Russia and UK Lead Europe in Crypto Adoption Amid EU Regulatory Challenges
Two non-EU nations—Russia and the United Kingdom—are dominating cryptocurrency adoption in Europe, according to a new Chainalysis report. The UK, while losing its top spot to Russia, remains ahead of EU heavyweights like Germany and France. Meanwhile, Russia's aggressive embrace of digital assets appears linked to sanctions evasion strategies.
The EU's Markets in Crypto-Assets (MiCA) regulations have triggered an exodus of crypto firms, raising competitiveness concerns. Britain faces its own headwinds with punitive crypto taxes, though political factions across the spectrum are pushing for Web3-friendly reforms. Russia's institutional crypto volumes suggest state-sanctioned adoption as an alternative financial pipeline.