While the western countries are busy regulating cryptos, the adoption of digital assets in Central and Southern Asia and Oceania (CSAO) has been increasing drastically.
The blockchain-based analysis firm Chainalysis has recently published a report specifying that Vietnam, India and Pakistan have made it to the top three positions of the Global Crypto Adoption Index.
Chainalysis, in its report, further stated that the CSAO market is the fourth largest crypto market around the world. From July 2020 to July 2021, the market pegged the total value at $572.5 billion.
The blockchain-based analysis firm has mentioned, “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.”
Notably, the crypto market of India and Vietnam are ‘much larger’ compared to Pakistan. However, all three countries have a high level of grassroots crypto adoption.
The report by Chainalysis informs that India has a bigger share of activity taking place on the Decentralized Finance (DeFi) platforms.
India recorded 59 percent of its crypto activity from DeFi platforms, while Vietnam and Pakistan recorded 47 percent and 33 percent, respectively.
For developing countries like India, DeFi application growth can be beneficial, as the technology used by them not only bring more accountability to blockchain but also to crypto exchanges.