Global Blockchain and Cryptocurrency Market 2023
The cryptocurrency market is set to expand rapidly, with policy makers implementing regulations related to crypto. Despite the crypto winter, the US is leading the way in implementing tighter regulations around cryptocurrency.
New York, April 06, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Global Blockchain and Cryptocurrency Market 2023” report –
The use of cryptocurrency around the world is increasing significantly, and the United States is no exception to this trend. Although nearly three-quarters of adults surveyed across the United States have never traded, invested, or used cryptocurrency as of July 2022, the number of adults who own and use crypto is projected to double as of 2023, as revealed by the new report. Furthermore, it is also estimated that the payments made via cryptocurrencies will reach a value of billions of euros as of 2022, witnessing a high double-digit growth compared to 2021. Not only the consumers, but also policy makers in the United States are taking steps to incorporate virtual assets such as crypto in the traditional financial and banking system. With such a rapidly growing crypto market, regulations relating to cryptocurrencies are also somewhat in place. For example, the country recently saw the implementation of the Responsible Financial Innovation Act, which defines detailed rules and regulations for the cryptocurrency market. Furthermore, the Crypto Regulation Bill is also another tight policy regulation already present in the US economy. Despite the growth in crypto activity, the fall of the crypto market in 2022 sent negative ripples globally, reducing cryptocurrency and blockchain-related funding and investment activity. The crypto ecosystem faced a slowdown in terms of funding and investment also in the North American region from H1 2022 onwards after witnessing huge investments in 2021. Cryptocurrency experienced negative movements in asset price, with investors withdrawing their investments and refraining from invest in crypto. Bitcoin was among the most affected cryptocurrencies, mainly due to the collapse of FTX, the largest cryptocurrency exchanges and the decision of a major American cryptocurrency lending company to stop withdrawals.
Countries in the Middle East and Africa are catching up with their developed counterparts globally in cryptocurrency adoption and ownership
Within the Middle East, the UAE and Bahrain are the leaders when it comes to cryptocurrency as an alternative payment method. The higher adoption of cryptocurrency in the UAE, friendly regulations and trust of a certain percentage of the population in digital currencies worked in favor of the country in becoming the growing crypto hub, as mentioned in the new report. The UAE is also opening up more to allow international crypto exchanges to operate in the country. Abu Dhabi is licensed to be the home of the largest crypto exchange in the US. The decentralized financial ecosystem is also growing rapidly in the region, with the majority of transactions in Lebanon via DeFi, but this share was quite low in Iraq. Another country showing continuous progress in cryptocurrency usage is Bahrain, which also happens to be a major Fintech hub and sees a presence of several prestigious crypto exchanges. Moreover, it was the first country to introduce a proper regulation related to cryptocurrency in 2019. The pandemic led to a growth stunt of the crypto market in Africa, mainly due to lockdown, rising inflation in Nigeria and Kenya and lack of financial inclusion. In February 2022, a higher proportion of non-crypto owners in the region indicated being interested in buying cryptocurrency in the coming years. In addition to this, countries such as Kenya, South Africa, Mauritius, among others are taking policy measures to incorporate cryptocurrencies into the conventional banking system, as reported in the new report.
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