Russia Overtakes UK as Europe’s Largest Crypto Market, Chainalysis Finds

Core Insights - Russia has surpassed the U.K. to become the largest cryptocurrency market in Europe by transaction volume, with $376 billion in crypto value from July 2023 to June 2025, compared to the U.K.'s $273 billion and Germany's $219 billion [2][7]. Market Dynamics - The shift towards decentralized finance (DeFi) platforms in the U.K. is notable, as traders are increasingly moving away from centralized exchanges due to tightening retail trading regulations [4]. - Flows to decentralized exchanges now consistently exceed those to centralized ones, indicating a significant trend in trading behavior [4]. Institutional Participation - Russia's growth in the crypto market is supported by an 86% increase in institutional-scale transactions and a substantial rise in DeFi activity, which has more than tripled since 2023 [4][7]. - The EU's Markets in Crypto-Assets (MiCA) framework is enhancing institutional participation across Europe, contributing to a "stablecoin transformation" in the region [8]. Regional Growth - Germany, Poland, and Ukraine are experiencing the fastest growth rates in the crypto market, driven by both institutional participation and retail adoption [3].