Russia has overtaken its rivals to become Europe’s largest cryptocurrency market by transaction volume, according to data from Singapore’s blockchain analytics firm Chainalysis.

In a report released on Thursday (October 16), Chainalysis said that from July 2024 to June 2025, Russia received US$376 billion in crypto value—up from US$256.5 billion a year earlier and surpassing the UK’s US$273 billion. Germany followed with US$219 billion, Ukraine with US$206.3 billion, and France with US$180.1 billion.

Chainalysis credited Russia’s rise to a surge in institutional transfers and rapid DeFi adoption. Transactions over US$10 million jumped 86% year-over-year—nearly double Europe’s 44% growth—while retail activity also outpaced…