The UK might have the most cryptocurrency exchanges, but the highest trading volume goes to Asia, which tops the global chart despite increasingly strict regulations.
Research from Morgan Stanley has shed light on where registered exchanges are popping up across the world, and the UK has beat Hong Kong, the USA, Singpore and more to come out first. However, in terms of trading volume, these UK exchanges only account for one per cent.
Instead, here is where exchanges in Malta, South Korea and Belize are making noise, accounting for $1.2 billion, $900 million and $700 million, respectively.
The UK, meanwhile, has a trading volume of around $100 million, far below its competitors.
Notably, China-based exchange Binance recently announced it would move ofices to Malta after regulatory crackdowns started to become more of a concern in China, Japan and Hong Kong.
Though these results indicate that interest in cryptocurrency is very high in the West, it is Eastern countries that are commanding the sector.