July 21, 2024
UK Leads Central, Northern, and Western Europe in Crypto Activity: Chainalysis
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UK Leads Central, Northern, and Western Europe in Crypto Activity: Chainalysis

The United Kingdom has emerged as a prominent cryptocurrency economy on a global scale and stands as the largest crypto country in Central, Northern, and Western Europe (CNWE) in terms of raw transaction volume, according to the latest findings from a study conducted by blockchain analytics firm Chainalysis. On October 18, Chainalysis released two new chapters of its 2023 Geography of Cryptocurrency report, including a fresh CNWE study and a second edition focusing on Eastern Europe.

The CNWE-specific report revealed that this region ranked as the second-largest crypto economy globally over the past year, surpassed only by North America. CNWE accounted for 17.6% of the global transaction volume between July 2022 and June 2023, receiving an estimated $1 trillion in on-chain value during this time frame.

Within CNWE, the United Kingdom topped the list of the largest crypto economies and ranked third globally in terms of transaction volumes, trailing only the United States and India. According to Chainalysis, the U.K. saw approximately $252.1 billion in cryptocurrency transactions in the past year. Other prominent crypto economies in CNWE included Germany and Spain, which recorded around $120 billion and $110 billion in crypto transactions, respectively. These were followed by significant crypto economies such as France, the Netherlands, Italy, Switzerland, Sweden, and others.

This robust level of crypto adoption in the United Kingdom coincides with the country’s adoption of several cryptocurrency regulations. The U.K. government has been making steady progress in adopting the Financial Services and Markets Bill, which incorporates a definition of crypto assets into existing financial services legislation and establishes a regulatory framework for stablecoins like Tether. In October 2023, the U.K. Financial Conduct Authority implemented the Financial Promotions Regime, setting regulated standards for crypto firms to promote their businesses without harming investors. Earlier in September 2023, the U.K. also introduced the U.K. crypto “Travel Rule,” requiring crypto asset businesses in the U.K. to collect, verify, and share specific information regarding certain crypto asset transfers.

In addition to the CNWE report, Chainalysis also published a comprehensive report on Eastern Europe, which is identified as the fourth-largest crypto market. This region saw $445 billion in crypto transactions between July 2022 and June 2023, accounting for 8.9% of global transaction activity during the analyzed period.

Image by www.slon.pics on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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