Bitcoin.com recently published an illuminating report on the Exchange and P2P OTC trading of the world’s leading Cryptocurrency trading nations. The results may come as a surprise to those who do not closely follow developments in the digital assets’ universe. Also, Worldcore conducted the research to put this revealing information together.
The statistics are solid, coming from Morgan Stanley. The Wall Street investment banking titan conducted this research a few months ago. Additionally and unsurprisingly, the study revealed that nations which had positive legislation towards the cryptocurrencies fared the best. Furthermore, they possessed a higher volume of daily digital assets’ trading. The world leader for cryptocurrency exchange-based volume was Mediterranean island nation, Malta.
This should not come as a huge surprise to those who follow the cryptocurrency news. Malta has recently enacted a bundle of cyyptocurrency and also blockchain-friendly laws. These paved the way for Binance (the world’s largest cryptocurrency exchange by daily trading volume) to move to Malta.
Almost immediately after transferring its operations to the tiny European country, Binance catapulted Malta to the top spot. During the months of June and July in 2018, Malta recorded $1.2 billion in trading volume. The next largest contender in this category was Belize with $700 million in trading volume. Additionally, another island group, Indian Ocean’s Seychelles, rounded out the top three with $700 million in trading volume. Island nations seem well disposed to digital assets and blockchain.
Russia Leads the Peer to Peer OTC Cryptocurrency Global Market Volume
The peer to peer category is completely different. Russia led the OTC global market volume category. This revelation comes from a single week study that considered the P2P Localbitcoins exchange. The United States was second, while China was third in OTC volume. Nigeria surprised as number four, while Venezuela came in at fifth. Some analysts claim that developing and emerging markets favor the P2P OTC markets as they lack developed exchange platforms. One thing is clear, countries where instability is rampant, or the citizens fear monetary controls like sanctions, have shot up in the rankings.
Venezuela is a prime example of a country falling apart economically. Russia also suffers from international sanctions. Nigeria gyrates back and forth between various problems and terrorist attacks on its oil infrastructure.