According to a recent Chainalysis report, the Middle East and North Africa (MENA) region has become the seventh-largest market for cryptocurrencies. Between July 2023 and June 2024, countries in the region received $338.7 billion in cryptocurrencies, representing 7.5% of the global on-chain value.
Key Metrics
The report revealed that between July 2023 and June 2024, countries in the MENA region received $338.7 billion in cryptocurrencies, equivalent to 7.5% of the global on-chain value. Much of the on-chain activity in the region occurred on decentralized exchanges (DEX). In the United Arab Emirates (UAE), 32.4% of transactions were on these platforms, while in Saudi Arabia, it was 30.9%.
Turkey and Morocco
Turkey led the list, receiving $137 billion in on-chain value, followed by Morocco with $12.7 billion. These are the only two MENA countries featured in Chainalysis' global crypto adoption index. The report also highlighted that 93% of transactions in the region exceeded $10,000, indicating strong activity from professional and institutional investors.
Saudi Arabia's Rapid Growth
Saudi Arabia was declared the fastest-growing digital asset economy in the region due to its 154% year-over-year growth. The UAE also saw significant growth in retail and institutional on-chain activity, driven by the country's supportive regulatory environment.
In conclusion, crypto adoption in the MENA region continues to grow rapidly, driven by significant events and initiatives like the launch of a UAE dirham-pegged stablecoin and educational programs on cryptocurrencies.
Comments