UK Tops with Largest Number of Registered Exchanges while Market Share of G20 Exchanges Declining
The market share of G20 exchanges has declined, according to the latest report by Crystal blockchain analytics team.
When it comes to the countries with the largest number of registered exchanges, UK is leading with 43 exchanges followed by the US (27), Hong Kong (22), and Singapore (19).
Indonesia with just 1 exchange and India, Russia, Mexico, and Argentina with 3 each have the fewest exchanges registered.
Moreover, 10% of all the exchanges surveyed didn’t have countries of registration.
As exchanges become more evenly distributed around the world, the share of funds transferred by G20 countries has decreased from 96% in 2013 to 70% in 2018, and almost 53% in 2019 (first half).
Countries/regions with the largest amount of international bitcoin transfers sent by their exchanges were the UK, USA, EU, and Japan in 2013 that changed to the USA, the UK, Hong Kong, and Singapore in 2018 and 2019.
Despite the UK having the largest amount of registered exchanges, the USA has the largest amount of total received transfers per year (except for 2013).
Singapore meanwhile, has the largest amount of BTC transactions for far in 2019.
As for China, its activities shrunk considerably, which could be due to PBoC providing CNY to crypto trading in the nation in 2017.
“Exchanges registered in China have all but ceased activities.”
The total transferred amount between all exchanges, however, has continued to increase.
Moving forward, the firm predicts that the number of exchanges operating with unknown countries of origin will reduce as authorities lay down guidelines, needing them to acquire license and registration to operate.
This, it says will reduce the threat for global criminal misuse of crypto assets.