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Business news from Ukraine

Ukraine Named Fourth Most Crypto-Friendly Country

18 June , 2024  

Cryptocurrencies have been rising in popularity in recent years, with crypto ownership growing from 432 million to 580 million in 2023 alone, according to Crypto.com. While many countries have tried to regulate and suppress the technological advances, others have accepted and supported the growth of these new industries. Argentina topped the list as the world’s most crypto-friendly country, with a large percentage of the population holding crypto and offering some of the best conditions for miners and traders alike.

Research by crypto experts at CryptoCasinos analysed 10 metrics to determine which countries across the globe have adopted crypto more so than any others, making them the most crypto-friendly nations.

The metrics chosen are the percentage of the population holding cryptocurrency, the cost and profit of mining one bitcoin, and search volume per 100,000 population for crypto-related keywords. The data also includes the percentage share of each country’s traffic to each of the major crypto exchanges Binance, Coinbase, BitFinex, Kraken, Kucoin and OKX.

Countries with the highest rates of crypto adoption

Rank  Score/100  Country  Percentage of population holding crypto  Cost to mine one bitcoin ($)  Profit mining one bitcoin  Search volume per 100k 
74.49 Argentina 9.7% 14,647 51,261 667.4
73.52 United States 15.6% 87,885 -21,977 1,014.2
72.89 Colombia 5.0% 68,355 -2,447 424.0
72.77 Ukraine 10.6% 19,530 46,378 491.8
70.76 United Arab Emirates 30.4% 39,060 26,848 1,415.2
70.07 Vietnam 21.2% 39,060 26,848 353.6
69.10 Turkey 5.6% 39,060 26,848 695.8
68.48 Canada 7.0% 53,707 12,201 1,204.3
67.47 Singapore 11.1% 107,415 -41,507 1,750.2
10  66.49 Pakistan 6.6% 19,530 46,378 187.3

Argentina is the most crypto-friendly country. One in ten (9.7%) of the country’s population holds cryptocurrency, over triple the global average of 3%. The low energy costs make it a perfect place to mine Bitcoin, costing an estimated $14,647 to mine 1 Bitcoin, meaning a profit of $51,261 (based on a BTC price of $65,908). Argentina also has one of the highest amounts of traffic (6.3%) to Binance (the world’s largest crypto exchange).

America has a high percentage of the population holding a cryptocurrency, with 15.6%. However, higher average energy costs mean it costs more to mine Bitcoin in certain parts of the States ($87,885). Americans visited Coinbase over 48 million times in March, making up 59% of the website traffic. The US also made up 23.3% of the traffic to Kraken, showing the US is actively embracing crypto and investing through these exchanges.

Colombia ranks third for crypto adoption; the rise in blockchain activity is partly due to the depreciation of the Colombian Peso over the past few years (as reported by Bloomberg in 2022); crypto offers wealth protection from depreciating currencies. 5% of the population holds crypto, and Colombians make up 5.8% of the global web traffic for the largest exchanges, which is on par with many of the other countries in this list.

Ukraine is the fourth most crypto-friendly state. Over 10% of the population holds cryptocurrency, and mining costs are particularly cheap, averaging around $19,530 per bitcoin. Based on the price previously stated, this would mean the profit would be $46,378.  Ukraine also makes up 4.8% of the web traffic to Binance, the world’s largest crypto exchange.

The United Arab Emirates ranks fifth for crypto adoption worldwide, with the largest percentage of the population holding crypto at 30.4% (The average across all countries is 3%), only Vietnam comes close with 21%. Search volume for crypto-related terms is one of the highest with 1,415 searches per 100,000 of the population. The UAE has been fostering a robust and flexible ecosystem to attract business and drive forward technological innovation, making the nation a frontrunner in digital adoption, as reported by Forbes in 2023.

Vietnam, ranking sixth, has continued to witness its economy becoming more digitised in the last decade, becoming one of the world’s most crypto-adopted nations and is currently one of Asia’s most crypto-friendly countries. 20 million (21.2%) of the population hold cryptocurrencies. Vietnam drives 4.9% of the web traffic to crypto exchange OKX and 6.3% to Binance.

Turkey ranks seventh for crypto adoption, which could be since the Turkish lira has, at times, proven to be more volatile than bitcoin. Turkey’s inflation rate surpassed 83% in 2022 and is around 67% currently. Due to this, over 4.8 million (5.6%) of the population choose to hold crypto. Turkey makes up 6.6% of the web traffic to Binance, and mining operations may be slightly cheaper, with an average cost of $39,060 per Bitcoin.

Canada is eighth in this ranking for crypto adoption. 7% of the nation currently hold crypto, and there are 1,204 searches for crypto-related keywords every month per 100,000 of the population. Canada is also responsible for 8.4% of website traffic to Kraken.

Singapore ranks ninth for crypto adoption. Having earned a reputation as one of the key financial centres in the world, it is unsurprising that Singapore has begun to establish itself as a global cryptocurrency hotspot. 11.1% of the population owns cryptocurrency, and there are 1,750 searchers per 100,000.

Pakistan is the tenth most crypto-adopted nation, with 15.8 million crypto holders (6.6% of the population). Mining costs are also low, averaging around $19,530 per Bitcoin, which would be a profit of $46,378.

A spokesperson from CryptoCasinos commented:“Global crypto adoption represents a seismic shift in how we perceive and interact with many industries, especially finance. It’s not just about currencies; it’s about reshaping economies, empowering individuals, and democratizing access to financial services on a scale never seen before.

However, as crypto continues to become adopted worldwide, challenges and complexities around regulatory uncertainties, security concerns, and volatility have created hurdles that must be navigated as the world embraces cryptocurrencies.

Yet, despite these challenges, our research clearly shows that momentum is building across key nations in Europe and Asia as well as North and South America. Crypto is being embraced by people, businesses and governments alike, as the potential of these technologies is being discovered.”

Rank  Score/100  Country  Population holding crypto (%)  Cost to mine one bitcoin ($)  Profit mining one bitcoin  Search volume per 100k 
74.49 Argentina 9.7% 14,647 51,261 667.4
73.52 United States 15.6% 87,885 -21,977 1,014.2
72.89 Colombia 5.0% 68,355 -2,447 424.0
72.77 Ukraine 10.6% 19,530 46,378 491.8
70.76 United Arab Emirates 30.4% 39,060 26,848 1,415.2
70.07 Vietnam 21.2% 39,060 26,848 353.6
69.10 Turkey 5.6% 39,060 26,848 695.8
68.48 Canada 7.0% 53,707 12,201 1,204.3
67.47 Singapore 11.1% 107,415 -41,507 1,750.2
10  66.49 Pakistan 6.6% 19,530 46,378 187.3
11  66.25 India 6.5% 34,177 31,731 89.8
12  66.21 Saudi Arabia 11.4% 24,412 41,496 205.7
13  66.09 Brazil 12.0% 97,650 -31,742 289.8
14  66.03 Venezuela 10.3% 83,002 -17,094 550.1
15  66.01 France 4.7% 102,532 -36,624 891.2
16  65.67 Nigeria 5.9% 24,412 41,496 132.9
17  64.69 South Africa 10.0% 73,237 -7,329 186.0
18  64.61 United Kingdom 5.7% 229,477 -163,569 1,263.9
19  64.49 Malaysia 2.9% 24,412 41,496 398.2
20  64.12 Thailand 9.6% 53,707 12,201 229.8
21  64.02 South Korea 4.1% 43,942 21,966 211.1
22  64.01 Philippines 13.4% 87,885 -21,977 257.2
23  62.91 Mexico 6.5% 48,825 17,083 166.4
24  62.54 Germany 5.8% 253,890 -187,982 636.6
25  62.53 Australia 2.7% 107,415 -41,507 1,271.0
26  62.49 Poland 2.9% 87,885 -21,977 720.9
27  61.34 Indonesia 4.4% 48,825 17,083 133.5
28  61.33 Egypt 3.0% 14,647 51,261 75.2
29  61.07 Netherlands 2.8% 166,005 -100,097 1,478.0
30  60.56 Taiwan 2.4% 43,942 21,966 362.3
31  60.36 Spain 3.1% 180,652 -114,744 774.4
32  60.07 Georgia 2.4% 39,060 26,848 2,452.8
33  59.25 Switzerland 2.0% 112,297 -46,389 1,177.9
34  59.22 Portugal 2.7% 131,827 -65,919 1,161.0
35  59.20 Cambodia 3.4% 73,237 -7,329 242.4
36  59.20 Japan 4.1% 122,062 -56,154 153.9
37  59.11 Algeria 2.2% 19,530 46,378 165.1
38  58.65 Iraq 1.9% 4,882 61,026 77.4
39  58.29 Russia 6.1% 29,295 36,613 na
40  58.06 Sri Lanka 1.9% 19,530 46,378 641.2
41  57.30 Chile 2.1% 83,002 -17,094 484.8
42  57.01 Ecuador 3.8% 48,825 17,083 266.4
43  56.71 Bangladesh 2.5% 24,412 41,496 125.6
44  56.43 Kyrgyzstan 1.7% 4,882 61,026 122.9
45  56.31 Ghana 2.2% 14,647 51,261 142.3
46  56.08 Kenya 5.1% 83,002 -17,094 153.7
47  56.02 Italy 2.5% 224,595 -158,687 553.6
48  55.85 Nepal 4.6% 19,530 46,378 100.3
49  55.69 Serbia 1.8% 43,942 21,966 538.5
50  55.47 Romania 1.7% 83,002 -17,094 590.2