According to a new report by Chainanalysis, the Middle East & North Africa (MENA) is the fastest growing region YoY. MENA-based users received $566 billion in cryptocurrency from July 2021 to June 2022, 48% more than they received the year prior.
In Turkey and Egypt, fluctuating cryptocurrency prices have coincided with rapid fiat currency devaluations, strengthening the appeal of crypto for savings preservation, the report reveals.
In Morocco, inflation rates have been contained to a more manageable 5.3%. In fact, the North African country’s notable levels of grassroots adoption seem to be more tied to the government’s newly permissive crypto stance than to any particular macroeconomic tailwinds.
Saudi Arabia is the third-largest crypto market in all of MENA, and UAE is fifth. They also have deep ties to the global crypto markets: in our Sub-saharan Africa and Central & Southern Asia sections, we find that Dubai has become a hub for crypto companies that serve customers all across Asia and Africa, not just in the Middle East.