• The UK is the largest cryptocurrency economy in Central, Northern, and Western Europe (CNWE).
  • In 2023, the UK was the third largest cryptocurrency economy globally in terms of on-chain transaction volume, following the United States and India.
  • The UK facilitated $252.1 billion worth of cryptocurrency transactions last year, surpassing Germany and Spain.

The United Kingdom has become a major global crypto hub, ranking as the largest cryptocurrency economy in Central, Northern, and Western Europe (CNWE), according to new research from Chainalysis.

Chainalysis’ 2023 Geography of Cryptocurrency report found that the U.K. was the third biggest crypto economy worldwide over the past year in terms of on-chain transaction volume. Only the United States and India saw higher totals.

UK facilitated $252.1 billion crypto transactions last year

The UK’s facilitated an estimated $252.1 billion worth of cryptocurrency transactions last year. Germany and Spain trailed at $120 billion and $110 billion, respectively.

Overall, CNWE accounted for 17.6% of global crypto transaction volume during that period, making it the second-largest regional crypto economy after North America.

The U.K.’s embrace of digital assets comes even as it moves to implement crypto regulations, like its upcoming Financial Services and Markets Bill. This regulatory clarity likely supports increased adoption.

Earlier this year, another report named London the world’s most cryptocurrency-ready city for business. The U.K.’s advanced infrastructure and policy direction continue to attract activity.

Chainalysis’ findings provide hard data affirming the U.K.’s rise as a global crypto leader. The country now anchors a European region, rapidly increasing its blockchain footprint amidst a maturing regulatory landscape.