Chainalysis Report Says UK Leads Crypto Activity in CNWE Region

Blockchain analytics company Chainalysis recently released two new chapters of its 2023 Geography of Cryptocurrency report on October 18. These findings highlight the significant role of the UK as a global crypto economy and identify it as the leading country in terms of transaction volume in Central, Northern, and Western Europe (CNWE).

The report, which focuses on CNWE region said that after North America, the region was the second-largest cryptocurrency economy globally between July 2022 and June 2023, accounting for 17.6% of international transaction volumes. The CNWE region also received an estimated $1T in on-chain value during the period.

The United Kingdom is the biggest crypto economy in the region, as well as the third biggest worldwide as regards transaction volumes, following the U.S. and India. Chainalysis report noted that the U.K. received an estimated $252.1bn in crypto transactions over the period.

Germany received about $120bn and Spain received $110bn in cryptocurrency transactions within the period. France, the Netherlands, Italy, Switzerland, Sweden, and others also recorded significant crypto transactions.

The remarkable crypto adoption in the United Kingdom comes as regulators are implementing a number of regulations regarding crypto. UK authorities are moving forward with the Financial Services and Markets Bill, which defines cryptocurrency assets and provides a regulatory framework for stablecoins.

Last month, the authorities adopted the crypto Travel Rule which requires cryptocurrency asset businesses across the country to collect, verify and share certain information about certain crypto asset transfers.