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Cryptocurrency adoption in the United Kingdom has reached new heights. With a rapid rise in trading, the country has become one of the central players in the European and global crypto landscape.
Recent findings from blockchain analytics firm Chainalysis revealed that the UK is leading the way for cryptocurrency transaction volume, not only in Europe but across the broader Central, Northern, and Western European (CNWE) region.
Chainalysis unveiled the latest additions in its 2023 Geography of Cryptocurrency report, shedding light on the crypto landscape in both CNWE and Eastern Europe. According to the report, the country secured its position as the world’s second-largest cryptocurrency economy in the past year, following North America. The CNWE region contributed a massive 17.6% of the global transaction volume between July 2022 and June 2023, accumulating an estimated $1 trillion in on-chain value during this period.
The United Kingdom has claimed the top spot among CNWE’s biggest crypto economies as well as the third position globally in terms of transaction volumes. Over the past year, the UK witnessed an estimated $252.1 billion in cryptocurrency transactions.
Which countries see major trading volumes?
Germany and Spain are also prominent crypto economies, recording around $120 billion and $110 billion in crypto transactions respectively. France, the Netherlands, Italy, Switzerland, and Sweden closely follow with the crypto economies boasting significant trading volumes.
The UK government has been actively progressing toward adopting the Financial Services and Markets Bill. The bill will be legislation designed to incorporate a definition of crypto assets and outlines a regulatory framework for stablecoins like Tether (USDT).
The Financial Promotions Regime sets to establish a regulated standard for crypto firms to promote their businesses without endangering investors. The UK also recently implemented the UK crypto “Travel Rule” in September 2023, compelling crypto asset businesses to gather, verify, and share specific information about certain crypto asset transfers.