While Asia and North America are the focus of discussion on cryptocurrency adoption, Western Europe is making significant strides in adopting digital assets.
In a recent report, BitGate Research highlighted the significant role of European countries in the global cryptocurrency market. Known for its developed economy and open-minded population, the region has emerged as a major player in the crypto industry, with daily trading participants ranging from 1.2 million to 1.5 million.
Of the eight Western European countries studied, Germany and France stand out as the most active hubs for cryptocurrency activity. According to the report, there has been a significant increase in the number of users engaged with digital assets in these two nations. Western Europe as a whole is the second largest region in the world in terms of crypto adoption.
“Traffic monitoring on the domains of more than 150 centralized cryptocurrency exchanges shows that, over the past six months, total visits in Germany and France were 48.17 million and 35.11 million, respectively, with the Netherlands in third place with 30 million visits,” Bitgate’s report stated.
The number of active daily users on centralized cryptocurrency exchanges in Germany was 311,000 in December 2023, representing an improvement of 69% compared to December 2022. In France, there were 145,000 active users, an increase of 18% compared to the previous year. At 70%, the strongest growth was recorded in Austria, where the activity index reached around 60,000 investors per day during the year.
The growing interest in cryptocurrencies is also evident from data from BitGate Exchange, the author of the report. Its user base reached 25 million by the end of February 2024, an increase of 5 million in just three months.
Regulatory alignment and cultural acceptance
The report highlights that crypto policies in Western European countries generally align with the EU role and MICA regulations, maintaining an open approach to cryptocurrency regulation while providing a stable and transparent regulatory environment.
The report added that on top of Germany, France and the Netherlands, “Switzerland, Belgium, Austria, Luxembourg and Liechtenstein have relatively open policies on cryptocurrency and blockchain technology, offering a stable and transparent regulatory environment.”
From a cultural perspective, Western Europeans have remarkably embraced blockchain technology and cryptocurrencies. The region’s history of innovation and embracing new ideas has fueled its willingness to explore the potential of digital assets.
Chain preferences and trading habits
Western European users have shown a strong affinity for decentralized projects, showing their familiarity with decentralized exchanges (DEXs) and other on-chain tools. The report shows that users in this area prefer the popular chain and the Solana ecosystem.
Regarding trading preferences, spot trading is the most preferred option among Western European users. However, countries like Germany, Netherlands and Switzerland have shown more inclination towards futures trading. The report also notes the high level of acceptance for emerging assets such as non-fungible tokens and meme coins.
These tools have fueled cryptocurrency exchange volume in early 2024, with trading activity increasing for the fifth straight month in February.
Centralized exchanges dominate, but DEXs gain traction
Centralized exchanges remain the primary choice for cryptocurrency trading in Western Europe, with traffic on these platforms fluctuating over the past year. This indicates a higher demand among Western European users for centralized exchanges than their decentralized counterparts.
“In terms of competitive landscape and platform advantages, global centralized exchanges are dominating the market with a more diverse and comprehensive range of services,” Bitgate added.
However, the report also highlights the growing popularity of leading decentralized exchanges on various chains, such as Uniswap and Pancakeswap. Western European users mainly use these DEXs and popular wallets like TrustWallet, Metamask, Coinbase Wallet and Bitget Wallet.
As the cryptocurrency industry evolves, Western Europe is poised to be a driving force, shaping the future of digital assets and blockchain technology.
While Asia and North America are the focus of discussion on cryptocurrency adoption, Western Europe is making significant strides in adopting digital assets.
In a recent report, BitGate Research highlighted the significant role of European countries in the global cryptocurrency market. Known for its developed economy and open-minded population, the region has emerged as a major player in the crypto industry, with daily trading participants ranging from 1.2 million to 1.5 million.
Of the eight Western European countries studied, Germany and France stand out as the most active hubs for cryptocurrency activity. According to the report, there has been a significant increase in the number of users engaged with digital assets in these two nations. Western Europe as a whole is the second largest region in the world in terms of crypto adoption.
“Traffic monitoring on the domains of more than 150 centralized cryptocurrency exchanges shows that, over the past six months, total visits in Germany and France were 48.17 million and 35.11 million, respectively, with the Netherlands in third place with 30 million visits,” Bitgate’s report states.
The number of active daily users on centralized cryptocurrency exchanges in Germany was 311,000 in December 2023, representing an improvement of 69% compared to December 2022. In France, there were 145,000 active users, an increase of 18% compared to the previous year. At 70%, the strongest growth was recorded in Austria, where the activity index reached around 60,000 investors per day during the year.
The growing interest in cryptocurrencies is also evident from data from BitGate Exchange, the author of the report. Its user base reached 25 million by the end of February 2024, an increase of 5 million in just three months.
Regulatory alignment and cultural acceptance
The report highlights that crypto policies in Western European countries generally align with the EU role and MICA regulations, maintaining an open approach to cryptocurrency regulation while providing a stable and transparent regulatory environment.
The report added that on top of Germany, France and the Netherlands, “Switzerland, Belgium, Austria, Luxembourg and Liechtenstein have relatively open policies on cryptocurrency and blockchain technology, offering a stable and transparent regulatory environment.”
From a cultural perspective, Western Europeans have remarkably embraced blockchain technology and cryptocurrencies. The region’s history of innovation and embracing new ideas has fueled its willingness to explore the potential of digital assets.
Chain preferences and trading habits
Western European users have shown a strong affinity for decentralized projects, showing their familiarity with decentralized exchanges (DEXs) and other on-chain tools. The report shows that users in this area prefer the popular chain and the Solana ecosystem.
Regarding trading preferences, spot trading is the most preferred option among Western European users. However, countries like Germany, Netherlands and Switzerland have shown more inclination towards futures trading. The report also notes the high level of acceptance for emerging assets such as non-fungible tokens and meme coins.
These tools have fueled cryptocurrency exchange volume in early 2024, with trading activity increasing for the fifth straight month in February.
Centralized exchanges dominate, but DEXs gain traction
Centralized exchanges remain the primary choice for cryptocurrency trading in Western Europe, with traffic on these platforms fluctuating over the past year. This indicates a higher demand among Western European users for centralized exchanges than their decentralized counterparts.
“In terms of competitive landscape and platform advantages, global centralized exchanges are dominating the market with a more diverse and wider range of services,” Bitgate added.
However, the report also highlights the growing popularity of leading decentralized exchanges on various chains, such as Uniswap and Pancakeswap. Western European users mainly use these DEXs and popular wallets like TrustWallet, Metamask, Coinbase Wallet and Bitget Wallet.
As the cryptocurrency industry evolves, Western Europe is poised to be a driving force, shaping the future of digital assets and blockchain technology.