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

Trump Calls for Passage of Clarity Act to Boost U.S. Crypto Market

chest

President Trump called for Congress to pass the Clarity Act to establish federal rules for digital assets and maintain U.S. leadership in the crypto market.

user avatarDavid Robinson

GTA 6 Gameplay Leaks Cause Stock Decline for Take Two

chest

This week, the highly anticipated release of GTA 6 from Rockstar Games and Take Two Interactive has been marred by several gameplay leaks, causing Take Two's stock to decline over 15%.

user avatarAndrew Smith

Coinbase Refocuses Base App Strategy After Initial Setbacks

chest

Coinbase shifts its strategy for the Base App, moving away from social features to focus on trading and AI tools.

user avatarJacob Williams

Coinbase Launches Leveraged Crypto Derivatives on Base App

chest

Coinbase launches leveraged crypto derivatives on the Base App, allowing users to trade perpetual futures with up to 50x leverage.

user avatarZainab Kamara

Palantir Technologies Reports Stellar Earnings and Revenue Growth

chest

Palantir Technologies has reported a 93% year-over-year revenue surge and a 225% increase in earnings, positioning itself as a leading AI solution.

user avatarSon Min-ho

US Tech Stocks Experience Significant Gains Driven by AI Boom

chest

The US tech stock market has seen substantial gains over the last year, driven by advancements in AI technology.

user avatarAyman Ben Youssef

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.