PH Ranks 2nd in Chainalysis Crypto Adoption Report

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Editing by Nathaniel Cajuday

Despite the ongoing crypto winter, the local adoption of cryptocurrency in the Philippines has definitely performed better than others, as the country ranks second among the 20 countries surveyed in terms of crypto adoption by the blockchain data platform Chainalysis. The results were part of its annual index report titled, “The 2022 Global Crypto Adoption Index.”

The blockchain intelligence firm analyzed the millions of crypto transactions worldwide, web traffic, and other on-chain metrics to determine which countries are on top in terms of cryptocurrency adoption. And results show that aside from the Philippines, other emerging markets are at the forefront in terms of crypto adoption. 

Among the top 5 are Vietnam, Philippines, Ukraine, India, and the United States, respectively. 

THE TOP 5 PERFORMERS. The top five performing countries in terms of crypto adoption, as reported by Chainalysis.

Moreover, the top 20 countries among the 154 surveyed, which were ranked according to key trading metrics measured through centralized exchanges, DeFi protocols, and peer-to-peer trading volume, are from lower-middle-income countries like Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia. 

On the other hand, countries considered as upper-middle-income like Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador have also made it to the list.

Only the fifth-ranked United States and the 17th-ranked United Kingdom are the only high-income countries in the top 20.

Furthermore, aside from the adoption rankings, Chainalysis also showed in the report that even though adoption became slower amid the bear market, the adoption levels are still higher this year than the time before the bull market of 2020. 

In an article from Fortune, Chainalysis Director of Research Kim Grauer explained that this year’s index does not demonstrate substantial changes from 2021, but it still conveys the different ways people are using cryptocurrency.  

“When we talk about adoption around the world, we should be thinking about use cases in different regions with different socioeconomic factors at play,” she stated. 

In May, the Philippines ranked second in terms of ownership of cryptocurrency according to the GWI 2021 Q4 broad global survey, which revealed that 22.7% of Filipino respondents stated that they own and use crypto. (Read more: Philippines Ranks 2nd in Crypto Ownership – Survey)

Further, the data from information service platform Finder.com revealed that the country ranked first for adaptation of non-fungible token (NFT), with 32% of Filipino internet users currently owning an NFT. The survey was conducted across 20 countries with 28,000 people participating. (Read more: There are More NFT Owners in the Philippines Than Anywhere Else)

Meanwhile, following the popularity of the play-to-earn game Axie Infinity in 2021, the Philippines has the third highest number of MetaMask users for the first quarter of 2022 according to the crypto wallet itself. (Read more: Philippines Rank Third in Most Number of MetaMask Users in Q2 2022)

Currently, the financial regulators of the country, the Banko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) are both requesting legislation to implement clearer rules and regulations on digital assets and the digital space.

This article is published on BitPinas: PH Ranks 2nd in Chainalysis Crypto Adoption Report

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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