The latest data collected by the Huobi exchange confirms that in 2022, the United States will become the most “mature” cryptocurrency market.
The United States and Vietnam are leading the way in the cryptocurrency space
Despite the significant drop in the price of Bitcoin and altcoins this year, interest around the world remains “very lively,” and the leaders may be surprised.
In its latest annual report, Huobi Research, a subsidiary of Huobi Global, revealed that the United States accounts for 9.2% of global central exchange (CEX) volume. When it comes to DeFi, the number is even higher – 31.8% of global volumes.
At the same time, the percentage of the population using cryptocurrencies is not as high as in some other jurisdictions. The report said that 13.7% of Americans use cryptocurrency, compared to 20.3% in Vietnam, which is the leader among the 15 countries examined.
Crypto market development chart (screenshot). Source: Huobi
Overall, the United States achieved the highest natural score for “cryptocurrency market maturity,” far ahead of any competitor. Second on the list is Vietnam, with a score of 35 to 91.9 for the United States.
However, Huobi calls Vietnam the country with the “highest rate of cryptocurrency adoption” and describes the cryptocurrency trading scene in both South Korea and Japan as “extremely active.”
Japan and South Korea contributed huge traffic to the exchanges. Specifically, South Korea ranked second with 7.4% and Japan ranked sixth with 3.85% in Asia.
At the other end of the spectrum, the countries with the lowest maturity score are China, Singapore, and South Korea, with 5.9, 9.4, and 14.5, respectively.
Crypto maturity scores by country (screenshot). Source: Huobi
Singapore stands out, given the rate of regulatory expansion and acceptance of cryptocurrencies as a technology.
“Singapore has become a top destination for tech startups, attracting a large number of innovators and unicorn companies, which naturally includes cryptocurrency operators,” Huobi wrote.
“Singapore maintains a high level of tolerance and openness to the cryptocurrency industry: regulations are being enforced, but there is still plenty of room for innovation.”
However, the report identifies only 4.9% of the cryptocurrency trading population in Singapore, which contributes 0.8% of global CEX volumes, with the internet population indicator being only 2/100.
“Appropriate” regulation prevents black swan FTX
The report, meanwhile, acknowledges that the regulatory situation is weak for cryptocurrencies in the wake of the FTX scandal.
Related: Will Grayscale Be the Next FTX?
Despite this, FTX is not the biggest disaster of the year for cryptocurrency, she says, with the Terra LUNA disaster and Three Arrows Capital (3AC) bankruptcy more pressing.
She commented, “The FTX bankruptcy is the third most impactful of 2022 after the collapse of Terra and 3AC.”
“The main issues of the FTX case are misappropriation of funds, affiliate transactions with Alameda Research, etc. At that time, some US regulators expressed that they had been investigating or had already begun to investigate the issues a few months ago. However, FTX is not going to happen. incident if the regulations for crypto assets in various countries are appropriately in place.”
Cointelegraph continues to report extensively on the latest events surrounding FTX and their impact on the cryptocurrency market.