Among the countries across the globe vying for dominance in the evolving crypto market, the United Kingdom has recently made its mark.

The recent influx in crypto activity in the UK, according to a study by Chainlaysis, comes in the wake of increased regulations targeting the digital currency and stablecoin sectors. 

The study highlighted the UK’s soaring ascent in the global digital currency space. The island nation, known for its financial hubs and bustling urban centers, has kept pace with its peers and surpassed many.

UK: A Dominant Player In Central, Northern, And Western Europe

The new report from the blockchain analytics giant, Chainalysis, sheds light on the UK’s noteworthy strides in the digital currency arena. Released on October 18, Chainalysis’s 2023 Geography of Cryptocurrency details the activities of various regions, with a particular chapter dedicated to Central, Northern, and Western Europe (CNWE).

According to the data, CNWE is the second-largest global crypto economy, trailing only North America. This European region was responsible for roughly 17.6% of global crypto transaction volume from July 2022 to June 2023. During this period, it recorded an estimated transaction value of $1 trillion.

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Author: Samuel Edyme

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