UK tops crypto activity in Central, Northern and Western Europe: Chainalysis

The United Kingdom has emerged arsenic a large cryptocurrency system worldwide and the biggest crypto state successful presumption of earthy transaction measurement successful Central, Northern and Western Europe (CNWE), according to a caller study.

The blockchain analytics steadfast Chainalysis connected Oct. 18 released 2 caller chapters of its 2023 Geography of Cryptocurrency report, including its marque caller CNWE survey and the 2nd variation connected Eastern Europe.

According to the CNWE-focused report, the CNWE portion was the second-largest crypto system successful the satellite implicit the past year, down lone North America. The portion accounted for 17.6% of planetary transaction measurement betwixt July 2022 and June 2023, receiving an estimated $1 trillion successful on-chain worth during the clip period.

The U.K. has topped CNWE’s biggest crypto economies database and besides ranked 3rd successful the satellite successful presumption of transaction volumes aft the United States and India. According to Chainalysis, the U.K. received an estimated $252.1 cardinal successful cryptocurrency transactions successful the past year.

Other large crypto economies successful the CNWE included Germany and Spain, which received astir $120 cardinal and $110 cardinal successful crypto implicit the past year, respectively. These countries are followed by large crypto economies similar France, Netherlands, Italy, Switzerland, Sweden and others.

Top countries by cryptocurrency worth received betwixt July 2022 and June 2023. Source: Chainalysis

Some crypto analysts person antecedently hinted astatine increasing crypto adoption successful the U.K. before. In February, the crypto taxation level Recap reported that London was the world’s astir crypto-ready metropolis for business, beating Dubai and New York.

The important level of crypto adoption successful the U.K. comes amid the state adopting a fig of cryptocurrency regulations. The U.K. authorities has been steadily progressing towards the adoption of the Financial Services and Markets Bill, which adds a explanation of crypto assets to the existing fiscal services authorities portion besides providing a regulatory model for stablecoins similar Tether (USDT).

Related: Chainalysis axes different 15% of staff, citing hard marketplace conditions

In October 2023, the U.K. Financial Conduct Authority enforced the Financial Promotions Regime, establishing a regulated modular for crypto firms to beforehand their concern without hurting investors. Previously, the U.K. besides adopted the U.K. crypto “Travel Rule” successful September 2023, requiring crypto plus businesses successful the U.K. to collect, verify and stock definite information astir definite crypto plus transfers.

In summation to the CNWE report, Chainalysis besides released a elaborate study connected Eastern Europe, which is the fourth-largest crypto market, according to the firm. The portion received $445 cardinal successful crypto betwixt July 2022 and June 2023, which represents 8.9% of planetary transaction enactment during the analyzed period.

Chainalysis did not instantly respond to Cointelegraph’s petition to archer much astir the methodology of its survey and what types of crypto transactions were included successful the analysis. This nonfiction volition beryllium updated pending caller information.

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