India, Nigeria, Thailand top Chainalysis’ 2023 Global Crypto Adoption Index

cointelegraph.com:

India, Nigeria and Thailand are ranked as the top three countries in Chainalysis’ “2023 Global Crypto Adoption Index,” with lower middle-income (LMI) nations leading the way in the grassroots adoption of cryptocurrencies.

The blockchain analytics firm released an excerpt from the report showing that central and south Asia and the wider Oceania regions dominate the top of its index, with six of the top 10 countries in this part of the world.

The index highlights that worldwide grassroots cryptocurrency is down as a whole in the wake of the FTX implosion of 2022. However, lower-middle-income countries, identified under the World Bank’s classification of nations by wealth, have shown the strongest recovery in grassroots crypto adoption over the past 12 months.

Chainalysis goes on to highlight a number of promising aspects that could be derived from this data, highlighting that nations in the LMI category typically have growing industries and populations and account for more than 40% of the world’s population.

The excerpt also suggests that institutional adoption driven by organizations in high-income countries is gaining pace despite a prolonged bear market. The report also predicts a potential “bottom up and top down” adoption of cryptocurrencies where these assets serve the needs of users from both high-wealth and developing nations.

India remains the largest cryptocurrency market in the region and leads grassroots adoption, according to Chainalysis’ index. It has also become the second-largest crypto market by raw estimated transaction volume globally, ahead of other major economies.

Chainalysis also notes India’s unique tax deducted at source scheme applied to cryptocurrency transactions, which requires a 1% tax be levied