Chainalysis Report: North America Leads World in Cryptocurrency Adoption Despite Regulatory Issues

Chainalysis released the "2023 Cryptocurrency Regional Report", which pointed out that North America is still the largest and most active region in terms of encryption activities and transaction volume in the world. The value of cryptocurrencies received on-chain in North America between July 2022 and June 2023 is estimated at $1.2 trillion, accounting for 24.4% of global transaction activity during the same period. North America’s crypto market is driven more by institutional activity than any other region, with a whopping 76.9% of trading volume driven by transfers of $1 million or more. On-chain activity in the region is relatively evenly split between DeFi and CEX. In addition, the report noted that the share of DeFi cryptocurrency activity in North America has declined significantly since last year due to the regulatory uncertainty faced by the U.S. market. As North America emerges from its crypto winter, regulation will play an important role in its recovery.