- Morgan Stanley has done research into online cryptocurrency exchanges.
- The research shows that the majority of trading volume flows through exchanges registered in Malta.
- The United Kingdom has the highest number of legally registered exchanges but accounts for just 1% of trading volumes.
LONDON — The majority of cryptocurrency exchanges are based in the UK, but the vast amount of volume flows through the small island of Malta, new research shows.
Cryptocurrency exchanges have come under increasing scrutiny from regulators worldwide as more and more money as flowed into the sector over the last year. While some countries such as India and the US have sought to crackdown on the activity, countries and territories such as Switzerland, Gibraltar, and Malta have sought to attract the nascent industry to their shores.