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Argentina Revealed as the Most Crypto-Friendly Country in CryptoCasinos Research

New research from crypto experts CryptoCasinos has revealed that LatAm countries make up two of the top three countries with the highest crypto adoption scores.

Uncovering which countries are proving to be the most crypto-friendly nations, CryptoCasinos investigated the percentage of the different populations holding cryptocurrency, the cost and profit of mining one Bitcoin, and search volume per 100,000 population for crypto-related keywords. The data also includes the percentage share of each country’s traffic to each of the major crypto exchanges Binance, Coinbase, BitFinex, Kraken, Kucoin and OKX.

Cryptocurrencies have been rising in popularity in recent years, with crypto ownership growing from 432 million to 580 million in 2023 alone, according to While many countries have tried to regulate and suppress technological advances, others have accepted and supported the growth of these new industries. Argentina topped the list as the world’s most crypto-friendly country, with a large percentage of the population holding crypto and offering some of the best conditions for miners and traders alike.

Countries with the highest rates of crypto adoption
RankScore/100CountryPercentage of population holding cryptoCost to mine one Bitcoin ($)Profit mining one bitcoinSearch volume per 100k
273.52United States15.6%87,885-21,99771,014.2
570.76United Arab Emirates30.4%39,06026,8481,415.2
The most crypto-friendly nations

Argentina is the most crypto-friendly country. One in 10 (9.7 per cent) of the country’s population holds cryptocurrency, over triple the global average of three per cent. The low energy costs make it a perfect place to mine Bitcoin, costing an estimated $14,647 to mine one Bitcoin, meaning a profit of $51,261 (based on a BTC price of $65,908). Argentina also has one of the highest amounts of traffic (6.3 per cent) to Binance.

America has a high percentage of the population holding a cryptocurrency, with 15.6 per cent. However, higher average energy costs mean it costs more to mine Bitcoin in certain parts of the States ($87,885). Americans visited Coinbase over 48 million times in March, making up 59 per cent of the website traffic. The US also made up 23.3 per cent of the traffic to Kraken, showing the US is actively embracing crypto and investing through these exchanges.

Colombia ranks third for crypto adoption; the rise in blockchain activity is partly due to the depreciation of the Colombian Peso over the past few years (as reported by Bloomberg in 2022); crypto offers wealth protection from depreciating currencies. Five per cent of the population holds crypto, and Colombians make up 5.8 per cent of the global web traffic for the largest exchanges, which is on par with many of the other countries in this list.

Ukraine and UAE take fourth and fifth place

Ukraine is the fourth most crypto-friendly state. Over 10 per cent of the population holds cryptocurrency, and mining costs are particularly cheap, averaging around $19,530 per Bitcoin. Based on the price previously stated, this would mean the profit would be $46,378. Ukraine also makes up 4.8 per cent of the web traffic to Binance.

The United Arab Emirates ranks fifth for crypto adoption worldwide, with the largest percentage of the population holding crypto at 30.4 per cent, only Vietnam comes close with 21 per cent. Search volume for crypto-related terms is one of the highest with 1,415 searches per 100,000 of the population. The UAE has been fostering a robust and flexible ecosystem to attract business and drive forward technological innovation, making the nation a frontrunner in digital adoption, as reported by Forbes in 2023.

Rounding out the top 10

Vietnam, ranking sixth, has continued to witness its economy becoming more digitised in the last decade, becoming one of the world’s most crypto-adopted nations and is currently one of Asia’s most crypto-friendly countries. Twenty million (21.2 per cent) of the population hold cryptocurrencies. Vietnam drives 4.9 per cent of the web traffic to crypto exchange OKX and 6.3 per cent to Binance.

Turkey ranks seventh for crypto adoption, which could be since the Turkish lira has, at times, proven to be more volatile than Vitcoin. Turkey’s inflation rate surpassed 83 per cent in 2022 and is around 67 per cent currently. Due to this, over 4.8 million (5.6 per cent) of the population choose to hold crypto. Turkey makes up 6.6 per cent of the web traffic to Binance, and mining operations may be slightly cheaper, with an average cost of $39,060 per Bitcoin.

Canada is eighth in this ranking for crypto adoption. Seven per cent of the nation currently holds crypto, and there are 1,204 searches for crypto-related keywords every month per 100,000 of the population. Canada is also responsible for 8.4 per cent of website traffic to Kraken.

Singapore ranks ninth for crypto adoption. Having earned a reputation as one of the key financial centres in the world, it is unsurprising that Singapore has begun to establish itself as a global cryptocurrency hotspot. 11.1 per cent of the population owns cryptocurrency, and there are 1,750 searchers per 100,000.


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