The crypto market appears to be growing fastest in the Middle East and North Africa (MENA), according to the latest report from Blockchain Data Platform. Chainalysis.
Chainalysis has released excerpts from the following reports – 2022 Cryptocurrency Geography Report – Intended to examine the performance of cryptocurrencies in all regions of the world. excerpt Includes full findings from the MENA-focused chapter of the report.
Individuals in the region received $566 billion in cryptocurrency between July 2021 and June 2022. This amount represents a 48% growth from the previous year. The report also shows that MENA’s contribution to global cryptocurrency trading increased by 2.2% from his. This means that her MENA accounted for his 9.2% of all global cryptocurrency transactions in the year covered by the report. Making this region the fastest growing crypto market in the world.
Kim GrauerChainalysis Research Director commented: Dubai has become a hub for cryptocurrency companies serving customers not only in the Middle East, but across Asia and Africa. ”
The growth of cryptocurrencies in the Arab world
The study also found that the United Arab Emirates (UAE) has seen a significant increase in domestic cryptocurrency trading volume. He increased from $28 billion the year before to $38 billion in the period studied. This 36% increase highlights the continued increase in cryptocurrency adoption in the region.
The United Arab Emirates is also among the top 5 countries with the largest crypto markets. After Turkey, Lebanon, Saudi Arabia and Egypt. Elsewhere in the Arab world, Egypt’s cryptocurrency trading volume tripled year-on-year, while Saudi Arabia increased by 195% of hers.
Akos ElzeHead of Public Policy at Dubai-based cryptocurrency exchange bit oasis He explains why he believes the region has seen significant growth. [Gulf Cooperation Council (GCC)]believes this adoption is being driven by young, tech-savvy early adopters with relatively high disposable incomes who are looking for investment options and are currently confident in crypto.
Erzse also explained how financial institutions’ attitudes towards cryptocurrencies are changing.
Cryptocurrency collapse in Afghanistan
Despite growing cryptocurrency markets in nearly every country in the Middle East and North Africa, Afghanistan has experienced a dramatic recession since the Taliban took power in August 2021.
2021 of Chainalysis Global Crypto Adoption Index We ranked Afghanistan among the top 20 countries in the world. The 2022 index leaves Afghanistan at the bottom. The decline in cryptocurrency trading is thanks to Afghanistan’s new ruling state institution declaring cryptocurrencies equating to haram gambling.
As a result, the country’s largest cryptocurrency dealer has been arrested and the rest have been forced to either cease all operations or face arrest.