- Chainalysis reports show that the Middle East and North Africa’s crypto market is growing rapidly despite inflation.
- MENA users have received $566 billion in cryptocurrency from July 2021 to June 2022
- Turkey remains the top crypto market in the MENA region.
Chainalysis reports indicate that the crypto market in the Middle East & North Africa (MENA) region is at its peak despite global inflation. According to the report, the users in the MENA region have received 48% more cryptocurrencies than any other part of the world.
From July 2021 to June 2022, MENA-based users have received over $566 billion in cryptocurrencies. As per the 2022 Global Crypto Adoption Market, MENA constitutes a very small crypto market. However, a recent survey indicates that it is growing at a rapid pace.
Turkey has come out as the largest cryptocurrency market in the region. The citizens in Turkey have received over $192 billion in cryptocurrencies in the past year. However, the country has shown slow YOY growth.
The report shows that growing crypto prices coincide with the fluctuating fiat currencies in these regions. As per the reports,
The Turkish Lira has inflated by 80.5% in the last year; the Egyptian Pound has weakened by 13.5%.
The report also focuses on the remittance situation in Egypt. It mentions,
Remittance payments account for about 8% of Egypt’s GDP, and the country’s national bank has already begun a project to build a crypto-based remittance corridor between Egypt and the UAE, where many Egyptian natives work…..Egypt’s position at the intersection of growing crypto remittances and increased inflationary pressures
Remittance payments in Egypt are one of the main reasons the country becoming the home to the fastest growing crypto market in the region. The transaction value in Egypt has tripled from July 2021 to June 2022 as compared to the preceding year.
Chainalysis said that the contribution of members of the Gulf Cooperation Council in the grassroots adoption of crypto plays a significant role in creating a global crypto market in the region. The GCC members include Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.