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 Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Cardano's New Scaling Test Reveals Key Performance Metrics

A recent report by Input Output highlights the performance improvements of the Cardano scaling test, focusing on throughput and completion time.

user avatarSatoshi Nakamura

Crypto Market Declines Following Global Selloff

The crypto market faced a significant decline over the weekend, with Bitcoin falling 11%, Ethereum dropping 26%, and Solana decreasing by 28%, following a global market selloff.

user avatarNguyen Van Long

Cardano Developers Launch Public Test Network for Dijkstra Upgrade

Cardano developers have launched a public test network for the Dijkstra upgrade, enabling developers to test and prepare for new protocol rules.

user avatarJesper Sørensen

Tether Introduces New Framework to Enhance Bitcoin Mining Operations

Tether has announced a new initiative aimed at simplifying Bitcoin mining operations by integrating existing equipment through a common software framework.

user avatarRajesh Kumar

Electrum Wallet Vulnerability Could Lead to Unintended Payments

Electrum disclosed a vulnerability in its wallet that could lead to unintended payments due to a flaw in fee adjustments.

user avatarLucas Weissmann

US Household Inflation Expectations Increase Ahead of Federal Reserve Meeting

In October 2023, American households raised their inflation expectations to 4.7% for the next year and 3.5% for the long run, according to a survey by the University of Michigan.

user avatarFilippo Romano

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.