The Middle East and North Africa are the Fastest Growing Crypto Markets: Data

From institutional use of crypto in the UAE to remittance payments in the Egyptian market, last year revealed major crypto growth in the MENA region.

Emerging markets continue to make their way onto the crypto scene finding a plethora of use cases, especially in the combined Middle East and North Africa (MENA) region.< /p>

A new report from Chainalysis reveals that the crypto market in the MENA region is the fastest growing in the world. Transaction volume in the MENA region reveals that users received $566 billion worth of crypto between July 2021 and June 2022. This is 48% more than the previous year.

The MENA region is followed by Latin America and North America with growth of 40% and 36%, respectively.

This region is made up of approximately 22 countries, including emerging markets such as Morocco, Egypt, and Turkey. In these countries, the use of cryptocurrencies finds practical use cases in the preservation of savings and payments.

In countries like Turkey and Egypt, both of which have faced major devaluation of their local fiat currencies, the use of crypto for savings preservation and remittances is particularly dominant.

In the reporting period, the tripling of trading volumes in Egypt can be attributed to local economic volatility. It has a year-over-year growth of 221.7% in crypto trading volume. Turkey is the largest crypto market in the region, with $192 billion worth of crypto received during the reporting period.

Wealthier countries in the MENA region, such as the Gulf nation of the United Arab Emirates (UAE), home to the crypto haven of Dubai, have also contributed to the local crypto scene, albeit in a limited way. different .

Related: