The Middle East and North Africa (MENA) region has emerged as the seventh-largest cryptocurrency market, with both retail and institutional adoption seeing significant growth.

MENA’s Crypto Market Growth

According to a Chainalysis report, MENA received $338.7 billion in cryptocurrencies between July 2023 and June 2024, making up 7.5% of the global on-chain value. Türkiye and Morocco are leading the region, capturing $137 billion and $12.7 billion, respectively. These countries rank high in Chainalysis’ global crypto adoption index.

MENA is the 7th largest crypto market we studied in 2024, receiving ~$338.7B in on-chain value. Türkiye (#11) and Morocco (#27) rank high in our adoption index, capturing $137B and $12.7B, respectively.

Türkiye tops the region with $137 billion in on-chain value received, followed by Morocco with $12.7 billion. The report also highlights that 93% of the transactions in the region were worth over $10,000, driven primarily by professional and institutional activities.

Growth Drivers and Key Players

The United Arab Emirates (UAE) has seen notable growth in both retail and institutional on-chain value, bolstered by its favorable regulatory landscape. Last month, Tether announced the creation of a dirham-pegged stablecoin in the UAE, backed by the country’s liquid reserves. This initiative aims to enhance the local crypto ecosystem and bolster confidence among users.

Moreover, Tether has partnered with Fuze, a crypto infrastructure company, to educate individuals and large institutions in Türkiye and the Middle East about cryptocurrencies, thereby increasing awareness and adoption in the region.

Rapid Growth in Saudi Arabia

Saudi Arabia’s crypto market has experienced a 154% year-over-year growth, emerging as the fastest-growing digital asset economy in MENA. Most of the on-chain activity in the region occurred on decentralized exchanges (DEXs). According to Chainalysis, 32.4% and 30.9% of the on-chain movements in the UAE and Saudi Arabia, respectively, occurred on DEXs.

It is important to note that Saudi Arabia and Qatar still lack an operational regulatory framework for crypto companies, which could be a significant factor behind the high use of DEXs in these countries.

Investment in Blockchain Technology

In February, the Saudi Arabian Ministry of Investment allocated $250 million to the Hedera blockchain to boost web3 development in the country. This investment underscores the region’s commitment to advancing blockchain technology and digital asset infrastructure.

For more updates and news on the cryptocurrency market, explore Global Crypto News.

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