Kingdom

Cryptocurrency

United

Northern

Read

<p class="is-style-lead">In an Oct. 18 report from Chainalysis, Central, Northern and Western Europe were said to account for 17.6% of global transaction volume between July 2022 and June 2023.</p> 
<p>The only cryptocurrency economy that is said to be larger is North America.</p> 
<h2 class="wp-block-heading" id="the-uk-takes-the-lead">The UK takes the lead</h2> 
<p>As part of growing trends for crypto adoption in the United Kingdom (UK), <a href="https://www.chainalysis.com/blog/western-europe-cryptocurrency-adoption/" target="_blank" rel="noopener">the report</a> notes that the country has ranked third in the world for transaction volume, with an estimated $252.1 billion received in the past year. This makes the UK a leader in the region, trailing behind the United States and India for the first and second spots.</p> 
<p>DeFi services were reported to be responsible for most of the cryptocurrency value in the region, making up 54.8% of the total.</p> 
<figure class="wp-block-image size-large">
 <img decoding="async" loading="lazy" width="1024" height="536" src="https://crypto.news/app/uploads/2023/10/Screen-Shot-2023-10-18-at-8.52.05-AM-1024x536.png" alt="Chainalysis: Central, Northern, and Western Europe reported to be second largest crypto economy this year - 20" class="wp-image-14205813">
 <figcaption class="wp-element-caption">
  Cryptocurrency value received &nbsp;| Source: <a href="https://www.chainalysis.com/blog/western-europe-cryptocurrency-adoption/" data-type="link" data-id="https://www.chainalysis.com/blog/western-europe-cryptocurrency-adoption/" target="_blank" rel="noopener">Chainalysis</a>
 </figcaption>
</figure> 
<p>Following the UK, other major crypto economies include Germany at $120 billion and Spain at $110 billion.</p> 
<h2 class="wp-block-heading" id="making-regulation-clear">Making regulation clear</h2> 
<p>The report comes just after several announcements of new regulations in the region.</p> 
<p> You might also like: <a href="https://crypto.news/chainalysis-lays-off-15-of-staff-to-curb-expenses/"> Chainalysis lays off 15% of staff to curb expenses </a> </p> 
<p>In an <a href="https://crypto.news/fcas-new-crypto-promotion-rules-and-their-implications/">Oct. 8 report</a> the Financial Conduct Authority unveiled a new regulated framework for crypto companies to advertise their services while safeguarding investor interests. Preceding this, the UK had also embraced the “Travel Rule” for crypto assets in September 2023, mandating UK-based crypto businesses to validate specific information regarding select crypto transfers.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="Rules Seek to Treat Crypto as High Risk Investment: FCA" width="1020" height="574" src="https://www.youtube.com/embed/srQxvHuSNyk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<p>Taken together, clear regulations combined with a population ready for adoption continue to position the UK favorably in the global market.</p> 
<p> Read more: <a href="https://crypto.news/chainalysis-central-southern-asia-and-oceania-dominate-crypto-adoption/"> Chainalysis: Central, Southern Asia and Oceania dominate crypto adoption </a> </p>

Chainalysis: Central, Northern, and Western Europe reported to be second largest crypto economy this year

Table of Contents

crypto.news

Other articles published on Oct 18, 2023

Reddit’s Strategic Pivot: Moving Away from Blockchain-Based Rewards

SHIB Price Analysis: Can a 50% Supply Reduction Propel it to $0.01?

Ripple CTO Ignites Debate on Government Role in X Content Moderation

The Role of the Referee in Football: Rules and Responsibilities

The Guide to How to Transfer Your BTCMT Tokens FROM Autofarm v1 to Autofarm v2

Can Bitcoin Survive This Crisis? Exchange Manager Explains

Join our free newsletter for daily crypto updates!