The United Kingdom is credited for having the most number of cryptocurrency exchanges. However, its trading volume represented only one percent of the global volume. This fact was brought to light by Morgan Stanley’s recent report that analyzed the landscape of international digital currency. This report was a part of detail research through the online exchange market carried out by it. The virtual currency market has started on a sedate note in May after solid gains seen in April.
Registered Exchange Platforms
Morgan Stanley’s report ranked the United Kingdom first for having the largest number of digital currency exchange platforms. However, these exchanges could attract only one percent of the international trading volume in cryptocurrency market. Apart from Great Britain, Hong Kong and the United States enjoy the biggest number of legally registered platforms for virtual currency trading. While Hong Kong is the second biggest exchange, the United States are ranked the third. Singapore and Turkey are ranked fourth and fifth in terms of the number of registered digital currency exchanges.
In contrast to India where there six exchanges. Reports suggested about their shutdowns and relocations after the central bank directive to commercial banks. The banking regulator has asked banks to close the exchange’s accounts. This would not be a surprising thing since the government and the RBI has been taking a negative stance only historically. The Morgan Stanley report wanted well-defined regulations with a bias towards friendliness are the need of the hour. This would allow the industry to sustain.
The report pointed out that Malta is the biggest gainer of trading volume in the international cryptocurrency trading platform. Significantly, Binance announced most recently about its intention to move to Malta Island, btcmanager reported. The cryptocurrency exchange is the biggest platform by virtue of its market capitalization and trading volume. However, the country would rank deeply down the list if Binance is excluded from the list of Malta. Based on trading volume, Belize, Seychelles, the U.S. and South Korea were ranked second, third, fourth and fifth respectively.
It is not only Binance, other exchange; OKEx, also disclosed its intention of moving to Malta. Incidentally, it is ranked the second biggest exchange in terms of trading volume and market capitalization. The country has identified itself as providing favorable climates for cryptocurrency hub. This was also evident when the government created Malta Digital Innovation Authority to supervise the establishment of more friendly regulations. There are also tax sops to attract digital currency businesses to the country.
MOU with Uganda
Binance also reached a Memorandum of Understanding (MOU) with Uganda enabling it to set up an exchange in the country. Its CEO, Changpeng Zhao, indicated that the planned network would enable other nodes to remain active if one node is out of action.
The trading volume in cryptocurrency exchanges will bind to increase once the regulations are tightened. Investors’ were also expecting to clarify from the respective countries regulators. That would mean that the trading landscape could keep changing from time to time.