CandleFocus MENA received $338b value in crypto as the 7th-largest market
2024-09-25
Author: Content Editor
The Middle East and North Africa (MENA) region has become the seventh-largest cryptocurrency market globally, receiving $338.7 billion in cryptocurrencies between July 2023 and June 2024. Turkey and Morocco rank high in adoption, with $137 billion and $12.7 billion in on-chain value received, respectively. The majority of transactions in the region were worth over $10,000, driven by professional and institutional movements. The United Arab Emirates experienced significant growth in both retail and institutional on-chain value due to favorable regulation. Saudi Arabia saw the fastest growth in the region, with a 154% year-over-year increase in its crypto market. Most on-chain activity in MENA occurred on decentralized exchanges, possibly due to the lack of regulatory frameworks in Saudi Arabia and Qatar. The Saudi Arabian Ministry of Investment also invested $250 million in the Hedera blockchain to boost web3 development.
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