There is no stopping the MENA train. Now, the Middle East and North Africa are considered the fastest-growing regions in the crypto industry.
Emerging markets continue to forge their way into the crypto scene finding a plethora of use cases, especially in the combined Middle East and North Africa region.
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 reveals users received $566 billion in crypto in the time frame of July 2021 to June 2022. This is 48% more than the previous year.This region is made up of approximately 22 countries, including emerging markets such as Morocco, Egypt and Turkey.
In countries such as Turkey and Egypt, which have both faced major devaluation of their local fiat currencies, crypto usage forWithin the timeframe of the report, Egypt’s tripled transaction volumes can be accredited to local economic volatility. It has a year-over-year growth of 221.7% in crypto transaction volume. Turkey is the largest crypto market in the region, with $192 billion in crypto received within the reporting period.
The wealthier countries of the MENA region — such as the Gulf nation of the United Arab Emirates, which is home to theAccording to the report, both Saudi Arabia and the UAE made it into the region’s top five countries in terms of received crypto value.rather than person-to-person payments like remittances.
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