The Middle East and North Africa (MENA) region has grown to be a major player in the world market for cryptocurrencies. According to a recent Chainalysis research, with $338.7 billion in total on-chain value collected between July 2023 and June 2024, MENA is ranked sixth globally.
Turkey Is at the Top of the MENA Crypto Market
In terms of the cryptocurrency scene in the area, Turkey has become a leader. In the nation, the use of cryptocurrencies is growing due to high customer engagement and a growing need for stablecoins. The urge to protect against inflation is a major factor driving this rise, which is why many Turkish people find cryptocurrencies—especially stablecoins—to be an enticing option.
UAE’s Crypto-Friendly Laws and Balanced Ecosystem
Another significant participant in the MENA region’s cryptocurrency business is the United Arab Emirates (UAE). Its expansion can be ascribed to an innovatively stimulating ecosystem that is well-organised. Businesses and investors from all over the world are drawn to the nation because of its innovative and transparent legislative approach towards digital assets, which has created an atmosphere conducive to rapid development.
The Crypto Markets with the Fastest Growth in Saudi Arabia and Qatar
The MENA region’s fastest-growing markets include those in Saudi Arabia and Qatar. The use of cryptocurrencies has significantly increased in both countries year over year, fuelled by developments in blockchain technology and changing legal environments. Saudi Arabia and Qatar are now recognised as rising leaders in the global digital economy as a result of these advances.
Crypto Activity at the Institutional and Professional Levels in MENA
The paper emphasises that the MENA area is dominated by institutional and professional-level cryptocurrency operations. Stablecoin usage and decentralised financing (DeFi) are becoming increasingly popular. This change reflects the region’s increasing significance and influence in the global cryptocurrency market.
