Kingdom

Cryptocurrency

United

Northern

Read

<div class="cryptonews">
 <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 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> adoption in the United Kingdom (UK), the <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">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"><picture decoding="async" class="wp-image-14205813">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/10/18/28520cf922e7c2100f7f12672b9a4496.webp.webp">
   <img decoding="async" width="1024" height="536" src="https://cdn.thebittimes.com/images/2023/10/18/28520cf922e7c2100f7f12672b9a4496.webp" alt="Chainalysis: Central, Northern, and Western Europe reported to be second largest crypto economy this year - 1"> 
  </picture>
  <figcaption class="wp-element-caption">
   Cryptocurrency value received &nbsp;| Source: Chainalysis
  </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 <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> comes just after several announcements of new regulations in the region.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Chainalysis lays off 15% of staff to curb expenses
 </div>
 <p>In an Oct. 8 <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> the Financial Conduct Authority unveiled a new regulated framework for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> companies to advertise their services while safeguarding investor interests. Preceding this, the UK had also embraced the “Travel Rule” for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets in September 2023, mandating UK-based <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> businesses to validate specific information regarding select <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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">
   <div class="rll-youtube-player" data-src="https://thebittimes.com/image/getimage/?url=https://www.youtube.com/embed/srQxvHuSNyk" data-id="srQxvHuSNyk" data-query="feature=oembed"></div>
   <noscript><iframe title="Rules Seek to Treat Crypto as High Risk Investment: FCA" width="1020" height="574" src="https://thebittimes.com/image/getimage/?url=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>
   </noscript>
  </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>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Chainalysis: Central, Southern Asia and Oceania dominate crypto adoption
 </div>
 <p></p> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/chainalysis-central-northern-and-western-europe-reported-to-be-second-largest-crypto-economy-this-year-tbt66878.html">https://thebittimes.com/chainalysis-central-northern-and-western-europe-reported-to-be-second-largest-crypto-economy-this-year-tbt66878.html</a></p>

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

Table of Contents

TheBitTimes

Other articles published on Oct 18, 2023

Cardano (ADA) Price Analysis: Will It Bounce Back to $1 Amidst Bearish Pressure?

The Role of the Referee in Football: Rules and Responsibilities

Which Altcoins Could Upbit, South Korea’s Largest Exchange, List? Here Are The Guesses

Met Police unmask crypto’s role in crime syndicates

An Introduction to EU’s Crypto Asset Regulations, MiCA

Proposed Settlement Offers Hope of Over 90% Asset Recovery for FTX and FTX.US Customers

Join our free newsletter for daily crypto updates!