MENA Region: 7th Largest Crypto Market

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Key Metrics
  2. Turkey and Morocco
  3. Saudi Arabia's Rapid Growth


    4. 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.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Meta Platforms' Shares Surge Following AI Assistant Launch

chest

Meta Platforms' shares rose over 6% after the launch of its AI assistant, Muse, which helps users manage tasks and goals.

user avatarTomas Novak

Galaxy Announces $5 Million Funding for Bitcoin Quantum Security Research

chest

Galaxy announced up to $5 million in funding for Bitcoin quantum-security work, including developer grants, research, and an advisory council.

user avatarMaya Lundqvist

IonQ Launches Superion 256 Quantum Computer with Orders Open for 2027 Delivery

chest

IonQ has launched its Superion 256 quantum computer, opening orders for delivery in 2027.

user avatarKaterina Papadopoulou

Prediction Markets Show Shifts in Oil Price Expectations

chest

Prediction markets are reacting to oil price fluctuations, with traders speculating on whether crude will reach $120 or fall to $55 first.

user avatarAisha Farooq

Record Diesel Prices Hit Ahead of Midterm Elections

chest

Record diesel prices reached a high of 594 a gallon, raising concerns about consumer affordability ahead of the midterm elections.

user avatarLi Weicheng

Brent Crude Surpasses $100 Amid Geopolitical Tensions

chest

Brent crude oil prices rose above $100 for the first time in six weeks due to geopolitical tensions, including attacks on Saudi oil facilities and US military responses.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.