The United States and Japan are the top sources of traffic for cryptocurrency exchanges globally, as per the research released by crypto news outlet The Block on May 31.
As per the study, the U.S. tops the charts by contributing to 24.5% of the total traffic directed to crypto exchanges. The second position is scored by Japan with 10%o f the total traffic, South Korea and Indonesia contributes about 6.5% and 4.5% respectively.
However, The Block also pointed out a major hindrance in their study and their subsequent inference. Certain countries such as China have blocked access to cryptocurrency exchanges and willing users of these countries use Virtual Private Networks (VPNs). VPNs basically masks the user’s IP addresses and they appear to be from another country, decreasing the accuracy of this study.
The Block further claims that they have observed a positive correlation between gross domestic product per capita and the volume of internet traffic directed towards cryptocurrency exchanges. The report noted:
“Data shows poorer countries aren’t trading crypto as much as wealthier countries.”
The side effect of Regulatory stiffness over Cryptocurrencies has been a well-discussed topic, adding on to the motion the CEO of KIK, a Canadian tokenized social media startup, Ted Livingston revealed that the firm has spent over $5 Million on negotiations with the SEC. Following his announcement, Livingston also announced in a podcast that the platform is launching a $5 million crypto initiative dedicated to funds its lawsuit against the United States Securities and Exchange Commission (SEC).
Dubbed as DefendCrypto fund, the fund is aimed at legally challenging the U.S. SEC, so as to get regulatory clarity from the major U.S. financial watchdog.
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