How the UK Became the Crypto King ?

Adekunle Joshua

The UK has firmly secured its position as the leading force in cryptocurrency across Central, Northern, and Western Europe (CNWE)

Between July 2022 and June 2023, CNWE saw crypto transactions totaling 17.6% of the world’s total, valued at a staggering $1 trillion. The UK alone handled $252.1 billion during that year

Globally, the UK ranked third in crypto transaction volume, trailing only the US and India

The UK's regulatory strides were instrumental in its crypto dominance. It adopted the Financial Services and Markets Bill and enforced the Financial Promotions Regime in 2023, setting clear standards for crypto businesses

London emerged as a top city for crypto business, surpassing New York and Dubai

In 2023, the UK also implemented the crypto "Travel Rule" and mandated transparent records for crypto asset transfers, enhancing sector transparency

In a global context, Eastern Europe also made waves in crypto, becoming the fourth-largest market with $445 billion in transactions

The UK's ascent in the European crypto market results from methodical strategies and sound regulation. Its role as a crypto leader will continue to be closely monitored.