- MENA is the fastest growing crypto market in the 2022 Global Crypto Adoption Index.
- The region experienced a 48% YoY growth in crypto transaction volume.
- Turkey, Egypt, and Morocco are among the top thirty countries of the 2022 Global Crypto Adoption Index.
According to Chainalysis, the Middle East & North Africa (MENA) is the fastest growing crypto market in the 2022 Global Crypto Adoption Index. MENA has experienced a 48% Year-on-Year (YoY) growth in crypto transaction volume for July 2021-June 2022, with crypto users receiving $566 billion in cryptocurrency in that region.
The study conducted by Chainalysis has shown that MENA regions such as Turkey, Egypt, and Morocco are among the top thirty countries of the 2022 Global Crypto Adoption Index. Turkey is ranked 12th, Egypt is ranked 14th, while Morocco is ranked 24th.
Furthermore, the YoY growth in crypto transaction volume of Egypt tripled by 221.7%, followed by Saudi Arabia with a surge of 194.8%, and Lebanon facing a 120.9% rise. Turkey still remains the largest crypto market in the MENA region receiving almost $192 billion but has seen a slower YoY growth of 10.5%.
Moreover, Chainalysis claimed that Dubai has become a hub for crypto companies that served customers across Asia and Africa, and not just in the Middle East. In terms of crypto value received, Saudi Arabia is ranked third and UAE is ranked fifth in the MENA region.
The Head of Public Policy at the Dubai-based crypto exchange BitOasis explained:
When you look at markets in the GCC, we take the view that this adoption is driven by young, tech-savvy early adopters with relatively high disposable incomes, that are, you know, searching for investment options, and have a conviction in crypto right now.
Chainalysis publishes the Geography of Cryptocurrency Report for the third time, which is a guide to cryptocurrency adoption and usage around the world. The upcoming publication will mention where crypto adoption is increasing, and the services supporting them.
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