Women in developing economies are embracing cryptocurrency as an additional source of income, a new survey has found.
The survey by Forex Suggest, titled "What role are women playing in crypto in 2023?", ranked Kenya in the top 3 for countries where the ownership of crypto is almost equal among the genders.
Coming right after Vietnam (47%) and Indonesia (43%), 42% of crypto owners in Kenya are women. Similarly, Columbia ranked at number three with Venezuela (41%), Mexico (41%), Australia (41%), India (40%), Brazil (40%), Hong Kong (39%) and Ireland (39%) completing the top 10 list.
"Both Kenya and Columbia, like Vietnam and Indonesia, are developing economies where work is often more scarce and lower paid than in developed nations, and traditional gender roles are more prominent with men usually being the family breadwinners.
| Rank | Country | Male Share of Crypto Owners | Female Share of Crypto Owners | Percentage Point Difference |
| 1 | Vietnam | 53% | 47% | 6 |
| 2 | Indonesia | 57% | 43% | 14 |
| 3 | Kenya | 58% | 42% | 16 |
| 3 | Colombia | 58% | 42% | 16 |
| 5 | Venezuela | 59% | 41% | 18 |
| 5 | Mexico | 59% | 41% | 18 |
| 5 | Australia | 59% | 41% | 18 |
| 8 | India | 60% | 40% | 20 |
| 8 | Brazil | 60% | 40% | 20 |
| 10 | Hong Kong | 61% | 39% | 22 |
| 10 | Ireland | 61% | 39% | 22 |
"The high proportion of female crypto owners in these countries suggests that women are using crypto as a means of earning additional income where the local economy or culture provides few opportunities for women to succeed," the researchers reported.
African countries where the highest proportion of women own crypto
The study also surveyed the rate of cryptocurrency adoption among women, comparing the proportion of crypto owners to the general population of women in the countries that were ranked.
Already listed as the country where male and female crypto ownership is most equal, the incredibly high number of crypto adoption in Vietnam means almost a quarter of women in the country own some form of cryptocurrency.
South Africa and Nigeria emerged in the lead among African countries, ranking at position five and nine respectively.
| Rank | Country | Female Crypto Owners | Percent of Women Owning Crypto |
| 1 | Vietnam | 12,165,440 | 24.40% |
| 2 | Philippines | 5,492,760 | 9.64% |
| 3 | India | 63,020,700 | 9.18% |
| 4 | Venezuela | 1,189,000 | 8.42% |
| 5 | South Africa | 2,353,920 | 7.60% |
| 6 | Singapore | 218,620 | 7.51% |
| 7 | United States | 11,517,770 | 6.88% |
| 8 | Brazil | 7,124,030 | 6.63% |
| 9 | Nigeria | 4,593,250 | 4.25% |
| 10 | Argentina | 977,870 | 4.22% |