According to a recent report from blockchain analytics firm Chainalysis, Russia has emerged as the top cryptocurrency market in Europe, receiving $376.3 billion in crypto transactions between July 2024 and June 2025. This represents a 48% increase from the previous year's $256.5 billion, widening Russia's lead over the United Kingdom, which recorded $273.2 billion (about 30% less), and Germany, with $219 billion.
Chainalysis attributed Russia's surge to two key factors: a spike in large institutional transfers and growing decentralized finance (DeFi) adoption. The scale of institutional activity is particularly notable, with transfers exceeding $10 million surging 86% year-over-year, nearly double the 44% growth seen in the rest of Europe. Additionally, Russia leads in retail segments, with year-over-year growth outpacing Europe by about 10%.
DeFi adoption in Russia saw an eightfold increase in early 2025, indicating a shift toward crypto for financial services. The report highlighted the role of A7A5, a ruble-pegged stablecoin issued in Kyrgyzstan, which reached a $500 million market cap in late September, overtaking rivals like Europe's euro-pegged EURC by Circle. Despite facing sanctions from the EU and US for alleged use in evasion and illicit activities, A7A5 facilitates cross-border payments for institutional and business users.
Regulatory developments, such as the EU's Markets in Crypto-Assets (MiCA) framework, have boosted institutional participation across Europe, with 15 e-money token issuers operating 25 compliant stablecoins as of September 2025. Meanwhile, the UK is adapting with new guidelines from the Financial Conduct Authority to remain competitive post-Brexit.
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