While China has a blanket ban on the use of cryptocurrencies and cryptocurrency investments, this Chainalysis report is restoring. The latest report from the analytics and data aggregator firm reveals that there has been a massive 706% upsurge in the number of transactions in Central and Southern Asia and Oceania.
The Chainalysis report attributes the rise in the number of transactions to the emerging markets in the region as the popularity of cryptocurrencies continues to surge. The report also asserts that now more and more people are exposed to Bitcoin and Ethereum’s Ether tokens.
When it comes to cryptocurrency transactions, the region of Central and Southern Asia and Oceania, or CSAO, is growing rapidly.
Emerging markets across Central and Southern Asia have registered a dramatic uptick in cryptocurrency transactions, highlighting a diverse range of motivations among locals for gaining exposure to digital assets such as Bitcoin (BTC) and Ether (ETH).
The estimated value of overall crypto transactions in the region, as reported by Chainalysis, is $572.5 billion representing 14% of the global crypto transaction value.
Europe Dominates The Crypto Adoption: Chainalysis Data
While the South Asian and African regions are increasingly adopting cryptocurrencies and the number of transactions is increasing, Europe leads in crypto investments and even adoption rates.
Chainalysis reports one of the reasons why Europe tops the chart is because of a friendly legal framework governing the uses of cryptocurrencies. However, the European regulators are pushing for stringent measures to curb tax evasion and money laundering through crypto investment platforms.
Central, Northern and Western Europe, according to Chainalysis data, continue to be the largest crypto market. The region reported about $1 Trillion in transactions in 12 months ending June 2021. The figures represent about 50% of the global transactions.
One of the important takeaways from the Chainalysis report is the increased interest of institutional investors in cryptocurrencies. They have been dominating the markets globally and have also been actively investing in crypto in South Asia particularly, India and Vietnam.