The report highlights that Central, Northern and Western Europe is the second largest economy in the world. The European Union accounts for six of the 50 countries that most adopt cryptocurrencies worldwide, with the United Kingdom leading. The full report from analytics firm Chainalysis will be published later this month, with all the details.
A preview of the Geography of Cryptocurrencies 2023 report from analysis firm Chainalysis reveals that Central, Northern and Western Europe is the second largest economy in the world. The region has accounted for 17.6% of global transaction volume between July 2022 and June 2023.
The fragment of information, released as a preview, shows that the area in question received an estimated chain value of 1 billion dollars during the aforementioned period. Ahead of it is only North America. The full Chainalysis report will be published later this month.
UK Is One of Europe’s Largest Cryptocurrency Economies
The United Kingdom is at the top of the rankings. In addition to ranking 14th on the index, it is third in the world in terms of gross cryptocurrency transaction volume. In this section it presents an estimate of 252.1 billion dollars received last year.
Jamie McNaught, founder and CEO of cryptocurrency exchange Solidi, explains.
“Customers in the UK are often looking for alternatives to savings and poor investment returns. They continue to look for long-term returns in Bitcoin and Ethereum. Additionally, they place considerable bets on XRP, Cardano and Solana.”
The work suggests that the regulatory environment for stablecoins in the United Kingdom has affected this financial tool.
“In the months leading up to the enactment, the proportion of institutional trading volume (based on the size of transfers) to centralized exchanges decreased and was replaced by an increase in Bitcoin and Ethereum stocks.”
According to the CNWE-focused report, the CNWE region was the second-largest cryptocurrency economy in the world in the last year, behind only North America. The region accounted for 17.6% of global transaction volume between July 2022 and June 2023, receiving an estimated USD 1 trillion in value on-chain during that period.
Other European Countries Where the Strongest Cryptocurrency Economies Are Found
The EU’s Markets for Crypto Assets (MiCA) regulation appears to have created favorable environments for cryptocurrency innovation. France joins this statement in the report.
Lorie Veillere, Paris-based cryptocurrency market maker Flowdesk, considered that “Even before the introduction of MiCA, France’s attitude towards cryptocurrency regulation was broadly favorable.”
In parallel, work has been done to offer better custody, negotiation and sales opportunities. Something that led France to rank 23rd in the world in the Global Adoption Index and number 4 in the region.
Germany’s institutional advances also bore fruit. Dr. Sven Hildebrandt, Executive Director of Business Development and Strategic Partnerships at Boerse Stuttgart Digital, referred to that country’s evolution in terms of crypto growth.
“Germany has a very solid historical course in the technical development of blockchain. For example, if you search for node operations, you will find that Germany has the second highest number of full nodes for Bitcoin after the US.”
Central, Northern and Western Europe accounts for six of the 50 countries that most adopt cryptocurrencies worldwide. In addition to the CNWE report, Chainalysis also published a detailed report on Eastern Europe, which is the fourth largest cryptocurrency market, according to the firm. The region received USD 445 billion in cryptocurrencies between July 2022 and June 2023, representing 8.9% of global transaction activity during the period analyzed.
By Audy Castaneda
