UK Tops Crypto Economies in Europe, Report Says

A recent study by the blockchain analytics firm Chainalysis revealed that the United Kingdom has become a major global cryptocurrency economy and the largest crypto country in Central, Northern, and Western Europe (CNWE) based on the total transaction volume.

Chainalysis released two new chapters of its “Geography of Cryptocurrency” report, including a new CNWE study and the second edition on Eastern Europe.

According to the CNWE-focused report, the region was the world’s second-largest crypto economy in the past year, with North America ranking first. Between July 2022 and June 2023, the CNWE region accounted for 17.6% of global transaction volume, with an estimated on-chain value of $1 trillion.

The UK has topped CNWE’s biggest crypto economies list and ranked third in the world regarding transaction volumes after the United States and India. According to Chainalysis, the UK received an estimated $252.1 billion in cryptocurrency transactions in the past year.

Chainalysis has reported that the UK has become the world’s third-largest cryptocurrency economy regarding transaction volumes after the US and India. In the past year, it has received around $252.1 billion worth of cryptocurrency transactions, making it the top crypto economy in the CNWE.

Germany and Spain are the other two major crypto economies in the CNWE, with both countries receiving around $120 billion and $110 billion in crypto transactions, respectively. France, Netherlands, Italy, Switzerland, Sweden, and other European countries also have significant crypto adoption levels. Crypto analysts have previously predicted the growing acceptance of cryptocurrencies in the UK.

In February, Recap reported that London was the world’s most crypto-ready city for business, beating Dubai and New York. The UK’s significant level of crypto adoption comes as the country is progressing towards adopting various crypto regulations. The government has been working towards adopting the Financial Services and Markets Bill, which provides a regulatory framework for crypto assets, including stablecoins like Tether.

Chainalysis has published two reports on the cryptocurrency market. One report focuses on Eastern Europe, the fourth-largest crypto market, receiving $445 billion in crypto between July 2022 and June 2023. This amount represents 8.9% of global transaction activity during the analyzed period. The other report is the CNWE report, which comprehensively analyzes the cryptocurrency market.