Kenya has 6.1 million cryptocurrency holders- Report

Kenya has an estimated 6.1 million persons holding cryptocurrencies and related digital assets according to a new report by Bankless Times.

The report is based off an analysis by the alternative finance news platform which approximates at least 53 million people to be cryptocurrency holders in Africa.

Kenya, a pioneer in the adoption of digital assets on the country ranks third in the list of countries with the highest number of crypto holders in Africa behind Nigeria and South Africa.

Nigeria leads the way with 22 million cryptocurrency holders while South Africa has 7.7 million holders of digital assets.

Globally, the United States ranks first with 46 million holders of digital assets ahead of India and Pakistan which has 27.4 million and 26.4 million owners of crypto assets respectively.

The report mirrors the increase usage and significance of crypto assets in the country even as the asset class remains widely unregulated.

Earlier this year, the United Nations Conference on Trade and Development (UNCTAD) ranked Kenya fifth globally in cryptocurrency ownership with 8.5 per cent of the population being holders of the digital assets.

Digital assets go beyond the realm of cryptocurrencies such as bitcoin to include non-fungible tokens (NFTs), stable and alt coins.