The crypto market in the Middle East & North Africa (MENA) may be one of the smaller markets, but is the fastest growing in the past year, according to data from Chainalysis.
The region saw an unprecedented 48% jump in crypto adoption as more and more countries in the region take the dive into cryptocurrency or see existing adoption increase.
Turkey (12), Egypt (14), and Morocco (24) are three countries in the MENA region that made the top thirty list on the Global Crypto Adoption Index.
The rapid fiat currency devaluations in Turkey and Egypt, and rising inflation has increased the appeal of crypto for savings preservation in the countries with the Turkish Lira inflating by as much as 80.5%, and the Egyptian pound suffering a 13.5% devaluation in the last year.
The Moroccan government also deciding to create crypto regulations that emphasize innovation and consumer protection has seen the country make the list.
While Turkey remains the largest cryptocurrency market in the region, it has seen much slower YoY growth. Egypt took the lead as the fastest growing crypto market in all of MENA this year, as it tripled its crypto transaction volume YoY.
Saudi Arabia, the third-largest crypto market in all of MENA, and other member states of the Gulf Cooperation Council (GCC) – Kuwait, the UAE, Qatar, Bahrain, and Oman, although have big stakes in the crypto market ecosystem, seldom make it to the top of the grassroots crypto adoption index, as it weighs countries by purchasing power parity per capita, which often favor poorer nations.