A recent study conducted by Crystal, Bitfury’s blockchain analytics platform, shows the UK, U.S., and Singapore are leading in the largest number of registered digital currency exchanges. Africa, on the other hand, has just a few exchanges registered and concentrated in a few countries.
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The report compiles bitcoin transactions from 2013 – 2019 with a look at exchange distribution by countries with significant exchanges.
From the above graphic, the top 5 countries with the largest number of registered exchanges are:
- United Kingdom (UK) – 43
- United States (US) – 27
- Hong Kong – 22
- Singapore – 19
- Australia – 9
The study includes Zimbabwe as one of the few countries across Africa with registered exchanges, most notably the Golix cryptocurrency exchange. South Africa was excluded due to a lack of a significant number of exchanges as a G20 country.
The new study sheds some light into how regulations, or a lack whereof, on the African continent have limited the number of exchanges able to operate freely. A lot of the existing exchanges across Africa are either not registered or recognized as legal entities and therefore face a threat of shutdown depending on regulation.
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