To calculate the geographic profile of crypto flows, the entity-to-entity data are complemented by the geographic distribution of app usage of the respective exchange or the web traffic of a crypto exchange’s website. For example, if 56% of usage of the app of a specific exchange originates from the US, 56% of all crypto in- and outflows to this exchange are allocated to the US. By aggregating over all crypto exchanges, bilateral cross-country data are obtained. ... Figure A.2 in the Annex provides graphical evidence to affirm the accuracy of the approximated flows. Clearly, the pseudo-anonymity of the ledgers implies that a comprehensive attribution of transactions to users is impossible, such that a mapping of flows to countries will always remain an approximation. Even so, our measure of cross-border flows is tightly linked to the number of crypto exchange users at the country-level