Crypto Industry Revenue Expected to Double in 2023
The United Kingdom is seeing faster crypto revenue growth, but the United States is still on top, according to market data provider Statista.
Crypto industry revenue is expected to more than double in both the UK and the US in 2023, data providers estimate.
The UK is on track to grow its crypto revenue by 125%, Statista said. The market research firm includes revenue from “cryptocurrency networks, cryptocurrency exchanges, neobrokers, and neobanks,” to calculate these figures.
The US is projected to be the region with the highest crypto-driven revenue in 2023, with an expected $17.96 billion coming in this year, per Statista. This would be a 108% increase from 2022, where revenue clocked in at $8.63 billion, a decline from 2021’s $12.93 billion.
Globally, Statista said the number of crypto users will hit 99.65 million by 2027. The explosive growth Statista is calling for in the next few years comes after the first-ever down year for crypto revenue expansion.
While Statista analysts are confident there will be continued growth, regulatory pressures in the US have many in the space questioning how the crypto industry will continue to exist in the region.
“The first advice you give, the first piece of advice you give somebody who’s thinking about a project, is don’t launch it in the US because the rules are unclear,” Stuart Alderoty, chief legal officer at Ripple, said in an interview with Blockworks last month. “Go to a jurisdiction where the rules are clear, not light-touch, but clear.”
Lawmakers and federal agencies are currently split on key issues impacting the sector, including how crypto tokens should be classified, how stablecoins should be treated and what know-your-customer and anti-money laundering rules exchanges should follow.
“The ongoing turf war between the SEC and the CFTC over digital assets is also just unhelpful, but it’s also unsustainable,” Subcommittee on Digital Assets Chair Rep. French Hill said during a House hearing last week.
“When we have two agencies contradicting each other about whether one of the most utilized stable coins in the market is a security or a commodity, we end up with uncertainty,” Hill added.
