The Middle East and North Africa (MENA) region is now the seventh-largest market for cryptocurrencies, according to a recent Chainalysis report.
The report revealed that 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.
Türkiye led with $137 billion in on-chain value, followed by Morocco with $12.7 billion. Notably, these are the only two MENA countries featured in Chainalysis’ global crypto adoption index. The majority of on-chain activity in the region occurred on DEXs. 32.4% of transactions in the United Arab Emirates (UAE) and 30.9% in Saudi Arabia occurred on these platforms.
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 crypto market was declared the fastest-growing digital asset economy in the region because of its 154% year-over-year growth.
Though not as massive as Saudi Arabia, the UAE also saw significant growth in retail and institutional on-chain activity. According to Chainalysis, it was driven by the country’s supportive regulatory environment.
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Notably, crypto adoption has been expanding rapidly in the Middle East, given the trend of significant events happening in the region recently. USDT issuer Tether revealed plans to launch a dirham-pegged stablecoin in the UAE, backed by the nation’s liquid reserves. The company also partnered with Fuze, a crypto infrastructure firm, to educate individuals and institutions in Türkiye and the Middle East on cryptocurrencies to boost awareness.
Blockchain interoperability protocol Mesh also recently partnered with a leading crypto exchange in the region, CoinMENA FZE. Unlike Tether’s focus on educating individuals and institutions, Mesh’s integration with CoinMENA removes the need for complicated processes like long addresses and seed phrases, making access easier for users across platforms. Bam Azizi, Mesh’s CEO, highlighted their shared vision for a more connected and secure financial system, which is key to onboarding the next billion crypto users.
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