Study: MENA Crypto Volumes Grew Fastest Between July 2021 and June 2022 — Turkey Cements Position as Region’s Largest Market

Of the $566 cardinal successful cryptocurrency transaction measurement for the Middle East and North Africa (MENA) portion betwixt July 2021 and June 2022, astir 40% went to Turkey, which kept its spot arsenic the region’s biggest cryptocurrency market, according to the latest Chainalysis data. In Afghanistan, the Taliban’s takeover has seen the worth of cryptocurrencies sent to the state driblet from a highest of $68 cardinal to little than $80,000 per month.

Turkey Cements Position arsenic MENA’s Biggest Crypto Market

According to the latest Chainalysis data, the measurement of cryptocurrency transactions by users from the Middle East and North Africa (MENA) grew by 48% to $566 cardinal betwixt July 2021 and June 2022. The information shows this maturation complaint is the fastest of immoderate of the 8 regions surveyed.

As explained successful Chainalysis’ latest blog, inflation-stricken Turkey remained the MENA region’s biggest cryptocurrency marketplace aft its citizens “received $192 cardinal from July 2021 to June 2022” oregon astir 40% of the region’s total. However, contempt cementing its presumption arsenic MENA’s apical crypto market, Turkey’s year-on-year crypto transaction measurement maturation of 10.5% means the state is ranked past among the six surveyed countries.

Meanwhile, successful Egypt, whose currency — the lb — is said to beryllium overvalued, the year-on-year (YoY) maturation successful cryptocurrency transaction measurement topped 221.7% successful the play nether review. Concerning the increasing usage successful Egypt, the Chainalysis blog stated:

Egypt’s presumption astatine the intersection of increasing crypto remittances and accrued inflationary pressures assistance explicate wherefore it’s the fastest-growing crypto marketplace successful each of MENA this year. Between July 2021 and June 2022, transaction measurement successful Egypt tripled compared to the preceding year.

The Kingdom of Saudi Arabia is the MENA portion state with the adjacent highest (194.8%) YoY maturation successful its cryptocurrency transaction volumes. Crisis-torn Lebanon is successful 3rd spot with a YoY maturation of 120.9%, and is followed intimately by Morocco with 120.8%.

Impact of the Taliban’s Takeover

In Afghanistan, which utilized to beryllium the MENA person successful grassroots crypto adoption, the Taliban’s takeover successful August 2021 has led to a crisp driblet successful the country’s onchain activity, the study noted. From the $68 cardinal which Afghan residents received “in the mean month” earlier the Taliban’s takeover, the state has been seeing an mean measurement of nether $80,000 per period since November 2021.

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