Over the previous year, cryptocurrency markets in the Middle East and North Africa (MENA) region showed the highest growth rate.
Crypto transactions in the MENA region grew by 48% between July 2021 and June 2022. The total transaction volume in the area amounted to $566 billion, as evidenced by Chainalysis’ analytical report.
Among the countries in the region, the crypto market is most actively developing in Turkey, Egypt, Morocco, and the UAE. Turkey is the largest regional crypto market, exceeding $192 billion. Egypt shows the highest growth rate — the volume of cryptocurrency transactions increased there by 221.7% over the period.
The MENA region includes 22 states. Cryptocurrencies are used there for remittances, including cross-border transfers, and savings, which have become especially relevant amid the devaluation of national currencies.
In the Gulf countries, digital assets are widely used by institutional investors because of the way the local crypto market is regulated. Also, large crypto companies operate actively in this region; for example, Binance, which has already received licenses to work in the UAE and Bahrain. Thanks to Binance Pay in the UAE, local businesses have started accepting cryptocurrencies for payment. Dubai is turning into a major hub for crypto business.
Following the Middle East and North Africa region, crypto markets in Latin America and North America show the highest growth, with increases of 40% and 36%, respectively. For instance, a recent CoinsPaid survey found that crypto adoption for payment purposes in major Latin American countries already exceeds 60%.
