Europe is the most popular region for cryptocurrency trading, accounting for 37.32% of global transaction value, according to a thorough investigation by Coinwire. This prominent position is largely due to Europe’s tech-savvy populace and forward-thinking regulatory frameworks, making it a prime spot for cryptocurrency investments and advancements.
Asia trails behind Europe, contributing 36.17% to global crypto transaction values. Asia’s substantial trading volumes are driven by widespread mobile use, a strong tech infrastructure and increasing interest from institutional investors.
The analysis anticipates Europe’s crypto trading volume to soar to $40.5 trillion in 2024, a significant jump from $15 trillion in 2022, marking a 2.7-fold increase.
Europe is highly proactive in shaping its crypto industry through clear regulations. These rules help authorities understand fintech better and provide clear guidelines for exchanges and traders as they navigate the market. A key regulation in the European Union is the Markets in Crypto-Assets (MiCA) Regulation, which started enforcing its first set of regulations on June 30, 2024, and is primarily focused on stablecoins. Further regulations for cryptocurrency asset service providers are expected to roll out in December this year.
Delving into Europe’s expected $40.5 trillion trading volume, Russia stands out as the leading country, with a volume surpassing $633 billion. The United Kingdom’s $624 billion in trade volume places it sixth internationally and second in Europe. Despite the ongoing war, Ukraine holds the third spot with a trading volume of about $442 billion. Notably, the amount of money that Ukrainians invest in cryptocurrencies is almost three times their monthly rent, a sign of strong trading volumes compared to average income.
Slovenia, with just over two million people, has the most trading volume per internet user in Europe. According to the analysis, Slovenians have a strong belief in digital assets and supportive policies, as evidenced by their monthly average expenditure of $2,609 on cryptocurrency, which is more than almost four times their monthly rent.
Turkey and India are the world’s second- and third-ranked countries, respectively, with trading volumes above $1 trillion. The United States leads the pack, with trading volumes exceeding $2 trillion.
In the exchange market, Binance emerged as the most influential and popular exchange worldwide, with $2.77 trillion in trading volume. The exchange recently commemorated both its seventh anniversary and reaching 200 million users globally. Other notable exchanges are CEX.IO and OKX, which are present in 92 and 93 countries, respectively, and with trade volumes of $1.83 billion and $759 billion.
The figures above highlighting how different markets are progressing in terms of crypto uptake could serve as eye-openers for entities such as Stronghold Digital Mining Inc. (NASDAQ: SDIG) in terms of potential sources of investment that they can target in their marketing efforts.
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