{"id":85920,"date":"2023-10-18T17:53:04","date_gmt":"2023-10-18T14:53:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85920"},"modified":"2025-09-13T02:16:46","modified_gmt":"2025-09-12T23:16:46","slug":"britain-becomes-europes-largest-crypto-economy-with-about-252-billion-in-transactions","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/britain-becomes-europes-largest-crypto-economy-with-about-252-billion-in-transactions\/","title":{"rendered":"Britain becomes Europe\u2019s largest crypto economy with about $252 billion in transactions"},"content":{"rendered":"<p>The annual volume of crypto transactions in the United Kingdom reached about $252.1 billion. This was the highest figure in Europe and the third-largest globally, according to Chainalysis&#8217;s <a href=\"https:\/\/www.chainalysis.com\/blog\/western-europe-cryptocurrency-adoption\/\">report<\/a>.<\/p>\n<p>In the global ranking of countries, only the United States and India surpassed the UK.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/gvVvQMSlqlpdggPWKwN8lN65vWA3KCFysHQuoNKue73PHZx-E76xv14iP99SIqrNMTjs7gzyEep6iy4OxAsm2uumQNvjBDpNPs48bBdYF0GUIpQswuropaf922IgybEQfMsAH3iNmIs7eFT9A9E6vJc\" alt=\"Britain is Europe\u2019s largest crypto economy with a $252 billion volume\"\/><figcaption class=\"wp-element-caption\">Leading countries by the value of cryptocurrency transfers from July 2022 to June 2023. Data: Chainalysis.<\/figcaption><\/figure>\n<p>The Central, Northern and Western Europe (CNWE) region, of which the United Kingdom is a part, is overall the second-largest crypto economy in the world. Its share of transaction volume is 17.6%, with a total value of roughly $1 trillion. North America is the leader.<\/p>\n<p>Among CNWE\u2019s leading countries by activity in digital assets were Germany, Spain, France, the Netherlands and Italy. The most popular service category for users was DeFi services \u2014 54.8% of the total volume.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/cedwZmmmfiAZdBYa08_pHdrdqHVvofkbCqJABRYMI8yBALgmoxczQ5-9OS69au40BmU7DhKQsVA5fmXaRjhvjAnRJCxjlXvCGRTyGloRIkap0C9qsxof07C9_ooOrLzIzq6prGu09jgKTsxoZILjOF0\" alt=\"Britain\u2019s share of the transaction volume by currency among UK users, by month\"\/><figcaption class=\"wp-element-caption\">Share of the UK\u2019s cryptocurrency transaction volume by currency, by month. Data: Chainalysis.<\/figcaption><\/figure>\n<p>According to Jamie Maknota, founder and CEO of the Bitcoin exchange Solidi, British consumers typically seek in cryptocurrencies an alternative to \u201clow-yield savings and traditional investments.\u201d After NFT popularity waned, they shifted to Bitcoin (especially in anticipation of <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-bitcoin-halving\">halving<\/a> in 2024) and Ethereum, with significant bets also on XRP, Cardano and Solana, the expert noted.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/DlA-rF-KWjGqSrbq_XKEXHQFwvwvvJC-Bmp5xl3iiu_3CltuHu_1RL5TGzF_D06PtwCXeAqpbqnCGi7zrBS0gRuvtA8IcUr-VW2je_2A6D0wvZZ_25IJdw87UWdU3ChUKaHEPy0qGveTS40AzW4Nsto\" alt=\"D share of the volume of transactions by British users of different cryptocurrencies by month\"\/><figcaption class=\"wp-element-caption\">Share of the UK\u2019s cryptocurrency transaction volume by currency, by month. Data: Chainalysis.<\/figcaption><\/figure>\n<p>Chainalysis researchers noted a decline in June in the popularity of stablecoins in the country. They linked this to the adoption of the Financial Services and Markets Act, which <a href=\"https:\/\/forklog.com\/en\/news\/britain-approves-financial-services-and-markets-bill\">affected regulation<\/a> of the crypto industry.<\/p>\n<p>In <a href=\"https:\/\/forklog.com\/en\/news\/chainalysis-ukraine-ranks-fifth-globally-in-cryptocurrency-adoption\">global cryptocurrency adoption index<\/a> for 2023 by Chainalysis, the United Kingdom did not make the top 10 (14th). India, Nigeria, Vietnam, the United States and Ukraine led the rankings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The annual volume of crypto transactions in the United Kingdom reached about $252.1 billion. This was the highest figure in Europe and the third-largest globally, according to Chainalysis&#8217;s report.<\/p>\n","protected":false},"author":1,"featured_media":85921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[274,1421,1252,810],"class_list":["post-85920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-chainalysis","tag-rating","tag-reports","tag-united-kingdom"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=85920"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85920\/revisions"}],"predecessor-version":[{"id":85922,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85920\/revisions\/85922"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/85921"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=85920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=85920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=85920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}