The Middle East & North Africa (MENA) is the fastest-growing crypto market in the world, according to a report by blockchain analytics firm Chainalysis.
Data from the report revealed that users in the region received $566 billion in crypto assets from July 2021 to June 2022, a 48% increase from the year before.
The “Middle East & North Africa (MENA) may be one of the smaller crypto markets in the 2022 Global Crypto Adoption Index, but it’s also the fastest growing,” Chainalysis said.
The region is followed by Latin America, North America, and Central and Southern Asia with 40%, 36%, and 35% respectively.
Turkey Tops in Value of Crypto Received
The report stated that Turkey claimed the most significant share by a single country in the region in terms of the value of crypto assets received during the period. Turkey received $192 billion in crypto assets. However, it has witnessed a much slower year-on-year (YoY) growth, the report stated.
Chainalysis noted that the increase in cryptocurrencies received in Turkey is fueled by the devaluation of the Turkish Lira after witnessing an 80.5% inflation in the last year.
Egypt, however, is the fastest-growing crypto market in terms of percentage increase. Transaction volume in the country tripled compared to the previous year. Chainalysis stated that the growth was triggered by the devaluation of the Egyptian Pound by 13.5% and the country’s remittance market.
“In Turkey and Egypt, fluctuating cryptocurrency prices have coincided with rapid fiat currency devaluations, strengthening the appeal of crypto for savings preservation,” Chainalysis said.
Dubai – a Hotbed for Crypto Firms
Per the report, Saudi Arabia and the United Arab Emirates (UAE) are in the top first five lists for the value of crypto assets received by countries in the region during the time.
The blockchain analytics firm also finds that Dubai has become a hotbed for crypto firms that offer services to users across Asia and Africa, not just in the Middle East.
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Source: https://coinfomania.com/turkey-tops-mena-crypto-usage-chart/