According to Chainalysis, the Middle East and North Africa are the world's fastest-growing cryptocurrency markets. The volume of cryptocurrency received in the region has increased by over 48% in the year to June.
The MENA region is considered a small market for cryptocurrencies. However, the popularity of digital currencies in the region is soaring. Between July 2021 and June 2022, the volume of cryptocurrencies received in the region increased to $566 billion, indicating a rising level of adoption.
Latin America saw the second biggest growth in the same period, at 40%, according to Chainalysis. North America was next at 36% growth, followed closely by Central and Southern Asia and Oceania at 35% growth.
Three MENA countries are among the top 30 in Chainalysis' 2022 Global Crypto Adoption Index, with Turkey in 12th place, Egypt taking the 14th spot, and Morocco in 24th.
"In Turkey and Egypt, fluctuating cryptocurrency prices have coincided with rapid fiat (traditional) currency devaluations, strengthening the appeal of crypto for savings preservation," Chainalysis said.
Turkey tops the MENA region in terms of the value of crypto received by far, having received $192 billion worth of crypto in the year to end June, though it only saw 10.5% year-on-year growth.