Emerging markets, as study after study shows, are the powerhouses of crypto adoption. A new report from Chainanalysis confirms this trend, citing the Middle East and North Africa (MENA) as the world’s fastest growing between July 2021 and June 2022.
Crypto in North Africa serves practical purposes
The Middle East and North Africa (MENA) may be one of the smallest crypto markets in the 2022 Global Crypto Adoption Index, but it’s also the one experiencing the fastest growth, according to the latest report from a blockchain analytics company Data Chainalysis.
Thus, based on the volume of transactions observed in the MENA region, users have received $566 billion in crypto between July 2021 and July 2022, an increase of 48% over the previous year. In comparison, Latin America is in second place with a growth of 40%, while North America in third place on the podium shows 36%.
In detail, the observed growth does not meet the same criteria depending on the area determined. On the North African side, the growing adoption of crypto seems to coincide with two main factors. A more permissive provisionssuch as in Morocco, or rapid devaluation of local fiat currencies, such as in Turkey or Egypt, prompting the population to show interest in crypto as a way to preserve savings and send remittances at a lower cost. But as much as Turkey, which remains the largest crypto market in MENA, has had slow annual growth from the top, so has Egypt, which blew up all the counters. Its transaction volume tripled during the period under review, placing it at the top of the twenty countries in the region.
Middle East crypto more for institutional use
The wealthiest countries in the MENA region have also contributed to the rise of crypto in this geographic area, but in different ways. This is not surprising given the efforts that the Gulf States have made to provide an enabling legislative framework and dedicated infrastructure to attract the major players in the sector who have rushed there. fact its growth would be more related to institutional activity than to practical imperatives or peer exchange.
However, let’s not underestimate the appeal of cryptocurrencies to individuals, especially in Saudi Arabia, where an astonishing study by KuCoin identified 3 million users including 37% women (with or without guardian’s permission?), that is, 14% of the population. Thus, in the Chainanalysis survey, the absolute monarchy appears in third place among countries for the growth of its crypto market, while the United Arab Emirates is positioned in fifth.
Despite a struggling market, the industry is going from strength to strength worldwide. Don’t wait any longer to acquire your first cryptocurrencies and register on the FTX exchange, you will benefit from a lifetime discount on your trading fees.