The UK is at the forefront of digital currency activity in Central, Northern and Western Europe. Crypto adoption is growing in the UK. To receive the latest news and articles in the field of crypto, stay with Pooyan Music site.
According to a new study, the UK has emerged as a major cryptocurrency economy worldwide and the largest cryptocurrency country in terms of raw transaction volume in Central, Northern and Western Europe (CNWE).
Blockchain analytics firm Chainalysis released two new chapters of its 2023 Cryptocurrency Geography report on October 18. The report included a completely new CNWE study and a second edition on Eastern Europe.
The region was the second-largest crypto economy in the world last year, behind only North America, according to CNWE’s centralized report. Between July 2022 and June 2023, the region accounted for 17.6% of global trade volume. Over the course of time, it received about $1 trillion in chain value.
The United Kingdom tops CNWE’s list of the largest crypto economies. This country ranks third in the world in terms of the amount of transactions after the United States and India. According to a report by Chainalysis, the UK received around $252.1 billion in cryptocurrency transactions last year.
Other major cryptocurrency economies in the CNWE include Germany and Spain, which received about $120 billion and $110 billion in cryptocurrency transactions last year, respectively. After these countries are large crypto economies such as France, Netherlands, Italy, Switzerland, Sweden and other countries.
In February, crypto tax platform Recap reported that London is the world’s most crypto-business-ready city, beating out Dubai and New York.
A significant amount of crypto adoption in the UK is due to the fact that the country has passed several digital currency regulations. The UK government moved to pass the Financial Services and Markets Bill, which adds a definition of crypto-assets to the existing Financial Services Act. It also provides a regulatory framework for stablecoins such as Tether.
In October 2023, the UK Financial Conduct Authority implemented a financial advertising regime. It also created a standard for crypto companies to promote their business without harming investors. Previously, the UK passed the UK Crypto Travel Rule in September 2023, which required UK crypto asset businesses to collect, verify and share certain information about crypto asset transfers.
Chainalysis also published a detailed report on Eastern Europe, the fourth largest cryptocurrency market, the company said. The region received $445 billion in cryptocurrency between July 2022 and June 2023, representing 8.9% of global transaction activity during the period analyzed.