Bybit x DL Research World Crypto Rankings: Europe's Small States Lead Adoption as MiCA Reshapes the Region
VIENNA, Dec. 10, 2025 /PRNewswire/ -- The World Crypto Rankings 2025 report, released by Bybit and DL Research, reveals that Lithuania, Estonia, and Ireland have become the most agile digital economies driving crypto adoption across Europe. While larger economies such as France and Germany advance through integration with mainstream finance, the smaller markets are outperforming them by better efficiency and agility in leveraging clear regulation and licensing regimes.
The report compares adoption across four pillars (user penetration, transactional use, institutional readiness, cultural penetration) to shed light on how crypto is becoming embedded in everyday life across the world.
Small European states prove that agility trumps scale
With comprehensive and progressive regulatory frameworks, rising institutional acceptance, and innovative ecosystems, European economies punch above their weight in global crypto adoption. Lithuania ranks third worldwide, only behind Singapore (1) and the US (2), thanks to its role as an EU gateway under the Markets in Crypto-Assets Regulation (MiCAR). Its performance is fuelled by forward-looking regulation, an open financial system, and a digitally fluent population that actively engages with crypto platforms. Most of the firms licensed in Lithuania operate globally rather than focusing on the local market.
Ireland (#6) and Estonia (#12) also rank within the global top 15. Ireland has established itself as a European tech and fintech hub, hosting firms such as Stripe alongside blockchain startups. Estonia, on the other hand, benefits from advanced digital governance and its early embrace of blockchain infrastructure.
Austria ranks #15 through a strong combination of cultural leadership, academic engagement, and regulatory alignment with the EU's MiCAR framework. Its cultural penetration score of 0.69 exceeds the global average, supported by active participation from universities, think tanks, and an informed public. Vienna's historical role as a financial hub for Central Europe, combined with the dynamic of Vienna's growing crypto scene, positions Austria as an attractive jurisdiction for regulated digital asset activity. While institutional adoption and user penetration remain modest compared to top-tier markets, Austria's solid regulatory foundation and rising academic involvement suggest significant upside potential as Europe's crypto landscape matures.
"These rankings confirm Europe's unique strength. By uniting regulatory certainty with technological agility, the EU is rightfully claiming its place among the centers for the global industry," said Georg Harer, Co-CEO of Bybit EU.
These countries confirm that small states can leverage regulatory agility to become nodes of influence within the global crypto economy. The modest populations of Lithuania, Estonia, and Ireland mean domestic transaction volumes are limited, yet their frameworks attract exchanges and fintech companies serving much larger markets.
Western Europe was built for longevity, not hype cycles
Western Europe integrates crypto into established financial systems through policy, infrastructure, and innovation. The region reflects a strong alignment between public interest, institutional trust, and policy preparedness, with larger economies such as Germany and France showing signs of alignment.
According to the report, Switzerland stands out as the most structurally complete crypto adopter in Western Europe. It boasts an elite infrastructure, a strong regulatory framework independent of the EEA, and unmatched cultural legitimacy, combined with a global respected financial system.
Besides Switzerland, the Netherlands exemplifies institution-led hubs, leveraging regulatory sophistication and high public awareness. The Netherlands has the highest public curiosity in the world, supported by a digitally savvy consumer base and progressive payment providers.
MiCAR's full rollout in 2026 will consolidate Europe's position as a global regulatory standard-setter, further empowering compliant hubs and clarifying pathways for institutional investment.
The full analysis is available in the Bybit x DL Research World Crypto Rankings Report.
This WCR is produced by DL Research with full editorial and research independence. The information is compiled from publicly available sources and may be subject to change without notice. This report and rankings are provided for informational purposes only and does not constitute investment, financial, trading, or legal advice. Readers and traders should conduct their own research, consult qualified advisors, and ensure compliance with applicable laws before making any decisions.
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About Bybit EU
Bybit EU GmbH is an Austrian company that serves customers across the entire European Economic Area (EEA*) – with the exception of Malta – via the platform Bybit.eu. Operated by Bybit EU GmbH, a licensed Crypto-Asset Service Provider (CASP) under the Markets in Crypto-Assets Regulation (MiCAR), Bybit EU delivers fully regulated services, including crypto custody, exchange, and rewards products and more, in full compliance with European regulations for investor protection and market integrity.
Bybit EU GmbH is a licensed Crypto-Asset-Service Provider under the Markets in Crypto Assets Regulation (MiCAR), authorized to offer the following services to residents of the European Economic Area (except Malta):
providing custody and administration of crypto-assets on behalf of clients;
exchange of crypto-assets for funds;
exchange of crypto-assets for other crypto-assets;
placing of crypto-assets; and
providing transfer services for crypto-assets on behalf of clients.
Bybit EU GmbH is neither the operator of a trading platform for crypto-assets nor provides investment advice.
Media Contact: press@bybit.com
Disclaimer: This press release is provided for informational purposes only and does not constitute investment advice or an offer to buy or sell digital assets. The products and services mentioned herein are subject to applicable laws and regulations in the relevant jurisdictions and may not be available in certain regions.
About DL Research
DL Research is the research arm of DL News and sister company of DefiLlama, providing clients with bespoke reports, research, deep-dives and promotional campaigns covering the digital assets industry.
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