Russia takes first place for crypto in Europe.

The country has recorded over $370 billion in crypto transactions over the past year, surpassing the UK and Germany.

"Russia has overtaken its peers to become Europe’s largest cryptocurrency market by transaction volume, according to data from blockchain analytics firm Chainalysis.

In a report released on Thursday, the firm said that from July 2024 to June 2025, Russia received $376 billion in crypto value – up from $256.5 billion a year earlier and surpassing the UK’s $273 billion. Both nations are considered Europe’s leading crypto markets. Germany followed with $219 billion, Ukraine with $206.3 billion, and France with $180.1 billion.

Chainalysis credited Russia’s rise to a surge in institutional transfers and rapid DeFi adoption. Transactions over $10 million jumped 86% year-over-year – nearly double Europe’s 44% growth – while retail activity also outpaced the regional average. DeFi operations, using blockchain apps for trading, lending, and interest, more than tripled from 2023 levels."