The latest market report released by on-chain analytics company Chainalysis shows industry growth in Central, Northern and Western Europe (CNWE) and the dominance of the United Kingdom (UK) in its jurisdiction and the impact of the crypto-asset market (MiCA) regulation.
Research shows that between July and June 2022, Central, Northern and Western Europe accounted for 17.6% of global cryptocurrency trading volume, second only to North America among similar indicators.
Institutions (traditional and decentralized) have intensified their efforts to enter the region’s DeFi space by creating multiple web3 initiatives targeting the growing niche, with inflows worth over $1 trillion.
In CNWE, the number of DeFi accounts for 54% of the total value of the ecosystem, and lending applications, decentralized exchanges and related platforms in various countries are growing.
In the past 12 months, UK trading volume reached $252.1 billion, ranking 14th on the Chainalysis Global Cryptocurrency Adoption Index.