World’s Fastest-Growing Crypto Market In 2022 : MENA as Users based in the Middle East and North Africa (MENA) region received a total of $566 billion worth of cryptocurrency between July 2021 and July 2022, representing a 48% increase from the previous year’s total.
- The Middle East and North Africa (MENA) region is the market for cryptocurrencies that is expanding at the quickest rate anywhere in the world.
- MENA had a phenomenal growth in growth, reaching $566 billion between July 2021 and June 2022.
- In contrast, the growth rate in Europe was 40%, the growth rate in North America was 36%, and the growth rate in Central and Southern Asia was 35%.
- The nations that make up this area number perhaps about 22, and they include many developing economies including Morocco, Egypt, and Turkey.
This made the MENA region the market with the highest rate of crypto adoption growth during the 12-month period that ended on June 30. In comparison, the growth rate in Europe was 40%, in North America it was 36%, and in Central and Southern Asia it was 35%. Turkey had the biggest proportion of any single nation in the MENA area, accounting for $192 billion of the overall $566 billion in economic activity in the region.
The rapid decline in value of the Turkish lira has been cited as the cause of this phenomenon. Over the course of the previous year, the Middle Eastern nation saw inflation of 80.5 percent. Egypt had the highest gain in terms of percentage terms, as crypto transaction volume more than quadrupled from the previous year. The 13.5% drop in the value of the Egyptian pound, as well as the decline in the remittance market in the nation. About eight percent of Egypt’s gross domestic product comes from individuals sending money home.
Since August of last year, cryptocurrency activity has completely dried up in Afghanistan as a direct result of the Taliban’s takeover of the country and subsequent crackdown on the business. This occurred elsewhere in the Middle East.
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This region includes 22 countries, including Morocco, Egypt, and Turkey.
According to the report, the Middle East and North Africa region is also home to three of the top thirty nations in this year’s survey. These countries are Turkey (12), Egypt (14), and Morocco (24). “Use cases” that include preserving money and making remittance payments.
Even though countries like Saudi Arabia, Bahrain, and the United Arab Emirates (UAE) rarely reach the upper tier of the crypto adoption index, Alternate method believes that their place in the cryptocurrency world should not be discounted. This is because these countries are major business hubs in the region, and also crypto market in india is taking a tremendous growth.
According to the survey, Saudi Arabia is the third biggest cryptocurrency market in all of MENA, while the United Arab Emirates is the fifth largest. For instance, significant transactions that were powered by investors and financial institutions accounted for around 20% of the overall transaction value during that time period.
“They also have deep ties to the global crypto markets: in our Sub-Saharan Africa and Central & Southern Asia sections, we find that Dubai has become a hub for crypto companies that serve customers all across Asia and Africa, not just in the Middle East.”
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Cryptocurrency is a decentralised digital asset that can be created and transferred anonymously over the internet.
During the period of time between July 2021 and June 2022, sub-Saharan Africa was responsible for barely 2% of worldwide activity. This enabled Western Europe and North America each to account for approximately 20% of the entire transaction value. On the other hand, sub-Saharan Africa shows strong acceptance when it comes to retail transactions.
In point of fact, retail transactions worth less than $10,000 account for 6.4% of the total transaction volume in this area, which is a higher percentage than any other location in the globe. Nigeria, Kenya, and South Africa have all made it into the top 30 of Global Crypto Adoption Index as a direct consequence of the incorporation of cryptocurrency into routine business transactions. These nations featured in the 11th, 9th, and 30th places, respectively.
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