• Russia’s crypto market reached $376 billion, surpassing the U.K. at $273 billion.
• The U.K. sees a shift to DeFi platforms as regulations tighten on retail trading.
• The EU’s MiCA framework boosts institutional participation, driving growth across Europe.

According to new data released by blockchain analytics company Chainalysis, Russia has overtaken the U.K. to be the largest cryptocurrency market in Europe by transaction volume. It is reported that Russia has received $376 billion in crypto transactions since July 2023 to June 2025, much higher than the U.K., with $273 billion, and Germany, with $219 billion. This development is a turning point in the development of the digital-asset economy in Europe, where new trends are leading to the expansion of the market on the continent.

Russia Crypto Growth and U.K. DeFi Shift

The rise of Russia as the biggest crypto market is to be explained mainly by the sudden growth of institutional transactions. This is a larger increase in institutional-level transactions in Russia, with the increase growing by 86 between July 2023 and June 2025, as it counts an expanded base of large-scale investors adopting crypto.

The surge was also contributed to by the increase in the level of DeFi (decentralized finance) activity in the country, which had more than tripled in the year 2023. Moreover, A7A5, a ruble-backed stablecoin in Russia, has emerged as an important instrument in international payments even though it has been under intense scrutiny by global regulators.

Regulatory Impact on Europe’s Crypto Landscape

The Markets in Crypto-Assets (MiCA) framework that was introduced in the European Union has been instrumental in the expansion of crypto markets in Europe. MiCA has enhanced the involvement of financial institutions, especially the banks and payment providers, in the European Economic Area. As of September 2025, the European Securities and Markets Authority (ESMA) had listed 15 e-money token issuers that were operating 25 compliant stablecoins. This regulatory certainty has led to a transformation of stablecoin in the region with strong direction on the institutional level.

In the meantime, the U.K. is striving to keep pace with the EU’s development. Recently, the Financial Conduct Authority (FCA) has introduced new guidelines in support of the adoption of the tokenization of the asset management industry within the current regulations. This is an attempt to ensure that the U.K. is competitive in the post-Brexit digital economy.

As Russia is the first country to adopt institutions and the most active country in DeFi, the European crypto market is expected to grow even more. MiCA has enhanced regulatory clarity, as it has increased institutional trust, which puts the region in a further position to grow. The U.K. will be forced to speed up its regulatory assurances in a bid to be a competitive country as digital assets continue to find their way into the mainstream financial architecture.

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