An excerpt from the Chainalysis 2022 Geography of Cryptocurrency Report states that the Middle East and North Africa are the fastest growing regions for crypto adoption.
The excerpt from the report states that the MENA region contains one of the smaller crypto markets. However, it does say that MENA-based users received 48% more crypto from June 2021 to June 2022, which amounted to around $566 billion in value.
Source: Chainalysis Blog
Three countries from the MENA region that are in the top 30 for crypto adoption are Turkey (12), Egypt (14), and Morocco (24). The reasons for this given by the report is that they all increasingly use crypto for remittance payments. It could be imagined that they are also avoiding the charges levied by the likes of Western Union.
Also, especially in the case of Turkey and Egypt, their own fast-devaluing currencies has meant that crypto is seen as a more stable place for storing wealth even though it is in the grip of a very tough bear market.
While Egypt is the fastest growing crypto market in MENA, Turkey has the largest amount of crypto transactions, with citizens receiving $192 billion from June 2021 to June 2022.
The report also looks at the importance played in crypto by the Gulf states with Saudi Arabia and UAE having deep ties to global crypto markets, and the fact that Dubai has become a hugely important crypto hub not just for the MENA region, but also for Africa and Asia.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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