The Middle East and North Africa (MENA) was the fast growing market for crypto adoption the 12-month period leading up to June 2022, according to blockchain analytics firm Chainalysis.
MENA-based users received $566 billion in cryptocurrency between July 2021 and July 2022, a 48% increase compared to the previous year.
This growth compares to increases of 40%, 36% in North America and 35% in Central and Southern Asia.
The largest increase in percentage terms was in Egypt, where crypto transaction volumes more than tripled. Chainalysis cited devaluation of the Egyptian pound of 13.5% as well as the country’s remittance market. Remittances account for about 8% of Egypt’s GDP.
Turkey accounted for $192 billion of the MENA’s total of $566 billion, the largest share by one single country in the region. Again, Chainalysis attributed this to steep currency devaluation. The Middle Eastern country has experienced inflation of 80.5% in the last year.
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