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A new market report published by Chainalysis Chain Analytics reveals the growth of the industry in Central, Northern, and Western Europe (CNWE) the impact of the United Kingdom's (UK) dominance in its jurisdiction and the regulation of the Market for Crypto Assets (MiCA). The study reveals that between July and June 2022, CNWE accounted for 17.6% of global cryptocurrency trading volume, second only to North America in similar metrics.

Institutions (traditional and decentralized) have stepped up their efforts to enter the region's DeFi space by creating several web3 initiatives targeting growing niches, with inflows worth more than $1 trillion. In the CNWE, DeFi volumes account for 54% of the total ecosystem value, with lending apps, decentralized exchanges and related platforms growing in all countries. 🔭🔭

Over the past 12 months, the U.K. reached $252.1 billion in trading volume, ranking 14th in the Chainalysis Global Cryptocurrency Adoption Index.

(Note: The CNWE includes six of the world's 50 countries with the highest grassroots adoption of cryptocurrencies: the United Kingdom (14), Spain (22), France (23), Germany (26), Italy (37), and the Netherlands (39)🕳️🕳️