The United Kingdom Emerges as Major Crypto Economy in Europe
A recent study conducted by blockchain analytics firm Chainalysis has revealed that the United Kingdom is now a major player in the global cryptocurrency economy. The study focused on Central, Northern, and Western Europe (CNWE) and found that the UK is the largest crypto country in terms of raw transaction volume in the region.
CNWE: Second-Largest Crypto Economy Worldwide
The CNWE region was ranked as the second-largest crypto economy globally over the past year, following North America. It accounted for 17.6% of global transaction volume between July 2022 and June 2023, with an estimated $1 trillion in on-chain value.
The UK Tops CNWE’s Crypto Economies List
According to Chainalysis, the UK topped CNWE’s list of biggest crypto economies and ranked third globally in terms of transaction volumes, after the United States and India. The country received approximately $252.1 billion in cryptocurrency transactions over the past year.
Other Major Crypto Economies in CNWE
In addition to the UK, Germany and Spain were also significant players in the CNWE region, receiving around $120 billion and $110 billion in crypto transactions respectively. France, Netherlands, Italy, Switzerland, and Sweden were among other countries with major crypto economies.
Growing Crypto Adoption in the UK
There have been indications of growing crypto adoption in the UK. In February, London was named the world’s most crypto-ready city for business. The country has also been making progress in adopting cryptocurrency regulations, including defining crypto assets under existing financial services legislation and establishing a regulatory framework for stablecoins.
Eastern Europe: Fourth-Largest Crypto Market
Chainalysis also released a report on Eastern Europe, which is the fourth-largest crypto market according to the firm. The region received $445 billion in crypto transactions between July 2022 and June 2023, accounting for 8.9% of global transaction activity.
Conclusion
The United Kingdom has emerged as a significant player in the global cryptocurrency economy, particularly in the CNWE region. With its adoption of cryptocurrency regulations and growing crypto adoption, the UK is expected to continue its prominence in the crypto market.
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