Asian countries love cryptocurrency trading and they are dominating the charts for cryptocurrency trading volumes. Whereas the UK which has the most crypto exchanges registered accounts for less than 1 {7ac5c3bf57b95c89d20da1c585f68f2fe47644be0187dccece42864a092023b1} of the trade globally.
The research done by Morgan Stanley indicates that exchanges which originated from countries like South Korea, Hong Kong, and China account for most of the trading volume globally.
This research also shows that the highest number of exchanges are registered in the UK but have less than 1{7ac5c3bf57b95c89d20da1c585f68f2fe47644be0187dccece42864a092023b1} of the trading volume globally.
Hong Kong is 2nd in terms of exchanges registered and then followed by US and Singapore. UK has 22 exchanges registered while Hong Kong has 15 and the US just 11 exchanges.
But the trading volume has an entirely different story to tell. Malta claims the top spot on this list with around $1.2 billion in trading volume worldwide, South Korea had around $900 million in trading volume followed by Belize with $700 million.
UK had a trading volume twelve times less than that of Malta with $100 million which is despite having the highest number of exchanges.
Binance, the world’s largest crypto exchange is the main reason Malta has such high trading volumes. But the data indicates the actual trading volume comes from Asian countries.
OKEx, the company based in Belize, made it possible for the independent Commonwealth realm to have a trading volume of $700 million.
A staggering 55.7 percent of Bitcoin with fiat trading is in Japanese Yen (JPY) and 21.8 percent in USD. Asia is taking the lead on cryptocurrencies.
