Russia has emerged as Europe's largest cryptocurrency market by transaction volume, according to a report by Chainalysis. From July 2023 to June 2025, Russia recorded $376 billion in crypto transactions, overtaking the UK and Germany, which saw $273 billion and $219 billion respectively. The report attributes this growth to increased institutional participation driven by the EU's MiCA framework, while noting the UK's position as an innovation hub despite regulatory challenges. Additionally, Russia experienced a significant rise in DeFi activity, with volumes tripling since 2023.