As cryptocurrency acceptance and adoption continues to gain global traction, the Middle East and North Africa (MENA) region keep leading the race for crypto adoption.
According to a recent report from blockchain analytical firm, Chainalysis on Wednesday, MENA countries have had the most use cases for cryptocurrency transactions making it the world’s fastest-growing cryptocurrency market in the region.
As per the reports, between July 2021 and June 2022, users in the region made transactions to the tune of $566 billion in cryptocurrency. This represents about a 48% increase from the year before.
In comparison, Latin America, North America, and Central and Southern Asia recorded 40%, 36%, and 35% respectively within the same period in view. Other regions enjoyed about 22% growth.
According to Kim Grauer Chainalysis’ director of research, the firm derived this data after casting a “really wide net” that includes regulators, private businesses, over-the-counter brokers as well as other players in the industry.
MENA countries lead the race for crypto adoption
Interestingly, three countries (Turkey, Egypt, and Morocco) from the MENA region featured amongst the top 30 nations in this year’s Crypto Adoption Index.
Turkey, a member of the MENA, ranks 12th and holds the largest cryptocurrency market in the region. The nation recorded $192 billion in crypto transactions in the said period.
Due to the level of traffic, it enjoys from Turkey, leading exchange platform Binance choose Turkey for the pilot testing of its 24/7 customer service center. The Turkish finance minister has also met with Zhao Changpeng founder and CEO of Binance to discuss cryptocurrencies and the blockchain ecosystem as part of its plan to advance its crypto sector.
Also, Egypt, ranked 14th was the fastest-growing cryptocurrency market and had a triple of transactions compared to the previous year.
Recall that earlier in the year, blockchain technology firm CargoX extended its deal with the Egyptian government which will see it digitize the nation’s trade flow.
Meanwhile, Afghanistan, former MENA leader, fell from its top spot after the Taliban takeover in August 2021. The Taliban’s rule which had several crypto dealers arrested has affected the country’s crypto markets. Crypto dealers either have to flee the country, stop operations or bear the risk of getting arrested.