Global Index Score0.000.250.500.751.00Global index score by quarter,Q2 201

35、9Q2 2022Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 20229The 2022 Global Crypto Adoption IndexEmerging markets dominate the Global Crypto Adoption IndexOne trend we noted last year has only gotten stronger this year:Emerging markets dominate the inde

36、x.The World Bank categorizes countries into one of four categories based on income levels and overall economic development:high income,upper middle income,lower middle income,and low income.Using that framework,we find that the middle two categories dominate the top of our index.Out of our top 20 ra

37、nked countries:Ten are lower middle income:Vietnam,Philippines,Ukraine,India,Pakistan,Nigeria,Morocco,Nepal,Kenya,and Indonesia Eight are upper middle income:Brazil,Thailand,Russia,China,Turkey,Argentina,Colombia,and Ecuador Two are high income:United States and United KingdomAs we explore later in

38、the report,users in lower middle and upper middle income countries often rely on cryptocurrency to send remittances,preserve their savings in times of fiat currency volatility,and fulfill other financial needs unique to their economies.These countries also tend to lean on Bitcoin and stablecoins mor

39、e than other countries.Over the coming years,itll be interesting to see what solutions the cryptocurrency industry can build to increase adoption in high and low income countries.Vietnam holds on to top spot,U.S.jumps to fifth,China back in top tenThere are also a few individual countries whose rank

40、ings stand out to us.For the second consecutive year,Vietnam is ranked first in cryptocurrency adoption.A look at the sub-rankings shows that Vietnam shows extremely high purchasing power and population-adjusted adoption across centralized,DeFi,and P2P cryptocurrency tools.Other sources have also no

41、ted Vietnams love of cryptocurrency.Polling done in 2020 found that 21%of Vietnamese consumers reported using or owning cryptocurrency,second only to Nigeria at 32%,and the adoption rate has likely only grown since then.Reports from local media suggest that cryptocurrency-based gaming,including game

42、s following the play to earn(P2E)and move to earn(M2E)models,are particu-larly popular in the Southeast Asian country.That goes not just for users,but builders too,as the top-grossing P2E game Axie Infinity is based in Ho Chi Minh City,with its success inspiring more crypto gaming startups to find s

43、uccess in Vietnam.The United States moved up to fifth in our index rankings from eighth in 2021 and sixth in 2020.The U.S.ranks in the top three of each sub-index,with the exception of population and purchasing power-adjusted P2P exchange usage,where it ranks much lower at 111th.This isnt surprising

44、,as our research shows that P2P exchange usage tends to be highest in countries with low purchasing power.Perhaps most interesting is the fact that the United States is by far the highest-ranked developed 10The 2022 Global Crypto Adoption Indexmarket country on our index,and one of only two to make

45、the top 20 along with the UK.Well explore reasons for this later in our section on North America.Finally,China re-entered the top ten of our index this year after placing 13th in 2021.Our sub-in-dexes show that China is especially strong in usage of centralized services,placing second overall for pu

46、rchasing power-adjusted transaction volume at both the overall and retail levels.This is especially interesting given the Chinese governments crackdown on cryptocurrency activity,which includes a ban on all cryptocurrency trading announced in September 2021.Our data suggests that while the ban initi

47、ally caused a large dropoff in crypto activity,Chinas market has bounced back in recent months,suggesting that the ban is perhaps ineffective or loosely enforced.Bear markets cant wipe out bull market adoptionAs we noted above,while growth has become more sporadic with the onset of the latest bear m

48、arket,global adoption remains well above the levels that preceded the 2020 bull market.The data suggests that a critical mass of new users who put capital into cryptocurrency during periods of price growth tend to stay even when prices decline,allowing the ecosystem to consistently grow on net acros

49、s market cycles.One reason for this could be the value that users in emerging markets get from cryptocurrency.These countries dominate the adoption index,in large part because cryptocurrency provides unique,tangible benefits to people living in unstable economic conditions.Well explore these dynamic

50、s more in the full report.11North AmericaNorth America12North AmericaNorth Americas cryptocurrency activity summarizedCryptocurrency value received by North AmericaCompared to rest of world,July 2021-June 2022North America19.0%Rest of world81.0%$1TNorth America:Countries by cryptocurrency value rece

51、ived,July 2021-June 2022$0$750B$500B$250BUnited StatesCanadaBermuda13North AmericaRegional transaction volume by transfer size,July 2021-June 20220%25%50%75%100%Central&Southern Asia and OceaniaEastern AsiaEastern EuropeLatin AmericaMiddle East&North AfricaAfricaNorth AmericaSub-Saharan Western Euro

52、peLarge institutional($10M)Institutional($1M-$10M)Professional($10k-$1M)Large retail($1k-$10k)Small retail($10M)Institutional($1M-$10M)Professional($10k-$1M)Large retail($1k-$10k)Small retail($1k)0%25%50%75%100%Central&Southern Asia and OceaniaEastern AsiaEastern EuropeLatin AmericaMiddle East&North

53、 AfricaAfricaNorth AmericaSub-Saharan Western EuropeTotal value received by region by type of service,July 2021-June 2022P2P ExchangeOtherMixingMiningIllicitHigh-risk jurisdictionsHigh-risk exchangeGambling platformCentralized exchangeDeFi22Latin AmericaLatin Americas key crypto adoption drivers:sto

54、ring value,sending remittances,and seeking alphaLatin America is the seventh largest cryptocurrency market we study this year,with citizens of Latin American countries receiving$562.0 billion in crypto from July 2021 to June 2022.This represents a 40%growth over last years total.Latin America is als

55、o home to five of the top thirty countries in this years crypto index:Brazil(7),Argentina(13),Colombia(15),Ecuador(18),and Mexico(28).In our analysis of Latin Americas on-chain activity,we identified three key use-cases driving crypto adoption:Storing value Sending remittances Seeking alphaLets take

56、 a closer look at these three drivers and the Latin American countries where each use case is most prevalent.Storing valueIn April,the International Monetary Fund found that the combined inflation rate of the five largest Latin Americas economies(or the“LA5”)Brazil,Chile,Colombia,Mexico,and Peru had

57、 surpassed 8%a 15-year high.Four months later they updated this estimate to 12.1%a 25-year high.Meanwhile,in countries like Venezuela and Argentina,the state of affairs is even worse.These two countries face year-on-year inflation rates of 114%and 79%,respectively,meaning that their fiat currencies

58、have lost around half of their value within the last twelve months.The last time inflation reached such a height across Latin America,Bitcoin had not yet been invented.While Bitcoin hasnt yet proven to be the inflation hedge many believed it would be,stablecoins cryptocurrencies that are designed to

59、 stay pegged to the price of fiat currencies like USD are a favorite in the most inflation-ravaged countries in the region.In fact,recent survey data suggests that more than a third of Latin American consumers already use stablecoins to make everyday purchases.Below,we discuss how citizens of the tw

60、o of the most inflation-impacted Latin American countries use stablecoins to modernize the way they save.23Latin AmericaSpotlight:VenezuelaVenezuela is unranked in this years index,as reliable and recent estimates of its PPP per capita were unavailable.However,if we use the World Banks 2014 estimate

61、 as a proxy,Venezuela would rank 11th overall.Given Venezuelas sharp downturn in the eight years since and growing crypto adoption,they could rank higher.Its national currency,the Bolivar,has depreciated by more than 100,000%from December 2014 to September 2022.Venezuela is also,despite its incredib

62、le fiat currency devaluation,still a growing crypto market in U.S.dollar terms.Last year,Venezuelans received$28.3 billion worth of cryptocurrency.This year,they received$37.4 billion,up 32%.Much of this transaction activity is stablecoin-related.34%of all small retail transaction volume in Venezuel

63、a consisted of stablecoin trades more than any other country in Latin America.This aligns well with the store-of-value thesis behind Venezuelas grassroots adoption of crypto.This economic precarity also helps explain Venezuelans affinity for play-to-earn blockchain games,a few of which have(briefly)

64、yielded economic returns that outpace Venezuelas monthly minimum wage.As a result,Venezuela has the second most Axie Infinity players of any country this year,right after the Philippines,which placed 2nd in this years adoption index.Brazil,the next most active Latin American play-to-earn community,h

65、as the fifth largest Axie Infinity playerbase.Spotlight:ArgentinaArgentina has had an inflation problem for much of the twentieth and twenty-first centuries.During the Latin American debt crisis of the 1980s,when the conflict was especially acute,Argentinas inflation rate briefly eclipsed 3,000%.For

66、 that reason,explained Rodolfo Andragnes,Founder of ONG Bitcoin Argentina,“Argentinians have gotten used to buying U.S.dollars and literally storing them under the mattress.”Its also why almost every high-level purchase is paid for in USD.“To buy a house,you go with 400,000 physical dollars,and you

67、pay for the house.There are no 30 year loans or anything like that.”But Argentinas government enforces strict capital controls that make it hard to accumulate savings.Citizens with bank accounts can only swap enough Pesos at the official rate 140 pesos per dollar to save$200 per month.And on the bla

68、ck market,where much of the countrys exchange trading is actually done,the unofficial rate or Dlar Blue is around 270 pesos per dollar.This has forced many Argentinians to get creative about how they save.One popular solution:stablecoins.Why?Because“psychologically,Argentinians are using crypto for

69、safety,”said Sebastian Serrano,CEO of Argentina-based crypto payments company Ripio.“Thats why you see so much use of stablecoins because its a good digital alternative to storing physical dollars.”24Latin AmericaOn-chain data suggests that this use-case is popular,especially in Venezuela and Argent

70、ina.stablecoin40%Share of small retail($1K)transaction volume made up of stablecoins,July 2021-June 2022 0%10%20%30%VenezuelaArgentinaBrazilMexico34%31%28%19%More than 31%of Argentinas small retail-sized crypto transaction volume comes from the sale of stablecoins,compared to just 26%of Brazils and

71、18%of Mexicos.These stablecoins USDT,USDC,and USDD especially have become popular in Argentina for three simple reasons:1.They are pegged to the U.S.Dollar,which is many Argentinians preferred currency;2.They are digital,and therefore easy to access on multiple devices;and3.There are no purchase lim

72、its,meaning that Argentinians can convert any amount of pesos into stablecoins.While Argentinians may not get a better fiat-to-stablecoin exchange rate than the dlar blue,it at least engenders some sense of stability once converted.An alternative economy and communityOne welcome byproduct of Argenti

73、nas long-standing economic instability is that it has become one of the most active communities in blockchain in all of Latin America.“We have a big amount of people working in cryptocurrency and being paid in cryptocurrency,too,”said Andragnes.This is especially true in Buenos Aires,where many of t

74、he crypto industrys biggest players live and largest events are held.MakerDAO and Chainlink,for example,each have a number of key developers based in city,and LABITCONF,the largest bitcoin conference in Latin America,draws thousands of attendees and speakers like Vitalik Buterin,the founder of Ether

75、eum,and Elizabeth Stark,the CEO and co-founder of the Bitcoin Lightning Network,to Buenos Aires every year.25Latin AmericaSending remittancesRemittance payments are also common throughout Latin America.Latin Americas formal remittance market is estimated to reach$150 billion this year,and the adopti

76、on of crypto-based remittance services has been uneven,but swift,throughout the region.El Salvadors government-backed payment app Chivo processed$52 million in Bitcoin remittances from January to May this year;and,as well explore below,crypto services have processed billions in remittances to Mexico

77、 as well.Lets take a closer look at what might currently be the worlds largest crypto remittance corridor:the US-to-Mexico border.Spotlight:MexicoAccording to Felipe Vallejo,Chief Regulatory Officer at Bitso,the largest crypto exchange in Mexico,a high percentage of families in Mexicos lowest socioe

78、conomic classes receive remittance payments from family members abroad and the crypto industrys slice of that$51.6 billion market is rapidly growing.Bitso alone has already processed more than$1 billion in US-to-Mexico remittances in 2022 as of June,representing a year-over-year growth rate of 400%a

79、nd a grip on 4%of Mexicos remit-tance market.Coinbase is also giving traditional cross-border retail payment providers like Western Union a run for their money.This February,Coinbase announced the launch of crypto cash-out services across 37,000 establishments in the country,including department sto

80、res,supermarkets,and all 20,000 branches of Oxxo,Mexicos largest chain of convenience stores.Seeking alphaFinally,we find that citizens of the largest and most advanced Latin American economies are more likely to adopt cryptocurrency not just for savings,but for profit.As the below graph shows,the L

81、A5 hold the top six places in terms of DeFis share of total crypto activity.This means that in these countries,large numbers of crypto users are engaging with permissionless protocols that enable them to lend,trade,stake,and borrow tokens of all kinds a speculative activity with significant risk and

82、 upside potential.26Latin AmericaDeFis share of crypto transaction volume in top ten LATAM countries,June 2021-July 2022 0.0%30.0%20.0%10.0%40.0%50.0%ChileBrazilMexicoPeruCosta RicaColombiaArgentinaEcuadorDom.Rep.VenezuelaLatin Americas more DeFi-centric crypto markets are not unlike Western Europes

83、 or North Americas,where market participants are embracing cutting edge,returns-focused crypto platforms moreso than savings-centric centralized services.Brazil is among the leaders in DeFi adoption in the region.Spotlight:BrazilAccording to Thomaz Fortes,the crypto lead at Nubank,one of the worlds

84、largest digital banking platforms that recently launched a crypto trading platform,the main use case for crypto in Brazil right now is as a speculative investment.“Customers want a way to expand their earnings,”he explained.“Interest rates at all-time lows in the country and strong price appreciatio

85、n in cryptocur-rency prices may have contributed,but the adoption continued strong even in the so-called crypto winter.”“The retail growth in the number of users in crypto has been much faster than in the equities market.It took several years to get to several millions of equity investors,”Fortes ob

86、served.Nubank reached 1 million customers just one month after launching its crypto platform.“Its not only institutional or high-net-worth individuals.Democratizing access means a lot of retail adoption.Here at Nubank,we developed the experience for trading cryptocurrencies so that we could break th

87、e barriers of complexity common in niche crypto brokers.”We can see some evidence of this retail adoption on-chain.Compared to other Latin American countries,a higher share of Brazils transaction volume takes place in retail-sized increments.Trading activity on Mercado Bitcoin,one of the largest Bra

88、zilian crypto exchanges,illuminates this trend.27Latin AmericaShare of activity by transfer size:Mercado Bitcoin(Brazil)vs.Rest of LATAM,July 2021-June 2022 Mercado Bitcoin(Brazil)Rest of LATAM0%20%40%60%80%Large institutionalInstitutionalProfessionalLarge retailSmall retailAs the above chart shows,

89、small retail($10M)Institutional($1M-$10M)Professional($10k-$1M)Large retail($1k-$10k)Small retail($10M)Institutional($1M-$10M)Professional($10k-$1M)Large retail($1k-$10k)Small retail($10M)Institutional($1M-$10M)Professional($10k-$1M)Large retail($1k-$10k)Small retail($10M)Institutional($1M-$10M)Prof

90、essional($10k-$1M)Large retail($1k-$10k)Small retail($10M)Institutional($1M-$10M)Professional($10k-$1M)Large retail($1k-$10k)Small retail($10M)Institutional($1M-$10M)Professional($10k-$1M)Large retail($1k-$10k)Small retail($1k)0%25%50%75%100%Central&Southern Asia and OceaniaEastern AsiaEastern Europ

91、eLatin AmericaMiddle East&North AfricaAfricaNorth AmericaSub-Saharan Western EuropeTotal value received by region by type of service,July 2021-June 2022P2P ExchangeOtherMixingMiningIllicitHigh-risk jurisdictionsHigh-risk exchangeGambling platformCentralized exchangeDeFi75Sub-Saharan AfricaQuarterly

92、share of all cryptocurrency transaction value received by region,Q1 2019-Q2 20220%10%20%30%40%Central&Southern Asia and OceaniaEastern AsiaEastern EuropeLatin AmericaMiddle East&North AfricaNorth AmericaSub-Saharan AfricaWestern EuropeQ1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2

93、 2021Q3 2021Q4 2021Q1 2022Q2 2022How cryptocurrency meets residents economic needs in Sub-Saharan AfricaSub-saharan Africa accounts for the least cryptocurrency transaction volume of any region we study,with$100.6 billion in on-chain volume received between July 2021 and June 2022,which represents 2

94、%of global activity,and 16%growth over the year prior.However,numbers can be deceiving,as deeper analysis reveals that Africa contains some of the most well-developed cryptocurrency markets of any region,with deep penetration and integration of cryptocurrency into everyday financial activity for man

95、y users.We see this primarily in Nigeria and Kenya,which rank 11th and 19th on our Global Crypto Adoption Index respectively.Both countries see strong adoption when weighted for purchasing power and population,especially on P2P exchanges,which expert interviews confirm are crucial to the regions cry

96、pto economy.South Africa,which leads the region in raw transaction volume,also ranks high on our index at 30th.76Sub-Saharan AfricaSmall retail transactions power crypto markets in Sub-Saharan Africa Sub-Saharan Africas retail market and outsized usage of P2P platforms make it unique compared to oth

97、er regions.Retail-sized transfers below$10,000 USD make up 6.4%of its transaction volume,more than any other region.The role of retail becomes even more apparent when we look at the number of individual transfers.Retail transfers make up 95%of all transfers,and if we drill down to just small retail

98、transfers under$1,000,the share becomes 80%,more than any other region.Small retail($10M)Institutional($1M-$10M)Professional($10k-$1M)Large retail($1k-$10k)Small retail($1k)0255075100125Jan 2022Feb 2022Mar 2022Apr 2022May 2022If many of the people carrying out small retail transactions are trading c

99、ryptocurrency out of economic necessity especially in countries where the values of local fiat currencies are dropping,as weve seen in Nigeria and Kenya,for example then those people may be more willing to continue trading despite price drops.And of course,users buying stablecoins like Tether would

100、be unaffected by drops in prices for Bitcoin,Ethereum,and the like.P2P exchanges are a crucial part of the ecosystemWe also see heavy adoption of P2P exchanges.P2P exchanges account for 6%of all cryptocurrency transaction volume in Africa,more than double the share of the next-closest region,Central

101、&Southern Asia and Oceania.78Sub-Saharan AfricaP2P exchanges share of all cryptocurrency transaction volume by region,July 2021-June 2022 0%2%4%6%8%Central&Southern Asia and OceaniaEastern AsiaEastern EuropeLatin AmericaMiddle East&North AfricaAfricaNorth AmericaSub-Saharan Western Europe3.1%6.0%1.7

102、%0.3%0.5%0.6%0.6%0.7%We spoke with Ray Youssef,CEO of popular P2P platforms Paxful,to understand why.According to Ray,Sub-Saharan Africa is a major growth driver for Paxful,with 55%year-over-year user growth of remittance users in Nigeria already Paxfuls biggest market and nearly a whopping 140%in K

103、enya.He explained to us how P2P platforms like Paxful initially took hold in Africa as some of the first services residents could use to buy cryptocurrency.“We had to get Bitcoin into Africa,which was difficult because its so hard to get money out of Africa.We needed a clever hack to make that happe

104、n,”said Ray.That hack ended up being gift cards.“We connected Nigerians with Chinese gamers who wanted to buy app store gift cards,and a huge trade market was born.That got Bitcoin into Nigeria,and then the rest of Western Africa.”Strategies like the one Ray described allowed P2P platforms to drive

105、early Bitcoin activity in Sub-Saharan Africa,and the services have proved to have staying power in the region.Regulations limiting crypto activity can also drive P2P exchange usage.The Nigerian government prohibited banks from transacting with cryptocurrency businesses in 2021,and while this action

106、doesnt appear to have dampened overall cryptocurrency transaction volumes,it has affected usage patterns.We spoke to an analyst at Nigerias Financial Intelligence Unit to learn more.“Nigeria restricted the usage of the Naira for buying crypto in 2021 due to concerns around scams and tax evasion,and

107、because of that,many people began trading peer-to-peer,”the analyst told us.That activity goes beyond conventional P2P platforms like Paxful though.Many in Nigeria are also trading cryptocurrency directly with one another,sourcing deals through group chats on apps like WhatsApp and Telegram.Our geog

108、raphic data doesnt reflect this activity since it takes place through private wallet interactions,but our interviewees described it as a big part of Nigerias cryptocurrency ecosystem.Adedeji Owonibi told us more.“These groups have thousands of people from all over the world Nigeria,China,Dubai and m

109、ore trading crypto with each other,”he said.“The groups are where the volume is happening.”79Sub-Saharan AfricaCommerce and remittances also power crypto adoption in Sub-Saharan AfricaIn addition to trading and saving,Ray and Deji told us about two other use cases powering crypto adoption in Sub-Sah

110、aran Africa:remittances and commerce.Remittances from overseas have long been important for Sub-Saharan African economies,and inflows to the region grew 14.1%to$49 billion in 2021 following a decline the previous year.However,these payments can be expensive and difficult to make.Ray Youssef explaine

111、d more.“Making an international payment in a country like Nigeria,Cameroon,or Senegal is almost impos-sible.Theres no pan-African payment solution.There are thousands of payment networks in Africa,and only a fraction of them talk to each other,”he told us.Ray described one Kenyan expat he knew who h

112、ad to pay 200 for every 1,000 she tried to send home from Europe.Ray was able to help that woman use Paxful to buy Bitcoin,sell it to another user for Kenyan shillings via M-PESA,a Kenyan payments network,which the woman could then transfer directly to her family.“She actually ended up making a 4%pr

113、ofit rather than paying 20%in fees because the user she transacted with was willing to pay a premium for the Bitcoin,”said Ray.Commercial transactions are another use case.Adedeji Owonibi told us that many businesses relying on international suppliers have turned to crypto for payments,as sending fu

114、nds abroad is difficult due to Nigerias tight capital controls.“Companies need to buy materials from the United States,but theres no way to get the money there theyre left with no option but to use USDT.”He cited China as another popular trading partner for these crypto-based commercial transactions

115、.Future growth in Sub-Saharan AfricaWhat countries will power the next round of growth for Sub-Saharan Africa?Ray pointed to Ghana as one place that he expects to achieve similar adoption levels to Nigeria and Kenya,based on current growth trends and the needs of the local population.“Lots of Nigeri

116、ans consider Ghana their summer home and spend lots of time there,and theyre educating the locals on Bitcoin,”said Ray.He told us that over the last year,Paxfuls total trade volume in Ghana has grown by nearly 100%in the last year and over 400%in the last two years.That aligns with data weve found s

117、howing that Ghana along with several other Sub-Saharan African countries has seen substantial.80Sub-Saharan AfricaIndex:Growth in quarterly web traffic to cryptocurrency sites by country,Q1 2019-Q2 2022CameroonGhanaKenyaNigeriaSouth Africa01,0002,0003,000Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3

118、2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Web traffic data source:Similarweb Overall,we expect cryptocurrency usage in Sub-Saharan Africa to continue growing as long as residents face issues crypto has proven it can solve for them,such as preserving savings through economic volatility and

119、 enabling cross-border transactions in places with strict capital controls.812022 Global Crypto Adoption Index:The Full ListThe 2022 Global Crypto Adoption Index:The Full List822022 Global Crypto Adoption Index:The Full ListRankings for individual sub-metrics feeding into Global Crypto Adoption Inde

120、xCountryOverall index rankingCentralized service value received rankingRetail centralized service value received rankingP2P exchange trade volume rankingDeFi value received rankingRetail DeFi value received rankingVietnam155276Philippines24466135Ukraine366391014India4118211United States53311132Pakis

121、tan61010502216Brazil77711387Thailand812126153Russia9881091112China102214464Nigeria111818172017Turkey12991211915Argentina131313262125Morocco141919213318Colombia152323102729Nepal161717193441United Kingdom171414711211Ecuador18373764556Kenya1943435934Indonesia2016161291813Germany2122221141510The 2022 Gl

122、obal Crypto Adoption Index:The Full List832022 Global Crypto Adoption Index:The Full ListRankings for individual sub-metrics feeding into Global Crypto Adoption IndexCountryOverall index rankingCentralized service value received rankingRetail centralized service value received rankingP2P exchange tr

123、ade volume rankingDeFi value received rankingRetail DeFi value received rankingCanada22282896148South Korea2311111412822Egypt2415151105747Belarus253131294357Japan262020143179Cambodia273838282923Mexico2821211222319Malaysia294242313832South Africa302929814131Palestine314545159493France3226261011620Pol

124、and3325251023230Spain342727992426Peru353939453950Bangladesh363030924839Georgia374747335352Portugal385151244036Netherlands394141692624Australia404040902521Moldova414949277288Bolivia425454209391842022 Global Crypto Adoption Index:The Full ListRankings for individual sub-metrics feeding into Global Cry

125、pto Adoption IndexCountryOverall index rankingCentralized service value received rankingRetail centralized service value received rankingP2P exchange trade volume rankingDeFi value received rankingRetail DeFi value received rankingDominican Republic436464138774Somalia4475757131128Algeria453434100504

126、3Hong Kong465050523533Tanzania47818196142Bulgaria484848544244Ghana496666146858Tunisia506363226468Italy5132321323027Iraq52242413098101Taiwan5333331243135Jamaica549797410098El Salvador556161368983Chile565858533740Cte dIvoire577676237864Sri Lanka585959485463Serbia596767347560Mozambique6036361256362Kaza

127、khstan6144441157359Czech Republic625252894448Singapore635555804751Ethiopia646262676646852022 Global Crypto Adoption Index:The Full ListRankings for individual sub-metrics feeding into Global Crypto Adoption IndexCountryOverall index rankingCentralized service value received rankingRetail centralized

128、 service value received rankingP2P exchange trade volume rankingDeFi value received rankingRetail DeFi value received rankingCosta Rica658686168480Switzerland665757763638Saudi Arabia6735351339181Jordan686060688878Guatemala69656557111107Belize70106106810971Seychelles711231231110114Zimbabwe72696947117

129、119Myanmar7353531039589Cameroon741021021279102Armenia757272704945Romania7656561185549Kyrgyzstan777373845137Sweden788585446267Democratic Republic of the Congo798080984628Slovakia807070957069Rwanda8110310318107108Estonia829595386075Uruguay83969632114118Mongolia847777877170Greece8568681175953862022 Glo

130、bal Crypto Adoption Index:The Full ListRankings for individual sub-metrics feeding into Global Crypto Adoption IndexCountryOverall index rankingCentralized service value received rankingRetail centralized service value received rankingP2P exchange trade volume rankingDeFi value received rankingRetai

131、l DeFi value received rankingLaos868888598386Uzbekistan8746461409977Finland887878976579Lebanon89909056272Honduras90848473454Hungary9179791128173Latvia929898559692Togo93828210410185Belgium9474741285855Paraguay95929262106113Albania96105105498676Mali9711211225134130Madagascar987171123124115Nicaragua991

132、0410442116117Uganda100898991105105Barbados10112112111136137Lithuania1029393869290Croatia1039191938084Panama104107107437496Senegal1051151153710482Benin10694948552103Austria10783831275666872022 Global Crypto Adoption Index:The Full ListRankings for individual sub-metrics feeding into Global Crypto Ado

133、ption IndexCountryOverall index rankingCentralized service value received rankingRetail centralized service value received rankingP2P exchange trade volume rankingDeFi value received rankingRetail DeFi value received rankingNew Zealand1089999947661Azerbaijan1091001008810294Cyprus11011811840103104Isr

134、ael1111011011057765Macedonia112111111639787Slovenia11387871319097Norway114108108838599Bosnia and Herzegovina11511311365112109Denmark1161161167269100Angola117109109116121106Bahamas1181371373120126Montenegro11912612641115110Zambia12011911975118111Trinidad and Tobago12112212260127121Mauritius1221301303

135、082120Saint Lucia12312912935135134Ireland1241171171206795Congo125120120108146142Namibia12613113164122127Malta12713313379113112Tajikistan128124124135126124Botswana12913513551138138882022 Global Crypto Adoption Index:The Full ListRankings for individual sub-metrics feeding into Global Crypto Adoption

136、IndexCountryOverall index rankingCentralized service value received rankingRetail centralized service value received rankingP2P exchange trade volume rankingDefi value received rankingRetail DeFi value received rankingSuriname13013413474130132Libya131125125137125122Haiti132110110145128133Burkina Fas

137、o133128128136108116Maldives13414014046139135Bahrain135132132134132131Luxembourg13613813878119123Malawi137127127142140139Gabon138136136106133136Iceland13914114177129129Fiji14014314358143145Qatar141139139138123125Guyana142142142126142143Bermuda143144144107144144Macao144145145119137140Brunei Darussalam

138、145146146139141141Afghanistan146114114146145146This material is for informational purposes only,and is not intended to provide legal,tax,financial,or investment advice.Recipients should consult their own advisors before making investment decisions.This report contains links to third-party sites that

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140、,or other content hosted therein.Chainalysis does not guarantee or warrant the accuracy,completeness,timeliness,suitability or validity of the information in this report and will not be responsible for any claim attributable to errors,omissions,or other inaccuracies of any part of such material.Kim

141、Grauer Director of ResearchWill Kueshner Content MarketerHenry Updegrave Senior Content Marketing ManagerThanks for reading the 2022 Geography of Cryptocurrency ReportChainalysis Authors902022 Global Crypto Adoption Index:The Full List90COMING IN 2023Announcing Chainalysis PlaybookCOMING IN 2023Ongo

142、ing access to data for geographic trends in cryptocurrency adoption and usage will soon be available in Chainalysis Playbook.Growth teams at Web3 businesses will get actionable on-chain insights to retain and grow their customer base while defending against competitors.Correlate crypto activity to m

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