According to blockchain researcher Chainalysis, the Middle East and North Africa are the world’s fastest-growing cryptocurrency markets, with the volume of crypto received in the region increasing 48% year on year to June. While the MENA area has one of the smallest crypto markets, its $566 billion in bitcoin received between July 2021 and June 2022 shows that usage is steadily increasing. Three MENA nations are ranked among the top 30 in Chainalysis’ 2022 Global Crypto Adoption Index, with Turkey ranking 12th, Egypt ranking 14th, and Morocco ranking 24th.
