As a seasoned crypto investor with roots deeply embedded in the global market, I find the rapid growth and transformation of the MENA region into one of the world’s leading cryptocurrency markets truly captivating. Having closely followed the crypto scene for more than a decade, I have witnessed the rise and fall of numerous trends, but the surge in adoption across the MENA region is undeniably impressive.
In simpler terms, the area covering the Middle East and North Africa is now the seventh largest global market for cryptocurrencies, with more and more individuals and institutions starting to use them.
As a researcher, I’ve found that during the period from July 2023 to June 2024, the MENA region received approximately $338.7 billion in cryptocurrencies, positioning it seventh globally in terms of crypto inflow. This amount represents about 7.5% of the total global on-chain value.
1/ In the year 2024, we found that MENA was the seventh largest cryptocurrency market we analyzed, with approximately $338.7 billion in on-chain value transacted. Turkey, ranked at number 11, and Morocco, ranked at number 27, showed high adoption rates, processing $137 billion and $12.7 billion respectively within this market.
— Chainalysis (@chainalysis) September 25, 2024
Turkey takes the lead among regional nations with a staggering $137 billion in on-chain cryptocurrency value received, closely trailed by Morocco’s $12.7 billion. Interestingly, these two countries stand alone atop Chainalysis’ worldwide Cryptocurrency Adoption Index.
As a crypto investor, I’ve come to realize that a staggering 93% of the transactions within our geographical region exceed $10,000, primarily fueled by the strategic moves of professionals and institutions.
According to Chainalysis, the United Arab Emirates experienced significant expansion in on-chain values for retail and institutional transactions, largely because of its advantageous regulatory environment.
Over the past month, as a researcher, I’ve been following developments closely, and I’m excited to share that Tether, the leading stablecoin issuer, has declared their intention to introduce an AED-pegged stablecoin in the United Arab Emirates. This new digital currency will be backed by the nation’s liquid reserves.
In collaboration with Fuze, a leading crypto infrastructure firm, the issuer of stablecoins aims to teach individuals and major institutions across Turkey and the Middle East about digital currencies, thereby increasing their knowledge and understanding of this field.
Based on Chainalysis’ findings, Saudi Arabia’s cryptocurrency sector experienced a significant surge of 154% compared to the previous year within the specified period. This rapid expansion positioned Saudi Arabia as the region’s leading digital asset economy.
A significant portion of transactions involving blockchain in the Middle East and North Africa region took place through decentralized exchanges. According to the report, approximately one-third (32.4%) of on-chain transfers in the UAE and nearly three-quarters (30.9%) of such activities in Saudi Arabia occurred on these decentralized platforms.
It’s worth mentioning that Saudi Arabia and Qatar currently lack a functioning regulatory system specifically designed for cryptocurrency businesses, potentially explaining why they tend to use Decentralized Exchanges (DEX) more often.
As a researcher, I’m sharing an exciting development: In February, I found that I was part of a significant investment of $250 million made by the Saudi Arabian Ministry of Investment towards the Hedera blockchain platform. This strategic move is aimed at propelling web3 advancements within the kingdom.
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2024-09-25 11:12