- Turkey and Morocco stand out in global crypto adoption index
- Saudi Arabia and Qatar: fastest growing crypto economies
- Stablecoins and altcoins gain traction
According to the latest report from Chainalysis, the Middle East and North Africa (MENA) region ranks as the seventh-largest crypto market worldwide in 2024, with an on-chain value of $338.7 billion.
Turkey and Morocco stand out in global crypto adoption index
The report highlighted that Turkey ranks 11th globally with $137 billion in received value. Morocco follows, holding the 27th position with $12.7 billion. Chainalysis also noted that the majority of crypto activity in the MENA region is driven by large-scale transactions, each exceeding $10,000.
Saudi Arabia and Qatar: fastest growing crypto economies
The Chainalysis report identifies Saudi Arabia and Qatar as the fastest-growing crypto economies in the MENA region. Saudi Arabia grew by 154% year-over-year, focusing on blockchain innovation, Central Bank Digital Currencies (CBDCs), gaming, and fintech. Qatar followed closely with 120% year-over-year growth. Saudi Arabia's growth is particularly noteworthy due to its young population and increasing interest from traditional financial institutions. In September, Qatar launched a new digital asset regime, providing legal and regulatory foundations for asset tokenization.
Stablecoins and altcoins gain traction
Chainalysis stated that across MENA, stablecoins and altcoins are gaining market share over traditionally preferred assets like Bitcoin and Ether. This trend is particularly noticeable in Turkey, Saudi Arabia, and the UAE. Even though Ethereum usage across the region is stable, it has fallen below the global average. However, Israel and Saudi Arabia are showing more interest in altcoins. Data compiled from the UAE shows steady growth in the crypto market between July 2023 and June 2024, attracting $30 billion, making the UAE among the top 40 global nations.
The cryptocurrency market in the MENA region continues to develop actively, contributing significantly to the global cryptocurrency transaction volume. Saudi Arabia and Qatar demonstrate high growth rates, and stablecoins and altcoins are gaining popularity among users.
