In the wake of a crackdown on the crypto market by regulators in China, Japan, and South Korea, the crypto exchanges have moved out of Asia and found their call in the UK as the country accounts for the highest number of crypto exchanges. Meanwhile, after Malta, South Korea leads in trading volume race.
UK accounts for the majority of registered crypto exchanges
Over the last few years, cryptocurrency has grown in awareness, adoption, and value. As the number of cryptocurrencies has risen, so have the investors in the market. Cryptocurrency exchanges have also bloomed and spread over geographically.
When it comes to the trading volumes, Asian countries are still dominating the crypto market, though in the recent times, the regulatory authorities have clamped down on the cryptocurrencies left, right and the center in China, Japan, and South Korea.
In the recent time, UK has emerged as a crypto adoptive nation that has the highest number of registered cryptocurrencies exchanges. In the light of the concrete and clear regulations for the crypto, sector have attracted the investors from the strict crypto nations. However, UK only accounts for a meager one percent of the total trading volume.
In comparison to UK’s 22 exchanges, its major competitors Hong Kong and the US only have 15 and 11 exchanges respectively. Singapore, Turkey, South Korea and Canada are also at the top though they are far behind in the number of crypto exchanges they host.
While Malta & South Korea registers highest trading volume
However, when you analyze the trading volume chart, you would get a different picture. Malta leads this list by accounting for about $1.2 billion of the total trading volume. Malta is followed by South Korea with $900 million and Belize with $700 million trading volume.
It’s quite self-explanatory why the small island Malta is registering the highest amount of trading volume. With Binance, the top cryptocurrency exchange by trading volume moving its operations base from Hong Kong to Malta, it’s no-brainers that Malta leads the race.
However, the UK that has the highest number of exchanges, registers a trading volume of about $100 million which is about 12 times less than Malta. This means UK’s crypto regulations are not only a point of attraction for the big exchanges but also the smaller ones that can’t handle the tightening regulations as recently happened in South Korea that resulted in small players looking a way out of the local crypto market.
The leaders of the actual trading volume are majorly the Asian countries as after the crackdown in China and Japan, exchanges like Binance moved on to other countries but the investors have always been there.
It has been concluded in a research that the maximum fiat bitcoin trading happens in Japanese Yen which is more than 50 percent. In comparison, USD holds only about the 20 percent.
Do you think, over the time the statics of crypto trading volume would shift from Asia?
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.