SINGAPORE - The use of cryptocurrency by the average person in Singapore remained low in the past year, and did not grow as fast as in some other emerging Asian markets such as Vietnam and the Philippines.
The index, which factors in purchasing power parity per capita, aims to show the countries where the most people are putting the greatest share of their wealth into cryptocurrency. It measures what Chainalysis terms “grassroots crypto adoption”, or the use of cryptocurrency by ordinary people, rather than institutions.
Chainalysis said that while there has been a marked recovery worldwide since the doldrums of late 2022 – around the timeFTX was one of the most prominent exchanges in the world and became insolvent in November 2022. It was controlled by disgraced former chief executive Sam Bankman-Fried,He has pleaded not guilty to all charges.
Chainalysis said about 40 per cent of the world’s population live in lower-middle income countries, more so than any other income category.
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