Saudi Arabia one of just 6 countries where crypto is growing: Chainalysis

Saudi Arabia one of just 6 countries where crypto is growing: Chainalysis

Saudi Arabia saw the most growth in cryptocurrency transactions over the year to June, while the United Arab Emirates has emerged as one of the world’s most innovative crypto hubs due to its innovation-friendly regulatory focus, according to a new report.

The Chainalysis 2023 Geography of Cryptocurrency Report, whose Middle East and North Africa (MENA) section released on Tuesday, also reported that Türkiye received the largest raw crypto transaction volume in the region, at approximately $170 billion, over the last year.

The region accounted for an estimated $389.8 billion in on-chain value received between July 2022 and June 2023, Chainalysis said. In total, the figure comprises the sixth largest crypto economy of any region, representing nearly 7.2% of global transaction volume during the period studied in the report.