According to the analytical company Chainalysis, from July 2021 to June 2022, the countries of the Middle East and North Africa became the leaders in the growth in the adoption of cryptocurrencies in various areas of life.
The total volume of cryptocurrency transactions in these regions amounted to $566 billion, which is 48% more than a year earlier. Quite noticeable growth was recorded in the countries of Latin and North America – 40% and 36%, respectively.
The MENA (Middle East and North Africa) region comprises 22 countries, ranging from emerging nations like Turkey, Morocco and Egypt to rich oil nations like the United Arab Emirates.
Egypt became the leader in terms of growth in the volume of cryptocurrency transactions – over the year, transfers in digital assets increased by 221.7%. However, Turkey remains the largest cryptocurrency market in the region, with users and companies from this country making $196 billion in transfers. Dubai has become the most friendly jurisdiction for cryptocurrency firms.
Earlier, Serbian Prince Philip Karadjordjevic suggested that some countries in the Middle East, such as Jordan and the United Arab Emirates (UAE), may legalize bitcoin in the foreseeable future.
Source: Bits
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