Ukraine is behind only Argentina, the U.S. and Colombia in the global crypto adoption ranking based on the CryptoCasinos research.
According to Crypto.com, global crypto ownership has grown from 432 million to 580 million in 2023 alone. Crypto experts at CryptoCasinos analysed 10 different metrics to determine which countries have adopted crypto more actively than others, creating the global rating of the most crypto-friendly nations.
Having analysed the percentage of the crypto holders among the total population, the cost and profit of mining one bitcoin nationwide, search volume per 100,000 population for crypto-related keywords, and the percentage share of each country’s traffic to each of the major crypto exchanges Binance, Coinbase, BitFinex, Kraken, Kucoin and OKX, then study concluded that the most crypto-friendly nations in the world currently are:
- Argentina
- United States
- Colombia
- Ukraine
- United Arab Emirates
- Vietnam
- Turkey
- Canada
- Singapore
- Pakistan
Argentina tops the rating with one in ten (9.7%) of the country’s population holding cryptocurrency, over triple the global average of 3%. Besides, the low energy costs in this country make it a perfect location for Bitcoin miners. It costs about $14,647 to mine 1 Bitcoin in Argentina, which equals to a profit of $51,261 (based on a recent BTC price of $65,908). In addition, Argentina has one of the highest traffic (6.3%) to the Binance exchange.
Ukraine ranks fourth in this rating, with an even larger share of the population – (10%) – holding cryptocurrency. Mining costs there are quite cheap, on average about $19,530 per bitcoin. Based on the previously stated price, this would bring the mining profit of $46,378. Ukraine also makes up 4.8% of the web traffic to Binance, the world’s largest crypto exchange.
Since 2022, Ukraine has been actively working on legalisation of crypto. The country has started international consultations to adjust the National Tax Code to the crypto and NFT market and drafted a digital artefact legislation. Thus, digital artefacts and related content are to become new objects of civil rights in Ukraine, opening up new legal ways of money-making for Ukrainians.
For the country at war, crypto has become a lifeblood for global donations. During the first year of the full-scale Russian-Ukrainian war, Ukraine has received over $70 million in crypto donations, although pro-Russian military groups also used cryptocurrency to fund their war efforts.
