The crypto ecosystem in Europe has grown tremendously in the last few years, and more countries have become interested in digital currencies. For example, Europe’s Central, Northern, and Western parts have been the second-largest crypto markets in 2023 after North America. Eastern Europe had 8.9% of the total global crypto value, and Ukraine had a massive role in this status.
But what are the reasons that made European countries interested in virtual coins? Well, the answers to this question depend on the country, as each has its own grounds, and for some, crypto acts as a hedge against inflation, and for others, the supportive governments have made citizens become interested in these new financial solutions.
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This is how several European nations have made noteworthy progress in the crypto landscape, which has ultimately led to wider adoption. Let’s discover more facts about some of these countries.
Netherlands
The Netherlands is an important country in Europe interested in cryptocurrencies, which has also an interesting history with investing, as the nation has been recognized for opening the first stock exchange in 1602. Since then, the Netherlands has also earned a reputation as a crypto-friendly nation thanks to its transparent and robust regulatory environment. The crypto companies that want to operate in the Netherlands must pass rigorous requirements, but this has proved to be an advantage and why this industry has flourished. Additionally, a high regulatory bar protects the users, keeps lax exchanges at bay, and preserves the integrity of the entire crypto sector.
But why is the Netherlands so interested in digital currencies? A study made in July 2022 discovered that 2 million Dutch residents held digital currencies, which is around 14% of the entire population. Since then, the Netherlands has increased the number of residents interested in crypto, as the nation had the highest number of crypto-related searches on the internet in 2023.
The future of crypto in the Netherlands can benefit from a bright future, along with improving the regulations, which MiCA’s comprehensible regulatory requirements can do. This is why crypto could benefit from more growth in the Netherlands, opening more gateways into the crypto landscape.
Ukraine
Ukraine’s journey in crypto has been impacted by the war with Russia, which was the factor that made the country invest in new crypto progresses and technologies to respond to the new sad reality. Even if Ukraine still deals with a conflict with Russia, the nation has a top position in the list of European countries interested in cryptocurrencies. Although Ukraine has fallen from third place, where it was in 2022, it has steadily managed to rank fifth in 2023 in the countries that are interested in crypto. This is why crypto seems to have a primordial plan in Ukraine’s future financial plans.
The war in Ukraine accelerated the arrival of more crypto regulations, but the country did take the first steps into implementing digital currencies back in 2020 when it developed a bill to regulate and legalize cryptocurrencies, which passed in late 2021. Because of the crypto regulations put in place before the war began, the country could receive donations in cryptocurrencies, which would later be converted into fiat funds for the citizens.
Although Ukraine’s future remains uncertain, cryptocurrencies will certainly continue to be a good solution for its citizens.
France
France is also a good country worth mentioning, as it has taken steps to integrate cryptocurrencies into its nation. France has around 6.5 million people, and 12% of the population holds crypto assets. France has been one of the first countries to integrate regulations around virtual assets, with a PSAN licensing scheme, that is responsible to stop crypto providers from counter-terrorist financing (CTF) and anti-money laundering (AML).
Additionally, the French president, Macron, announced the country’s desire to become a high-tech champion in the future, which is why France is interested in cryptocurrencies and Web3 solutions. MiCA could influence the competitive crypto landscape in Europe, so we need to wait to see whether its adoption will positively or negatively impact France.
United Kingdom
The UK has the largest crypto economy among European countries and was ranked third globally. The country’s regulatory environment is also supportive, as is the case with its neighbor France, and London has also been named the most crypto-ready city for businesses in 2023.
This is why the UK will continue to have good crypto adoption, along with a series of regulations, interests, and infrastructure. The country’s crypto regulation framework is still evolving, and there has been progress towards a wider adoption of virtual tokens for financial innovation. For instance, in late 2023, the government proposed a regulatory regime to adopt a stablecoins payment system.
Additionally, the UK will hold a general election in 2025, which could end the era of 13 years of Conservative power. As the Labour Party is the realistic alternative, opinions believe this might lead to crypto progress for Britain.
Spain
Spain is a country that has taken numerous initiatives to accelerate the acceptance of crypto by encouraging businesses to adopt crypto payments and implementing the MiCA initiatives. Spain also has crypto-friendly regulations and continues promoting education for companies and individuals. The nation wants to implement a widespread adoption of crypto in daily life, and this is why the city Torrevieja in Alicante intends to become the first crypto-friendly town in Europe that accepts crypto payments across retailers.
Additionally, blockchain technology wants to digitalize the city’s commerce in this city, where cryptos are seen as a transactional medium. It is also important to mention that merchants can access educational courses from the University of Alicante to understand better how they can implement crypto in their operations.
In conclusion, all these countries play a vital role in Europe’s integration of cryptocurrencies.
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