Central and Southern Asia, and Oceania (CSAO) regions have emerged as one of the fastest growing cryptocurrency markets in the world, with Asia containing the top three countries, respectively Vietnam, India, and Pakistan that have witnessing rapid crypto adoption in a year.
Countries in the west and the European Union might lead crypto regulations around the world, but adoption for cryptocurrencies has been growing dramatically in the CSAO market, according to a new report from blockchain-based analysis firm Chainalysis.
The report notes that Vietnam, India, and Pakistan took the top three spots in the Global Crypto Adoption Index. “All three regions grew substantially over the last year. Pakistan experienced the most growth at 711 percent, just ahead of India at 641 percent,” the report said.
The CSAO market is the fourth largest cryptocurrency market the company studies, and it pegged the total value at $572.5 billion between July 2020 and July 2021. This is 14% of the global transaction value during the mentioned period.
“CSAO’s transaction activity grew by 706% compared to last year in terms of raw value, and its share of global cryptocurrency activity grew by 2%, making CSAO one of the fastest-growing of all the regions we study,” the company said in a blog post.
While Europe dominates in crypto transactions, Asian countries are leading in terms of overall adoption, as measured by on-chain value received, on-chain retail transactions and peer-to-peer transaction volumes.
The region of Central, Northern and Western Europe has become the world’s largest crypto economy, with over $1 trillion in transactions over the same period.