Crypto adoption is skyrocketing in the Middle East and North Africa due to favorable economic climate
The Middle East and North Africa (MENA) was the fastest growing crypto market in 2022, according to a new report from Chainalysis.
Users in the region transacted $566 billion in cryptocurrency between July 2021 and June 2022, up 48% from a year earlier, according to the report. By comparison, crypto transactions grew 40% in Latin America, 36% in North America, and 35% in Central and South Asia. Other regions grew by 22% or less.
For the report, Chainalysis conducted in-country interviews to launch what it described as a "very broad network" and spoke with regulators, private companies, OTC brokers and anyone who was operating in crypto in the regions, Kim Grauer, director of research at Chainalysis, told TechCrunch.
Image credits: Chainalysis( opens in a new window)
In the MENA region, Turkey remains the largest cryptocurrency market: its citizens used $192 billion worth of crypto during the period, according to the report.
"Based on the data, we're seeing a ton of activity across the board in Turkey, Lebanon, Saudi Arabia, Egypt, and the UAE, and that's just the gross transaction value ", said Grauer.
Saudi Arabia and the United Arab Emirates stand out when adjusting for measures such as population size and relative purchasing power, Grauer noted. “In terms of their type of becoming a crypto hub/hotspot, whether it's because of regulatory initiatives to grow that market or because there's more revenue available and [they] are looking for alternative investments, those two areas seem to attract international companies to relocate there."
The Middle East and North Africa (MENA) was the fastest growing crypto market in 2022, according to a new report from Chainalysis.
Users in the region transacted $566 billion in cryptocurrency between July 2021 and June 2022, up 48% from a year earlier, according to the report. By comparison, crypto transactions grew 40% in Latin America, 36% in North America, and 35% in Central and South Asia. Other regions grew by 22% or less.
For the report, Chainalysis conducted in-country interviews to launch what it described as a "very broad network" and spoke with regulators, private companies, OTC brokers and anyone who was operating in crypto in the regions, Kim Grauer, director of research at Chainalysis, told TechCrunch.
Image credits: Chainalysis( opens in a new window)
In the MENA region, Turkey remains the largest cryptocurrency market: its citizens used $192 billion worth of crypto during the period, according to the report.
"Based on the data, we're seeing a ton of activity across the board in Turkey, Lebanon, Saudi Arabia, Egypt, and the UAE, and that's just the gross transaction value ", said Grauer.
Saudi Arabia and the United Arab Emirates stand out when adjusting for measures such as population size and relative purchasing power, Grauer noted. “In terms of their type of becoming a crypto hub/hotspot, whether it's because of regulatory initiatives to grow that market or because there's more revenue available and [they] are looking for alternative investments, those two areas seem to attract international companies to relocate there."
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