The global adoption of cryptocurrency has reached a historic milestone, with over 562 million people now owning digital assets, according to a new industry report.

This figure represents a significant increase from previous years, underscoring the growing popularity of cryptocurrencies across diverse demographics and regions.

The report, published by a leading blockchain analytics firm, attributes the growth to several key factors:

Increased Accessibility: Advancements in blockchain technology and user-friendly platforms have made it easier for individuals to buy, store, and trade cryptocurrencies.

Institutional Support: Major financial institutions have embraced digital assets, offering cryptocurrency investment products and payment solutions, thereby legitimizing the market.

Inflation Hedging: In countries experiencing economic instability and currency devaluation, cryptocurrencies have become a preferred alternative for preserving wealth.

Younger Generations: Millennials and Gen Z are leading the charge, viewing cryptocurrencies as a way to participate in decentralized finance and break away from traditional banking systems.

Regional Breakdown

The report highlights varying adoption rates across different regions:

Asia: Leading the charge with over 200 million cryptocurrency owners, driven by strong participation from countries like India, China, and Vietnam.

North America: Approximately 90 million owners, fueled by widespread institutional adoption and regulatory clarity in the United States and Canada.

Europe: Close to 80 million owners, with a focus on Bitcoin and Ethereum as popular investment assets.

Africa and Latin America: Rapid adoption in nations such as Nigeria, Argentina, and Brazil, where cryptocurrencies are seen as a hedge against hyperinflation and unstable local currencies.

Broader Implications

The rise in cryptocurrency ownership reflects shifting attitudes toward digital finance. Experts note that this growing user base enhances the utility and value of cryptocurrencies in everyday transactions and investments

“The increasing adoption of digital assets signals a new financial paradigm where individuals have greater control over their wealth,” said a senior economist from a major financial think tank.

“It also highlights the urgent need for governments and institutions to establish comprehensive regulatory frameworks.”

Challenges and Opportunities

Despite its growth, the cryptocurrency market faces challenges, including regulatory uncertainty, environmental concerns, and security issues. However, the potential for financial inclusion and innovation remains immense.

Companies and governments are responding to this trend by developing blockchain-based solutions, from decentralized finance (DeFi) platforms to central bank digital currencies (CBDCs). Additionally, crypto education initiatives are helping new users navigate the complexities of digital assets.

The Road Ahead

As cryptocurrencies become more integrated into mainstream finance, experts predict that ownership numbers will continue to rise.

Innovations in blockchain technology and increasing acceptance of digital assets in global commerce are likely to drive further growth.

The milestone of 562 million cryptocurrency owners marks a turning point in the evolution of finance.

With more people embracing the opportunities offered by digital currencies, the future of money is becoming increasingly decentralized and digital.

Securities and Exchange Commission (SEC) has reminded capital market operators (CMOs) to ensure that they renew their registration on or before January 31, 2025.

The Commission said this in a circular issued to ask the operators to begin their annual renewal of registration from January 1 to January 31, 2025.

The annual registration renewal of capital market operators aims to ensure that only fit and proper persons operate in the Nigerian capital market.

SEC in the secular stated: “This is to inform all Capital Market Operators (CMOs) and the general public that the annual renewal of registration of CMOs for the year 2025 will commence from January 1, 2025.

“All CMOs applying for renewal must include their 2025 annual subscription receipt from their respective trade groups as part of their application.

“In line with the Commission’s Rules & Regulations, all CMOs are to complete the process of renewal of registration for 2025 on or before January 31, 2025, via the renewal of registration portal, www.eportal.sec.gov.ng. For enquiries or support in completing the process, please contact [email protected]”

The Commission emphasised that CMOs without valid registration will be penalised and may be excluded from carrying out capital market activities.

The SEC had in 2021 re-introduced periodic renewal of registration by capital market operators, which was premised on the need to have a reliable data bank of all CMOs registered and active in the Nigerian capital market.

The aim was to provide updated information on operators in the Nigerian capital market for reference and other official purposes by local and foreign investors, other regulatory agencies, and the public.

The renewal was also introduced to increasingly reduce incidences of unethical practices by CMOs, such as those that may affect investors’ confidence and impact negatively on the Nigerian capital market, as well as strengthen supervision and monitoring of CMOs by the commission.

Consequently, the SEC amended its rules and reintroduced the requirement for yearly renewal of registration by all CMOs, which is carried out electronically to ensure efficiency.

National Information Technology Development Agency (NITDA) has been mandated by President Bola Tinubu to lead the implementation of the Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) Data Management Platform project.

The project is aimed at removing Nigeria from the Financial Action Task Force (FATF) Grey List by 2025.

Nigeria was included in the FATF Grey List in February 2023.

NITDA is expected to build better systems to manage financial data and compliance in Nigeria in collaboration with the Nigerian Financial Intelligence Unit (NFIU).

Nigeria’s goal is to be taken off the Financial Action Task Force’s (FATF) Grey List by 2025.

During the project implementation’s first meeting, Malam Kashifu Inuwa, director-general, NITDA stated that the project will rectify the shortcomings noted in Nigeria’s Mutual Evaluation Report (MER).

According to Inuwa, FATF put Nigeria on the grey list due to seven problems, including the country’s incapacity to stop arms financing, growing cash inflows, and inadequacies in fighting money laundering.

“We had shortcomings in combating terrorism financing, anti-money laundering regime, counter-terrorism financing regime, and deficiency in our counter-proliferation financing regime.

“The main objective of building a better system is to help us with global compliance; to help Nigeria position itself as a key player in the global effort to combat financial terrorism and other crimes.

“This will help us to create visibility in Nigeria, as well as improve our global reputation and relationship in the financial market,” he said.

He claimed that by strengthening law enforcement, the economy, and investment, the project will enhance national security by enabling the tracking of illicit financial flows and the disruption of financial sector criminal networks.

Inuwa underlined Tinubu’s dedication to using innovation and technology to fight financial crime and corruption.

Nigeria deserves to be at the forefront of cutting-edge technologies, according to Rep. Stanley Adedeji, chairman of the House of Representatives Committee on ICT and Cybersecurity, who emphasised the importance of technology.

Adedeji promised that the National Assembly would see to it that projects received the money they were due.

“We are going to make sure that the right funding is put in place for this project without any doubt.

“We are also going to make sure that if there are any laws today that are going to impede or be a stumbling block to what this project stands to achieve, we have to go and amend those laws.

“If there are things that require executive orders so that we can quickly move forward, we will do whatever needs to be done,” he said.

Hajiya Hafsat Bakari, director-general, NFIU, called for more collaboration among stakeholders to sustain the gains of exiting the grey list.

According to Bakari, the grey list is not just a one-off project but a continuous project.

“The next cycle of evaluation will be done in 2027, and we do not want a situation where, after exiting the grey list, we still find ourselves in the next evaluation.

“This is why we have decided that the use of technology will give credibility to every statistic that we have, not just to our domestic stakeholders but also to our international partners.

“Everything should be done in real-time—accessible, credible, and factual; that is the project that we are doing today,” she said.