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Exploring the global state of crypto


Across the globe, barriers to crypto adoption are thawing. Accordingly, world governments are demonstrating a growing interest in legislating the space — implementing new guidelines and laying out comprehensive frameworks regulating cryptocurrency. Several new hotspots are arising, from Brazil, with its blockchain-based national IDs1, to Hong Kong, which received a Crypto Readiness Score (CRS) of 8.36 in 2023.2 A cautious sense of optimism is returning to the industry, and Bitcoin’s remarkable rebound has done nothing to tamper expectations.  

Bakkt’s report, “The Global State of Crypto: A global analysis of markets and regulation”, delves into key areas of innovation and regulation as they exist in diverse international markets. As Bakkt expands its crypto operations globally into areas such as Latin America and East Asia, this analysis is especially relevant. Three trends from the report include: 

1. The resilient crypto market: Beyond the headlines  

With a rebound to a $1.41 trillion market capitalization, crypto is showing resilience in the face of headwinds. This is part of a broader trend of digital assets gaining recognition as a legitimate component of diversified investment portfolios, attracting both retail and institutional investors alike.

2. Infrastructure and utility are driving change 

The global cryptocurrency market today is more than just the price and market capitalization of mainstream digital assets like bitcoin (BTC) and ether (ETH). The sector has diversified significantly, encompassing a range of innovative projects, assets, and technologies that are increasingly impacting business, finance, and society. 

3. Regions racing to adoption 

Certain regions are emerging as leaders in crypto adoption, particularly Central Asia, Southern Asia, and Oceania. These regions boast six of the top ten countries in the Chainalysis Global Crypto Adoption Index, each having unique drivers of adoption, from economic factors to technological accessibility.

This report expounds on the above insights and many more, detailing the real stories behind the headlines and painting a holistic picture of the digital asset industry as it exists in the world today.  


This does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell, or otherwise transact in any investment, including any of the product(s) mentioned herein, or an invitation, offer or solicitation to engage in any investment activity. This information is provided solely on the basis that you will make your own investment decisions, and Bakkt does not take account of any investor's investment objectives, particular needs, or financial situation. It is strongly recommended that you seek professional investment advice before making any investment decision.

1 Forbes. “Brazil develops blockchain network to support ID rollout.” Published September 2023.  

2 Coin Telegraph. “Hong Kong retains top crypto-ready position for two consecutive years.” Published September 2023.