Europe’s Crypto Adoption Shifts: Russia Now in the Lead

The latest European Crypto Adoption report by blockchain analytics firm Chainalysis shows that Russia has surpassed the United Kingdom, emerging as the leader in cryptocurrency adoption in Europe. Despite steady growth across the region, Russia now holds the top position, while the UK and Germany trail behind.

Russia Leads Europe in Crypto Activity

Between July 2024 and June 2025, Russia’s crypto market saw inflows of $376.3 billion, surpassing the $273.2 billion recorded by the United Kingdom. This marks a shift in regional leadership, as the UK had previously held the dominant spot. Chainalysis attributes Russia’s rise to a combination of growing institutional activity and the rapid expansion of decentralized finance (DeFi) usage.

Chainalysis’ findings indicate that large cryptocurrency movements in Russia— those exceeding $10 million—rose by 86% compared with the previous reporting period. This pace is nearly double the 44% growth rate seen across other European countries. Such activity reflects stronger participation from institutions, including corporations and major investors, which now account for a larger share of the country’s crypto volume.

Other parts of Russia’s crypto market showed steady growth, with both large and small retail users recording year-on-year increases about 10% higher than in other European countries.

Further Growth from DeFi and Stablecoin Activity

At the same time, DeFi activity in Russia rose sharply. Chainalysis explained that “early 2025 saw DeFi activity surge to eight times its previous levels, eventually stabilizing at roughly three and a half times the mid-2023 baseline.”

The report pointed to the ruble-pegged stablecoin A7A5 as an example of Russia’s growing role in digital finance. Introduced in early 2025, A7A5 has become a major tool for cross-border payments among institutional and business users.

Even while facing multiple sanctions, the stablecoin grew to become the largest outside the U.S. dollar by market capitalization. By late September, its value had reached $500 million, surpassing other non-U.S. dollar stablecoins, including Circle’s euro-pegged EURC. 

Other European Crypto Markets Show Strong Growth

Although Russia now leads the region, several other European crypto markets also experienced notable progress.

• Germany recorded 54% growth, showing its rising appeal as a base for crypto-focused companies.
• Ukraine and Poland recorded 52% and 51% growth, respectively, supported by everyday use and increasing remittance activity.

Regulation and Institutional Interest Reshape Europe

According to Chainalysis, the European crypto market between 2024 and 2025 has entered a stage of advanced transformation. This evolution has been influenced by factors such as the rollout of the Markets in Crypto-Assets (MiCA) regulatory framework, stronger institutional engagement, and the ongoing growth of DeFi adoption.

MiCA regulations have provided clearer guidelines for crypto operations across the European Union, helping formalize industry standards and attract institutional investors.