The U.K., while falling to second place by volume, has seen traders shift strongly toward DeFi platforms. | Source: Gemini <\/p>\n
Key Takeaways<\/p>\n
Russia recorded $376 billion in crypto transaction value between July 2023 and June 2025, beating the U.K. and Germany.<\/p>\n<\/li>\n
Chainalysis found that the EU\u2019s Markets in Crypto-Assets framework is boosting institutional participation.<\/p>\n<\/li>\n
The U.K. remains an innovation hub but is falling behind the EU\u2019s regulatory progress.<\/p>\n<\/li>\n<\/ul>\n
Russia has overtaken the U.K. to become Europe\u2019s largest cryptocurrency market by transaction volume, according to data from blockchain analytics firm Chainalysis released on Thursday.<\/p>\n
In a report emailed to CCN, between July 2023 and June 2025, Russia received $376 billion in crypto value.<\/p>\n
This was significantly more than the U.K., which placed second with $273 billion, and Germany\u2019s $219 billion, the report said.<\/p>\n
Ukraine and France followed next to round out the top five.<\/p>\n
The findings, drawn from Chainalysis<\/a>\u2019 investigation, highlighted a \u201cnew phase of maturity and realignment\u201d in Europe\u2019s digital-asset economy, the firm said.<\/p>\n Germany, Poland, and Ukraine recorded the fastest growth rates, driven by both institutional participation and retail adoption, the firm said.<\/p>\n \u201cEurope\u2019s crypto markets are showing remarkable depth and resilience,\u201d said Matthias Bauer-Langgartner, Head of Policy for Europe at Chainalysis.<\/p>\n<\/blockquote>\n The U.K., while falling to second place by volume, has seen traders shift strongly toward decentralised finance (DeFi) platforms as regulators tighten retail trading rules, Chainalysis said.<\/p>\n Flows to decentralised exchanges now consistently exceed those to centralised ones, the firm added.<\/p>\n Meanwhile, Russia\u2019s growth has been underpinned by an 86% rise in institutional-scale transactions and a surge in DeFi activity, now more than triple its 2023 levels.<\/p>\n Russia\u2019s controversial A7A5 ruble-denominated stablecoin<\/a> has also become a \u201ckey vehicle for cross-border payments,\u201d the firm wrote.<\/p>\n The stablecoin, linked to Russian exchange\u00a0Garantax, has been heavily scrutinised and sanctioned by the U.S. Treasury Department\u2019s Office of Foreign Assets Control (OFAC).<\/p>\n In 2022, the OFAC first accused the platform of\u00a0facilitating illicit transactions and linked it to the darknet marketplace giant Hydra Market.<\/p>\n In March 2025, Garantex was shut down by a coordinated international law enforcement operation.<\/p>\n Chainalysis said the rollout of the EU\u2019s Markets in Crypto-Assets (MiCA)<\/a> framework has helped accelerate participation from banks and payment providers, sparking what it called a \u201cstablecoin transformation\u201d across the European Economic Area.<\/p>\n As of September, the European Securities and Markets Authority (ESMA) listed 15 e-money token issuers managing 25 compliant single-currency stablecoins.<\/p>\n This has left the U.K., which has regularly shared its ambition to be a global leader in the space, looking to catch up with its own digital playbook.<\/p>\n This week, the Financial Conduct Authority (FCA) unveiled new guidelines<\/a> to help the country\u2019s \u00a314 trillion asset management industry adopt tokenization under existing rules.<\/p>\n The FCA\u2019s initiative forms part of a wider digital assets roadmap to keep Britain competitive after Brexit.<\/p>\n \u201cTokenization has the potential to drive fundamental changes in asset management,\u201d said Simon Walls, the FCA\u2019s Executive Director of Markets.<\/p>\n<\/blockquote>\n The post Russia Overtakes UK as Europe\u2019s Largest Crypto Market, Chainalysis Finds<\/a> appeared first on ccn.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"The U.K., while falling to second place by volume, has seen traders shift strongly toward DeFi platforms. |…\n","protected":false},"author":2,"featured_media":504120,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7655],"tags":[165151,165152,165153,118456,44703,299,332,165154],"class_list":{"0":"post-504119","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-russia","8":"tag-chainalysis","9":"tag-chainalysis-finds","10":"tag-crypto-market","11":"tag-crypto-assets","12":"tag-digital-assets","13":"tag-europe","14":"tag-russia","15":"tag-transaction-volume"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115383813068648723","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/504119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=504119"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/504119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/504120"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=504119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=504119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=504119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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