No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Tuesday, June 24, 2025
Middle East and North Africa are fastest-growing crypto markets: Data
Emerging markets, especially in the Combined Middle East and North Africa (MENA) region, continue to find many use cases and enter the cryptocurrency scene.
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 shows that a user received $566 billion in cryptocurrency from his July 2021 to his June 2022 period. This is 48% more than the previous year.
MENA is followed by Latin America and North America, growing by 40% and 36% respectively.
The region comprises about 22 countries, including emerging markets such as Morocco, Egypt, and Turkey. In these countries, the use of cryptocurrencies finds practical use cases in storing savings and paying remittances.
The use of crypto for saving and transferring money is particularly dominant in countries facing a significant devaluation of their own legal currencies, such as Turkey and Egypt.
Egypt’s three-fold increase in trading volume during the reporting period can be attributed to regional economic instability. Cryptocurrency trading volume grew 221.7% year-on-year. Turkey is the largest crypto market in the region and she received $192 billion in crypto within the reporting period.
Wealthier nations in the MENA region, such as the home of crypto haven Dubai, a Gulf state in the United Arab Emirates (UAE), have also contributed to the local crypto scene, albeit in a different capacity.
Related: Dubai Issues Crypto Marketing Regulations To Better Protect Investors
According to the report, both Saudi Arabia and the United Arab Emirates ranked among the top five countries in the region in terms of cryptocurrency value received.
However, when it comes to these Gulf countries, cryptocurrencies are more likely to be used in large institutions rather than person-to-person payments like money transfers.
Major cryptocurrency companies like Binance have received approval to start operations in the UAE’s Abu Dhabi and Dubai, as well as neighboring Bahrain.
A local partnership with Bianance Pay in the United Arab Emirates enables local entrepreneurs to use cryptocurrencies to launch their businesses.
Related Posts
Revolutionizing Asset Ownership: Vike’s Tokenization Breakthrough
Autofarm’s $5M AI Move: Redefining DeFi with AutoLabs
The Crypto Voter Revolution: Digital Assets in Political Campaigns
Celebrating a Decade of Innovation: Bittylicious and the Evolution of Bitcoin Exchanges
Web3 Dubai Summit: Pioneering the Future of Digital Finance
Manage Cookie Consent
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.
The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
