The share of cryptoasset-only companies that did not conduct any KYC checks at all dropped from 48 per cent to 13 per cent between 20, most likely resulting from the progressive harmonisation of KYC/AML standards across jurisdictions, such as initiated by the Financial Action Task Force (FATF).This figure is much lower for APAC and Latin American firms at 16 per cent and 10 per cent respectively. Service providers operationally headquartered in North America and Europe indicate that business and institutional clients make up 30 per cent of their customers.
This is aligned with the rising value of transactions denominated in stablecoins. The share of service providers supporting Tether grew from four per cent to 32 per cent between 20, compared to 11 per cent to 55 per cent support growth for non-Tether stablecoins.
Understanding the energy source of mining is important because electricity costs account for the majority of hashers’ operational expenditures – albeit with some variability across world regions – and hashers have long competed on accessing the cheapest energy source. The survey findings estimate that on average 39 per cent of proof-of-work mining is powered by renewable energy, primarily hydroelectric energy.Respondents across all market segments, reported year-on-year growth of 21 per cent in 2019, down from 57 per cent in 2018. Full-time equivalent (FTE) employee growth slowed considerably following the late-2017 market frenzy.
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