UK Emerges as Europe's Biggest Cryptocurrency Economy with $252 Billion in Transactions

The UK has emerged as the biggest cryptocurrency economy in Central, Northern and Western Europe (CNWE) according to Chainalysis.

The UK received an estimated $252.1 billion in crypto transactions from July 2022 to June 2023, ranking 3rd globally behind the US and India.

Other major European crypto economies were Germany ($120 billion) and Spain ($110 billion) in transaction volume.

The UK's crypto adoption comes amid new regulations like the Financial Services and Markets Bill to provide a framework for cryptocurrencies.

Chainalysis also reported Eastern Europe as the 4th largest crypto market globally, receiving $445 billion in transactions from July 2022 to June 2023.