Since the beginning of the year, the authorities of 42 countries have approved 105 “regulations and guidelines” for participants in the crypto industry. Such estimates were given by Huobi analysts in the annual report.
Geographic Analysis of the #Crypto Industry” analyzed by the 2nd chapter of the #Huobi Research 2022-2023 annual report. This chapter has a deep dive into regional market traffic and industry.
Check it out⬇️https://t.co/ivepoDYY8w pic.twitter.com/rIb7Bcb1wf
— Huobi Research (@Huobi_Research) December 12, 2022
According to the study, US, EU and South Korean regulations are the most detailed.
The first jurisdiction has enacted a total of 22 federal and state-level laws affecting everything from crypto transactions and guidelines to court rulings and stablecoins.
“After FTX collapse global watchdogs have called for unified regulation of digital assets with the intent to tame the Wild West and protect consumers.”the study says.
Analysts also focused on progress in the development of the Web3 industry, which was “accompanied by losses, growth and innovation.”
Despite the turbulence caused by the collapse of a number of players (which led to a reduction in market capitalization by $2.2 trillion), about 320 million people used digital assets. According to the results of all rounds of financing, the industry has attracted $27.7 billion, experts have calculated.
NFTs have become the hottest topic
In the top 5 search terms analyzed, “non-fungible tokens” outperformed “DeFi”, “GameFi”, “cryptocurrencies” and “BTC”.
Particularly strong interest in this sector was shown by users from China, Hong Kong, Singapore, Nigeria and Taiwan.
“NFT can be integrated into […] sports, arts, entertainment, increasing the number of application scenarios on a larger scale”, experts explained.
Analysts pointed to the emergence of projects with real utility, such as certification of the authenticity of mined diamonds. Some developers have concentrated on creating “family” NFTs.
VCs Focus on GameFi and the Metaverse
For the second year in a row, startups from these areas have raised more funds than infrastructure, trade and lending. In 2022, the amount of funds raised by GameFi and metaverse firms increased from $874 million to $2.4 billion. Their share in the total amount of venture capital investments in the industry was 11.93% and 6.03% against last year’s 12.21% and 4. 96% respectively.
US dominates CEX usage
In terms of traffic to centralized platforms (CEX), users from the USA took the first place with a share of 10%. They are followed by residents of South Korea (7.4%), Russia (6.1%), Turkey (5.6%) and Japan (3.8%).
The United States also came in first place in the “maturity” rating for the development of the crypto market. It is based on four key indicators:
- the number of owners of cryptocurrencies;
- share in CEX volume;
- share in DeFi volume;
- activity of Internet users.
Recall that in one of the previous studies, Huobi analysts called the popular Stock-to-Flow model untenable.
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