Despite the lack of crypto-friendly legislation, Russia leads Europe in cryptocurrency turnover, even surpassing the UK.
According to research organization Chainalysis, Russia ranked first among European countries in the value of virtual currency transactions, reaching a whopping $376,3 billion between July 2024 and June 2025. The United Kingdom and Germany ranked second and third, with residents sending coins and tokens worth $273,2 billion and $219,4 billion, respectively.
The amount of cryptocurrency transfers made by citizens of different European countries from July 2024 to June 2025
Notably, Ukraine finished fourth in transaction volume, reaching $206,3 billion. Analysts previously attributed the rise in cryptocurrency popularity in the country to the aftermath of the military conflict. In Russia, the rise in digital asset adoption was also a consequence of the armed conflict, which led to economic sanctions from the US, UK, and other countries.
According to a chart published by Chainalysis, the amount of cryptocurrency transfers made by Russians and residents of other countries increased significantly in 2024 and 2025 compared to the second half of 2023. Therefore, Russia’s share of the European digital asset market has increased, but not significantly, and remains around 17-20%.
Digital asset transaction volume by month from July 2023 to June 2025