Important Data Interpretation Disclaimer
This analysis requires careful interpretation due to the unique nature of blockchain address attribution data:
1. Non-Additive Measurement: The blockchain address counts presented in this analysis cannot be summed across jurisdictions. A single Virtual Asset Service Provider (VASP) may be incorporated and/or licensed in multiple countries, meaning its associated blockchain addresses are counted in each relevant jurisdiction. For example, if a VASP with 1 million addresses is incorporated in both Singapore and the Cayman Islands while being licensed in the US, these same 1 million addresses would appear in the counts for all three jurisdictions.
2. Percentage Calculation Base: All percentages are calculated relative to the total 391 million unique addresses in the dataset for the period January 2023 to December 2024. Due to the multiple-counting phenomenon described above, the sum of these percentages across jurisdictions will exceed 100%. These percentages indicate jurisdictional presence rather than market share and should not be added together.
3. Valid Comparisons: While direct summation across jurisdictions is inappropriate, comparisons between incorporation and licensing percentages within the same jurisdiction are valid and revealing. These comparisons show jurisdictional differences as demonstrated by cases like Turkey (Türkiye).
4. Data Purpose: This analysis identifies patterns of regulatory distribution and potential gaps in oversight, not market sizing by jurisdiction. The differences between incorporation and licensing jurisdictions show structural patterns in the global digital assets ecosystem.
5. Methodological Transparency: The original data source (Lukka) employs attribution methodologies that link blockchain addresses to VASPs based on technical and operational indicators. These VASPs are then mapped to their jurisdictional presence for both incorporation and licensing purposes.