Worldcore Crypto Study Shows Malta Has Top Exchange Volume While Russia Leads In OTC Trading


The areas of the world that have had the best results for cryptocurrency trading are the ones that have the most regulations that welcome the asset. A recent study found that the most popular aspects of this kind of trading are over the counter and P2P exchanges, which occur frequently in areas where non-cash payments are limited.

Worldcore, a financial services provider, created this report that specifically reviewed information collected between June and July this year. They also included details that Morgan Stanley acquired during their study this year, helping with the comparison between countries. Two lists were used, including a list of top destinations by transaction on the exchanges, while the other one contained detail about leading areas involved with over the counter (OTC) trading and peer-to-peer (P2P) trading volumes.

This report confirmed the theory that a crypto-friendly business environment directly coincided with the amount of trading done, which was also true of areas with clear and concise regulatory measures. Malta seemed to lead for trading volume at $1.2 billion, while Belize and Seychelles ($700 million each) followed behind.

Luckily, it seems that cryptocurrency is finding a comfortable place in many parts of the world that have comprehensive regulations regarding the industry. South Korea, the United States, Hong Kong, and Russia are some of the locations that have established these policies, and have millions traded on the platforms daily.

Researchers at Worldcore specifically narrowed their data to include the week of July 14th to July 21st for exchange and non-exchange volumes. After comparing information with LocalBitcoins and Morgan Stanley, they found the information to match, and named Russia the leader of P2P and BTC trading. In order, the other countries that followed close behind included China, Nigeria, Venezuela, Great Britain, and the EU.

Explaining The Divergence

While discussing the reasons for diverse result, the CEO of Worldcore, Alexei Nasonov, said,

“Crypto exchanges are most often registered in countries with preferential taxation, and many over-the-counter trades occur in nations with low financial culture or strict tax legislation.”

Nasonov is also in charge of the research team for Worldcore.

According to analysts, the reason that these exchange opportunities were more favored in Second and Third World countries (Russia, Nigeria, and Kenya) had to do with the lack of non-cash opportunities. These locations have limited options for individuals that want to move away from cash, using fiat payment systems and crypto assets instead. If the country has a restrictive policy regarding these types of transactions, they were the most welcoming to the integration of cryptocurrency exchanges.

Expectations For The Future

Going forward, the report suggests that the trading platforms have the potential to continue expanding to other locations, depending on the cooperation of local legislators. Malta has basically become a thriving metropolis for cryptocurrency, and has garnered the attention of Binance, which has the greatest trading volume of any platform in the world right now. Okex, which is run in China, has already announced their plans in April to get involved with Malta, with BitPay following their path in May.

Based on information collected in the report, Worldcore also believes that the transaction volume will be increasing as the off-exchange market shrinks.

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