PH Crypto Adoption Ranking Declines in Latest Chainalysis Report
For this year, the Philippines ranked 8th in the Global Crypto Adoption Index, a further drop from its 2nd place in 2022, reflecting shifting trends in the country’s engagement with cryptocurrencies.
What’s the significance: The Philippines’ declining rank indicates that while crypto adoption remains robust, the country’s growth has slowed compared to other nations in the region.
The Big Picture: Despite the drop in ranking, the Philippines remains a key player in the Central & Southern Asia and Oceania (CSAO) region, showcasing high engagement in centralized services and DeFi platforms.
Key details:
- 2022: The Philippines ranked 2nd in the Chainalysis Global Crypto Adoption Index, driven by the popularity of platforms like Axie Infinity, DeFi usage, and strong engagement in crypto trading.
- 2023: The country dropped to 6th, influenced by the global bear market, FTX’s collapse, and a reduction in crypto value received (from $8 billion in 2022 to under $5 billion in mid-2023).
- 2024: The Philippines now ranks 8th, reflecting strong participation in centralized services and retail crypto usage. DeFi remains an essential part of the ecosystem, though other emerging markets have gained more momentum.
The numbers:
- Overall Index Ranking: 8th
- Centralized Services Value Received: 9th
- Retail Centralized Services Value Received: 8th
- DeFi Value Received: 14th
- Retail DeFi Value Received: 9th
The Chainalysis Crypto Adoption Report also highlighted that the global crypto landscape has seen significant growth, with adoption expanding across all income levels. However, high-income countries have shown slower progress since early 2024, while institutional and retail usage in countries like the Philippines continues to drive adoption.
How it works: The Global Crypto Adoption Index ranks countries based on their usage of cryptocurrency services, using four weighted sub-indexes: centralized services, retail centralized services, DeFi protocols, and retail DeFi protocols.
- Countries are ranked by transaction volumes and web traffic, adjusted for GDP per capita and normalized on a scale of 0 to 1.
The bottom line: The Philippines remains a crucial market for crypto adoption, but its slower growth and lower ranking in 2024 reflect the need for sustained innovation and regulatory clarity to compete with faster-growing markets in the region.
Worth reading: Also in 2021, the Philippines ranked 5th in peer-to-peer (P2P) exchange trade volume according to Chainalysis’ 2021 Global Crypto Adoption Index, which measures cryptocurrency adoption based on transaction volumes.
This article is published on BitPinas: PH Crypto Adoption Ranking Declines in Latest Chainalysis Report
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