The United Kingdom is the world’s third-largest economy in terms of raw cryptocurrency transaction volume, behind the U.S. and India, according to on-chain intelligence firm Chainalysis.

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Fast Facts

  • The U.K. also emerged as the biggest crypto economy in the Central, Northern, and Western European (CNWE) region, having received an estimated US$252.1 billion worth of crypto payments this past year, according to Chainalysis’ 2023 Geography of Cryptocurrency report published Wednesday.
  • Germany was CNWE’s second-largest crypto economy, with US$120 billion received in crypto transactions, followed by Spain with US$110 billion.
  • CNWE is the world’s second-largest crypto economy after North America, accounting for 17.6% of global transaction volume between July 2022 and June 2023.
  • Decentralized finance (DeFi) accounted for 54.8% of the crypto value received, making it the most popular crypto-related service in the region.

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