Middle East and North Africa Crypto markets grow more than any other region globally in 2022, Chainalysis report

Middle East and North Africa Crypto markets grow more than any other region globally in 2022, Chainalysis report

Dubai, United Arab Emirates: – Individuals in the MENA region received US$566 billion in cryptocurrency from July 2021 to June 2022, representing a 48% increase over the previous year. This is according to the 2022 Geography of Cryptocurrency report from Chainalysis, the blockchain data platform. While the previous edition of the report found that the MENA accounted for 7% of global cryptocurrency transactions, this year, the figure has risen to 9.2%, making the region the fastest growing crypto market in the world.

Focusing on the UAE, Chainalysis’ researchers found that over the period of the study, the country had US$38 billion in activity, a sizable increase of 36% over transaction volumes in the previous year (US$28 billion). This makes the country the fifth largest crypto market in the region, behind Turkey, Lebanon, Saudi Arabia, and Egypt.

Commenting on the findings, Kim Grauer, Director of Research at Chainalysis said, “In recent years, we have seen the UAE government introduce pioneering regulations that are helping accelerate the adoption and utilisation of cryptocurrencies in the country. Dubai has become a hub for crypto companies that serve customers not just in the Middle East, but all across Asia and Africa.”

Kim’s sentiments are echoed by Akos Erzse,