It’s an emerging markets story aka “lower middle income countries”. For example defi:
India on par with UK! And Turkey dominates the Middle East

America is: More institutional capital; Stablecoins usage declining; Even in bear market, stables still lead, but alts beat ETH & BTC!
UK dominates in Western / Northern Europe
In Eastern Europe, it’s Russia, Ukraine, and Poland
Mainland China lags — but Hong Kong is promising
“The promotion of Hong Kong as a potential crypto hub is not necessarily indicative of the Chinese government’s stance on crypto,” he told us. “However, we are seeing a number of Chinese state-backed entities indirectly supporting Hong Kong’s web3 ventures, and this could be viewed as an exploratory approach to understanding digital assets without loosening mainland policies.
India and SEA is all about centralized exchanges (CEX) — and look at gaming/gambling in Philippines and Vietnam
Saudi Arabia, Vietnam, Nigeria growing despite the bear market:
Here’s the The 2023 Geography of Cryptocurrency Report.