Monthly Crypto Adoption And Regulation Report: February 2024

Different regions are widely adopting crypto. Governments of different nations are recognising the value of this evolving sphere and releasing some very friendly regulations to foster more and more acceptability among the residents. February 2024 has been a month of new series of development when it comes to crypto adoption and regulation.

The report by Coinpedia has compiled all the details related to the latest development in the field of cryptocurrency. This year has seen some regulations for fortifying the crypto base in some regions. Also, there have been some interesting cases of crypto adoption by nations. Let us explore the crypto world with Coinpedia’s February report on Crypto adoption and regulations.

Key Metrics

• Cryptocurrency awareness and ownership rates have increased to record levels: 40% of American adults own crypto, up from 30% in 2023. This could sum up to 93 million people.
• Among current crypto owners, around 63% hope to obtain more cryptocurrency over the next year. 
• Their most desired currencies were Bitcoin, Ethereum, Dogecoin, and Cardano.
• The rate of crypto ownership by women has surged from 18% a year ago to 29% at the start of 2024.
• 21% of non-owners said the anticipated Bitcoin ETF makes them more likely to invest in cryptocurrency. This means as many as 29 million more Americans could join the market soon. 
• 46% of Americans think Bitcoin ETF approvals in 2024 will positively impact the blockchain industry. Those who currently own cryptocurrencies are even more likely to be optimistic.

Important Crypto Regulations in February 2024

• A recent report found that over half of fin-savvy Singaporeans own crypto, with staking emerging as one of the top use cases among all. 
• New Delhi, India, tops the crypto investment with young investors driving surge. Delhi continued to dominate in India’s crypto adoption landscape, followed by the IT hubs Bangalore and Hyderabad.
• Delhi boasts the highest percentage of crypto investors in the country. More than 20% of India’s total crypto investments are concentrated in three major areas, namely Delhi, Bangalore and Mumbai.

3.1. UK

• UK Law enforcement agencies’ enhanced ability to seize cryptocurrency assets in crime cases, including terrorism, is going to take effect on April 26.
• The secondary legislation approved during the week follows the passing of the Economic Crime and Corporate Transparency Act 2023.

3.2. USA

• In January, the SEC paved the way for Bitcoin ETFs, thus opening the market to ordinary investors!
• The rate of crypto ownership in the US grew by 10% in 2023. A total of 93 million people may hold one or more cryptocurrencies here.

3.3. India

India’s crypto adoption scenario in February 2024 turned out to be like this:

• India’s crypto landscape has the overwhelming participation of young investors! 
• In cities like Gurgaon, over 60% of crypto enthusiasts are under the age of 25. 
• Moreover, approximately 75% of crypto investors nationwide are below the age of 35, underscoring the growing interest among the youth in exploring alternative investment avenues.
• Among overall cryptocurrency investors, 10.19% fall within the 26-35 age bracket, 34.27% are aged 18-25, 15.52% belong to the 36-45 age range, and 10.02% are categorized as being 46 years old or older.
• Dogecoin, Bitcoin, and Ethereum emerged as the top invested cryptocurrencies in 2023, collectively representing 26% of the total value. 
• Dogecoin’s share surged to 11.1%, highlighting its meteoric rise in popularity. Bitcoin (8.5%), Ethereum (6.4%), Shiba Inu (5.7%), and Cardano (5.1%) were the top 5 crypto tokens.

3.4. Top 3 MENAT Countries In Crypto Adoption

1. Turkey

• Crypto exchange OKX entered Turkey as a part of its global expansion plan. The president of OKX , Hong Fang, hinted that there is a high demand for crypto in the country.
• In 2024, Turkey has adapted to crypto and it has become a lifeline for many in the region. It is because of the country’s economic struggles and crippling double-digit inflation rate.
• Major Turkish banks, Akbank and Granati BBVA have launched crypto initiatives as the nation prepares a crypto regulatory framework.

2. UAE

• The UAE is leading the world in pushing widespread adoption of crypto beyond the financial sector. 
• In Dubai, the crypto payments are gaining acceptance in selected retail outlets, where consumers can make purchases using digital currencies.
• There is a 27.67 percent of the UAE population actively involved in cryptocurrencies.
• UAE is taking a global lead in expanding crypto adoption beyond the financial sector.
• Regulatory approach here is very friendly resulting in real-world use cases in telecom and gaming sectors.

3. Morocco

• Moroccan youth is highly attracted to cryptocurrencies, especially Bitcoin, and this can be explained by various factors like many young people see Bitcoin as an investment opportunity to improve their financial situation. 
• Some use it for international payments to bypass existing limits. For those without access to banking services, Bitcoin offers a payment alternative.
• It is used for cross-border transfers due to its lower fees, and some young people choose it to receive payments related to their online activities, benefiting from very low costs compared to current alternatives. 
• Bitcoin becomes a solution to the various financial problems faced by Moroccan youth. 
• The specific challenges that young people face, combined with a strong exposure to technology, contribute to making Bitcoin widely adopted in Morocco.
• The new legislation proposed by Bank Al-Maghrib (BAM) raises discussions on how it could address current challenges related to cryptocurrencies in Morocco while fostering a safer environment for users. 
• BAM’s governor has explicitly expressed the intention to regulate cryptocurrencies, emphasizing consideration of G20 guidelines. 
• It is noted that many countries, especially in Europe with the ‘MICA’ (Market in Crypto Assets) regulation, have already established precise rules to regulate cryptocurrencies. 
• Morocco, by adopting these standards to its specific context characterized by the non-convertibility of the Dirham and constraints related to exchange rules, aligns itself with the international practices.

Important Updates On Crypto Adoption

• Most popular cryptocurrencies by now in 2024 are as follows:

• Let us have a look at the Bitcoin ETF’s impact:

The analysis is the collection of comprehensive data from the most reliable resources across the crypto industry. We have compiled the basics of all the developmental activities which took place in the month of February in 2024.