The United Kingdom has solidified its position as a dominant force in the global cryptocurrency market, especially within Central, Northern, and Western Europe (CNWE), based on findings from Chainalysis’ recent 2023 study.
According to the blockchain analytics firm’s latest chapters in their “2023 Geography of Cryptocurrency” report, CNWE ranks as the second-largest crypto economy worldwide, surpassed only by North America. The region contributed to a substantial 17.6% of the global crypto transactions between July 2022 and June 2023, with an impressive $1 trillion on-chain value.
Leading the pack in CNWE is the UK, which is not only the region’s largest crypto economy but also the third-largest globally, coming after the U.S. and India. The UK alone accounted for an astounding estimated volume of $252.1 billion in cryptocurrency transactions over the past year.
Germany and Spain also made their mark in the CNWE region, with crypto transaction volumes nearing $120 billion and $110 billion respectively. Other key players in the region include France, the Netherlands, Italy, Switzerland, and Sweden.
The surge in crypto engagement in the UK has been hinted at by analysts in the past. Earlier in the year, the crypto tax platform Recap positioned London as the leading city for crypto business readiness, outperforming global giants like Dubai and New York.
This growth in crypto adoption aligns with the UK’s strategic moves in the crypto regulatory space. The nation is on track with the Financial Services and Markets Bill, which aims to integrate crypto assets into existing financial legislation and introduce guidelines for stablecoins. Recent regulatory steps include the enforcement of the Financial Promotions Regime in October 2023 and the integration of the UK crypto “Travel Rule” in September 2023.
Meanwhile, Chainalysis also highlighted Eastern Europe’s crypto activity, noting it as the fourth-largest market, which saw $445 billion in transactions over the same period.
Further insights into Chainalysis methodology remain pending as of now.
Source: https://cointelegraph.com/news/uk-top-crypto-economy-cnwe-chainalysis
Image: https://unsplash.com/photos/london-bridge-ImoVrhUBeFs
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