Chainalysis Study Claims: CSAO Is the 3rd Largest Crypto Market

Chainalysis Study Claims: CSAO Is the 3rd Largest Crypto Market

• CSAO is the third largest crypto market in Chainalysis’s crypto adoption index, this year.
• Citizens of CSAO countries received $932 billion in crypto value from July 2021 to June 2022.
• The crypto adoption index is part of Chainalysis’ upcoming 2022 Geography of Cryptocurrency Report.

Central & Southern Asia and Oceania (CSAO) is the third largest cryptocurrency market in Chainalysis’ crypto adoption index, this year. Citizens of CSAO countries received $932 billion in cryptocurrency value from July 2021 to June 2022.

1/ In the next preview of our 2022 Geography of #Crypto Report, we evaluate Central & Southern Asia and Oceania.

Read the to learn: How the region fared overallThe role of #NFTs and play-to-earn gaming https://t.co/YdzG59S4ji

— Chainalysis (@chainalysis) September 21, 2022

The crypto adoption index is part of Chainalysis’s upcoming 2022 Geography of Cryptocurrency Report. Chainalysis claims that CSAO is home to seven of the top twenty countries in this year’s index: Vietnam (1), the Philippines (2), India (4), Pakistan (6), Thailand (8), Nepal (16), and Indonesia (20).

India continues to lead CSAO in the unweighted crypto activity, receiving $172 billion in cryptocurrency value from July 2021 through June 2022. Thailand, Vietnam, Australia, and Singapore follow close behind, receiving more than $100 billion.

Furthermore, the study conducted by Chainalysis noticed that most of the web traffic related to crypto services was NFT-based. The study mentioned that 58% of web traffic from CSAO IP addresses to crypto services in Q2 2022 was NFT-related, and 21% was to the websites of play-to-earn (P2E) blockchain games.

When it comes to the crypto adoption index, Vietnam is ranked the highest. The Philippines made a giant leap from the 15th to the second position. Both of these countries have similar growth drivers: play-to-earn (P2E) games and remittances.

Chainalysis is publishing the Geography of Cryptocurrency Report for the third time, which is a guide to cryptocurrency adoption and usage around the world. The upcoming publication will mention where crypto adoption is increasing, and the services supporting them

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