Cryptocurrency ecosystem in 2022 has seen wide reaching growth and adoption globally, that it has become a full fledged industry, there are still a significant number of nations that have not yet fully embraced cryptocurrency.
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There are 105 nations that recognize cryptocurrencies, but some aren’t the biggest supporters of digital currency. New research from Forexsuggest shared with Finbold that reveals the countries with the slowest adoption of crypto – from crypto ATMs to owners.
Specifically, the research looked at data on cryptocurrency owners, cryptocurrency ATMs, and yearly cryptocurrency searches in each nation to determine which nations are the most anti-crypto in the globe.
Saudi Arabia, which has a cryptocurrency, has a quasi-legal status; although there are no limits on people purchasing crypto, banks have implemented a permanent ban on cryptocurrency transactions since 2018. Only 1.48% of Saudis possess cryptocurrency, yielding an anti-crypto score of 8.83/10, ranking it top.
Denmark with a score of 8.50, is the second most anti-crypto nation. With no Bitcoin ATMs in the nation and just 1.39% of individuals possessing any cryptocurrency, it seems that the Danish people are still unsure of the potential advantages that digital and decentralized currencies might provide.
Iceland achieved an anti-crypto score of 8.30 overall. Only 1.01% of Icelanders possess crypto, and there are no Bitcoin ATMs, while the Nordic country received a score of 0 on the Crypto Adoption Index.
With just 1.01% of the population owning cryptocurrencies, Iceland has the lowest percentage of crypto ownership in the OECD, which indicates that digital currencies have not yet achieved widespread popularity among the general public. As a result of a shortfall of hydro energy supply, Iceland even went to the extreme measure of turning off power supplies to Bitcoin miners.
Japan is the country with the fewest number of searches for crypto-related phrases per person than any other nation in the world.
Only 8,796 crypto-related searches are conducted per million persons in Japan, which is under 2,000 searches per million people less than India, which comes in the second position.
Luxembourg has no specific cryptocurrency regulations, but the country adopts European restrictions around similar products. The rules come within the implementation of the Fifth Money Laundering Directive (AMD 5), which provides a broad definition of crypto assets and qualifies it as “financial instruments.” Such a broad definition of financial instruments goes beyond cryptocurrencies to cover many related-assets, including security tokens.
Bosnia & Herzegovina is yet to regulate the cryptocurrency industry, which leaves Bitcoin trading in a legal grey area. However, this hasn’t stopped locals from actively trading cryptocurrencies.
There are a number of local and international exchanges that allow users to buy and sell Bitcoin, and there is also a thriving peer-to-peer (P2P) market.
The lack of regulation means that there is no protection for investors if things go wrong. This is something that the government has acknowledged, and it has said that it is working on developing a regulatory framework for the industry.