This trend is part of a broader movement across several nations, including India, Bangladesh, Ghana, and others, which are benefiting from favorable attitudes towards cryptocurrencies.

Countries such as Nigeria and Kenya are witnessing a surge in cryptocurrency adoption, particularly for mobile payments and business transactions.

In a significant move to attract investment, the UAE exempted all crypto transactions from value-added tax on October 7, 2024, leading to over $35 billion in institutional crypto investments.

The UAE has positioned itself as a global crypto hub, bolstered by the establishment of the Dubai Virtual Assets Regulatory Authority in March 2022.

El Salvador made history by becoming the first country to adopt Bitcoin as legal tender on September 7, 2021, providing financial services to its unbanked population.

The adoption of Bitcoin has notably reduced remittance costs for Salvadorans, benefiting families that rely heavily on these funds.

This shift towards Bitcoin has particularly aided rural areas in El Salvador, where access to traditional banking services is limited.

In Pakistan, where approximately 80% of the adult population is unbanked, there is a significant opportunity for cryptocurrencies to provide financial services.

To harness this potential, Pakistan needs to create a clear regulatory framework, offer tax incentives, and develop innovation hubs to attract cryptocurrency investments.

Cryptocurrencies could also facilitate cost-effective remittances to Pakistan, potentially amounting to $30 billion annually through unofficial channels.

South Korea has successfully attracted $18 billion in cryptocurrency investments, thanks to early adoption and a favorable regulatory environment.

Meanwhile, Ghana is experiencing growth in crypto exchanges, and Indonesia has multiple exchanges and startups actively operating.