Digital Asset Adoption and Regional Digital Inequality: Descriptive Evidence from the United States, EU-10, V4, and IMT-GT

Background Digital asset adoption varies substantially across regions despite improvements in digital infrastructure. This study examines whether digital infrastructure, financial inclusion, and regulatory clarity are associated with regional differences in digital asset adoption and the resulting digital asset龉gap. Methods The study uses an eight-year regional panel covering 2018–2025 across the United States, EU-10, Visegrád Group (V4), and Indonesia–Malaysia–Thailand Growth Triangle (IMT-GT), comprising 32龉region-year observations. Digital asset adoption is measured using cryptocurrency users per 1,000 population. The analysis combines descriptive comparisons with fixed-effects panel regressions, interaction effects, and robustness checks using alternative variable definitions and specifications. Results Internet penetration has a positive but statistically insignificant association with current adoption after controlling for lagged adoption (β = 0.308, p = 0.251), while lagged adoption shows strong path dependence (β = 1.086, p < 0.001). Regulatory milestones are associated with higher adoption in the EU-10 and United States, with post-MiCA adoption increasing by approximately 87.5 users per 1,000 (p < 0.05) and post-reform US adoption by 64.2 users per 1,000 (p < 0.10). The interaction between internet penetration and financial inclusion is positive and statistically significant (β = 2.465, p < 0.01), indicating that financial inclusion conditions the relationship between infrastructure and adoption. However, marginal effects remain negative across the observed inclusion levels. Conclusions Digital asset adoption appears to depend on the interaction of infrastructure, financial inclusion, regulatory context, and prior adoption rather than infrastructure alone. The findings are descriptive and associational and should be interpreted cautiously given the four aggregate regional units and limited statistical inference. Closing regional digital asset gaps therefore requires attention to financial inclusion, regulatory clarity, digital skills, and consumer protection alongside infrastructure development.