Jurisdictions with crypto-friendly legislation or comprehensive regulations in place are leading in terms of exchange-based cryptocurrency trading. According to a new study, however, over the counter and P2P exchange is much more popular in developing nations and countries where non-cash payments are still not widely spread.
Also read: Crypto Funds Number 466 Despite Trends, Uncertainty
Exchange Trade vs OTC Trading
The report produced by financial services provider Worldcore covers data from the months of June and July and uses statistics from a Morgan Stanley study conducted earlier this year to compare two lists of countries – one with the top destinations by volume traded on cryptocurrency exchanges, and a second one with those that lead in terms of over the counter (OTC) and peer-to-peer (P2P) trading volumes.
The new study confirms that jurisdictions offering favorable business climate through crypto-friendly legislation as well as those with well-established regulatory frameworks account for a large portion of the exchange-based crypto trade. Malta ($1.2 billion), Belize and Seychelles ($700 million each) are topping the chart with over 2.6 Billion USD of daily trading volume.
Following are nations that have already adopted some comprehensive crypto regulations, including South Korea, the Untitled States, and Hong Kong. Russia is 13th in this group with a 24-hour volume of less than 50 million USD on trading platforms.
The researchers at Worldcore have specifically compared exchange and non-exchange volumes for the week of July 14 – July 21, 2018, using data from the popular P2P exchange Localbitcoins. The results turned out to be quite opposite to what the Morgan Stanley figures show, as Kommersant reports. This time, Russia is the pronounced leader, having registered a weekly trading volume of 2,000 BTC, while the US has 1,000 BTC.
