The web 3 ecosystem has gained significant ground in recent years, with more people around the world becoming daily cryptography users. According to the latest crypto.com report, the number of crypto owners around the world jumped 14% in 2024 to 659 million by the end of the year. The total market capitalization of digital assets also doubled from $ 1.7 billion at the beginning of 2024 to around 3.3 billions of dollars at the editorial staff.
In this article, we will dive into some of the main web3 growth trends, including most adoptions have occurred, regulatory factors at stake as well as the strategic role of retail exchanges such as XBO when it comes to embarking more stakeholders in emerging markets such as the Latam and EMEA region.
Consciousness of crypto is on an upward trend in emerging economies
According to a recent World Web3 survey by Consensys, 93% of those questioned around the world are aware of cryptographic assets. What is more intriguing, however, is the level of awareness in emerging countries; Most respondents who claim to understand the crypto came from Nigeria (77%), South Africa (65%) and India (60%).
At the same time, possession of crypto is also considerably higher in these emerging economies; Nigeria again leads the pack with the number of respondents who previously owned a crypto at 73%, South Africa (68%) the Philippines (54%), Vietnam (54%) and India (52%).
The percentage of Africans or Asians who intend to invest in cryptographic assets during the next year have also been significantly higher compared to other regions.
Source: Consensys
The United States leads to institutional adoption, but not yet there …
According to Chainalysis “2024 Global Adoption Index”, the United States ranked fourth in global indexing which included four major metrics; Centralized service value has received the classification, the centralized value of the centralized value received the classification, the classification of the value held, the classification of the retail value received.
What has stood out was the amount of institutional capital of American companies that have found its way on the cryptography market. For the context, the Bitcoin Spot ETF attracted more than $ 129 billion between their launch date on January 10, 2024 and the end of the year.
Source: Farside
But despite the impressive institutional figures, it should be noted that the adoption of retail does not resume as much in the United States compared to the emerging economies mentioned above. This can be attributed to the uncertain regulatory environment compared to other advanced regions such as Europe where the provisions of the Mica have entered into complete application on December 30, 2024.
On the brightest side, the US Senate recently adopted the Act on Engineering which sailed with a vote from 68 to 30; With the bill that is now going to the House, there is a good chance that it will become the first regulatory framework of Stablecoin for companies that seek to issue or manage this type of digital asset in the United States at the heart, the act of engineering introduces the clarity of the regulation of stablescoin, protecting consumers and strengthening national security measures during the management of Stalcoes.
“The Bipartite Engineering Act will provide regulatory clarity to this important industry, will maintain innovation on shore, add robust consumer protection and reaffirm the domination of the US dollar,” noted the bill of the bill, Senator Kirsten Gillibrand (D-NY).
Mica Framework positioned Europe for web3 innovation
As mentioned in the previous section, the Mica frame is now in full effect. Although this regulation was met earlier with skepticism, more cryptographic companies settle in Europe thanks to the clarity it provides.
Some of the notable companies that have received a Mica license since the adoption of the framework, notably OKX which established its European base in Malta, Crypto.com also a similar path during the same wave. The two Crypto exchanges now have the flexibility to provide their services through the EU due to the layout of the passports for the entities linked to the Mica.
The latest survey on web startups said that Europe is leading the world with more than 3,900 crypto startups; Although this number could have decreased, because most of these companies did not comply with the mica at the time of the survey, it is obvious that the clarity of the registration has placed Europe in advance with regard to web3 innovation.
A growing market in latam countries
Another worthy observation is the growing web3 market in Latam countries. Among the first 20 on the chain chain adoption list, Latam countries presented themselves in a good place with people like Brazil, Venezuela, Mexico and Argentina, cutting.
What is particularly interesting on these markets are the levels that adoption occurs. In Argentina, for example, the Director of Football, Argentina Football Association (AFA), has teamed up with XBO, a main exchange of digital crypto focused on creating secure, accessible and friendly digital assets.
This strategic partnership testifies to an increasing demand from Latam countries, from retail trade to government institutions such as El Salvador which had already adopted Bitcoin as a legal call but abandoned it earlier this year after the pressure of the IMF.
It should also be noted that Latam was the second region of faster growth, with growth of 42.5% from one year to the other of the adoption of cryptography according to the Chainlysis report.
Source: Chain Analysis
Conclusion
Web3 came for a long time since the beginnings of Bitcoin in 2009; Today, crypto is the only global financial market that is negotiated 24/7. But more importantly, we are witnessing the adoption of web3 both in terms of retail and institutional sales. In terms of retail, emerging savings lead the measures while advanced countries like the United States are being an institutional activity. The next decade will surely be interesting for Web3, it will be intriguing to see how the latest regulatory development developments as well as the use of increasing crypto in the Latam region, Africa and Central and South Oceanic Asia (CSAO).
