The Middle East & North Africa region is witnessing a crypto revolution, with Morocco at the forefront of this burgeoning industry. According to the latest report from Chainalysis, Morocco, alongside other MENA nations, has rapidly ascended the global cryptocurrency ranks.
In the period between July 2022 and June 2023, MENA countries collectively amassed a staggering $389.8 billion in on-chain cryptocurrency transactions.
This figure accounts for approximately 7.2% of the global transaction volume during that time frame, solidifying MENA’s position as the sixth-largest crypto economy worldwide. In contrast, Sub-Saharan Africa, though promising, lagged behind with only 2.3% of the crypto value received.
Morocco, ranked 20th in Chainalysis’s 2023 index, is a prime example of this regional crypto resurgence. But it’s not alone; Turkey and Iran, too, have secured spots within the top 30 countries, coming in at 12th and 28th, respectively.
Moreover, nations like Egypt, Algeria, and Tunisia in the MENA region have showcased significant crypto volumes. Among these, the United Arab Emirates (UAE) stands out as a crypto pioneer, boasting a substantial portion of its crypto activities occurring on decentralized finance (DeFi) platforms.
The UAE’s prowess in DeFi can be attributed to its forward-thinking regulatory framework, which has attracted crypto enthusiasts and entrepreneurs alike, positioning the nation as a global DeFi innovation hub.
Turkey, meanwhile, leads the region in Non-Fungible Token (NFT) utilization, despite the global decline in NFT activity since mid-2022. Saudi Arabia is another noteworthy player, experiencing a remarkable year-over-year transaction volume growth rate of 12.0%, outpacing all other countries globally during the same period.
The MENA region’s diverse crypto landscape underscores the potential of cryptocurrencies as a store of wealth, particularly in countries grappling with unstable currencies or inflation. Conversely, economically stable nations like the UAE are more inclined to explore innovative investment-focused use cases, showcasing the multifaceted nature of crypto adoption in the region.