In accordance with statistics BitMEX, European traders have become extremely active in the crypto derivatives markets. Apparently, Europe has become an important crypto center in the last year.
The more favorable banking services, the increase of the wealth and the development of the technological sector have increased the European interest for the crypto trade.
In 2019, trading activities increased significantly over the ‘hodling’ behavior. The new class of speculators are especially active on BitMEX, which remains one of the most active bitcoin markets.
The crypto derivatives exchange currently restricts the access of American traders, but has very well developed international markets. Although transaction volumes have decreased lately, Europeans represent a significant percentage of them.
The euro itself has a 1.45% share of bitcoin transactions in spot markets, but the pair with the US dollar is still considered the main pair.
European traders are aware of KYC / AML measures and FATF rules
The situation is surprising especially as Europe has already begun to implement stricter KYC / AML measures. Many platforms have opted to implement future FATF rules earlier, while others have closed down.
For example, LocalBitcoins has implemented KYC systems to comply with regulations in Finland and Europe. By contrast, the payment processor BottlePay has opted out of business.
Overall, surveys show that crypto traders are still a minority in the EU, and the use of fiat currencies far outweighs interest in fintech or crypto assets.
However, in the last period, numerous statements about a possible European digital currency have been published. For example, the new President of the European Central Bank, Christine Lagarde, has supported the idea of adopting a digital currency. His idea is supported by several representatives of financial authorities in countries such as France.
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