The crypto market has made incredible progress in recent years throughout the Western world. Despite falling on hard times now, the market continues to bring in and maintain an impressive base of investors.
And with the US alone contributing to a large chunk of the activity that is occurring in the space, many are wondering what makes up the largest crypto economy in Europe. Well, as of recently, that title goes to the UK.
Since its departure from the EU, the UK has slowly become one of the biggest forces in the crypto space. According to a recent report, the country has managed to receive over $233 billion through different transactions performed over the course of a year.
The extremely high value of total transactions made it leave all of the other countries in Europe behind. Better yet, it continued to see this impeccable growth despite the many issues that the market is facing right now.
New Chainalysis Reports Shock Many Analysts
The new chainalysis report to come out shows that the UK has been able to generate the highest crypto transaction value of possibly any other country in Europe. Internationally, this major transaction value puts the UK in 6th place worldwide.
However, to many people’s surprise, the country also managed to climb a few tiers in the crypto adoption index. The report showed that the UK, which was initially at 21 has since moved up to 17.
While most people expected that the country’s traffic was going into traditional crypto protocols, the truth is that most of their traffic was actually going into DeFi. More specifically, almost 20% of the traffic from the country was looking into NFTs.
The report also found that the UK was the only western country to see gains in terms of raw transactional value. It measured a one-year period for the UK, which had managed to make an incredible $233 billion between July 2022 and July 2021.
Being More Open About Taxation and Regulation
One of the most important things that can really set the UK apart from most other countries is its view on taxation and regulation. They believe that as long as they can sensibly tax regulate the crypto market, then investors will not be as displeased.
Making a More Inclusive Space
The UK is focusing on creating a more inclusive space all around for different types of digital currencies. It is especially looking forward to cryptocurrencies and how they can eventually break the mold of traditional finance.
Furthermore, individuals in the UK are also not very trusting of traditional financial institutions, which is often why they are gravitating more toward the crypto market in the first place.