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The Middle East and North Africa (MENA) region contributed 7.5% to global crypto transaction volume from July 2023 to June 2024.
During this period, the total value of transactions in MENA reached $338.7 billion. Approximately 93% of these transactions were valued at $10,000 or more, fueled by substantial involvement from institutions and professional investors.
According to the published Chainalysis report on September 26, the United Arab Emirates (UAE) leads in cryptocurrency activities in the MENA region.
This leadership position can be attributed to the UAE’s proactive regulatory environment, which has created clear guidelines for crypto and Web3 companies. By fostering a welcoming atmosphere, the UAE has positioned itself as a hub for decentralized finance (DeFi) and crypto activities, attracting diverse investors and leading to higher DeFi adoption rates than the global average.
While MENA’s crypto market is smaller than regions like North America or Asia, it still boasts two countries in the top 30 of the global crypto adoption index.
Türkiye ranks 11th, receiving around $137 billion, while Morocco comes in at 27th with $12.7 billion in value. These rankings reflect growing interest and engagement in cryptocurrencies within these nations.
1/ MENA is the 7th largest crypto market we studied in 2024, receiving ~$338.7B in on-chain value. Türkiye (#11) and Morocco (#27) rank high in our adoption index, capturing $137B and $12.7B, respectively. pic.twitter.com/uKfFJMsLrF
— Chainalysis (@chainalysis) September 25, 2024
The report also highlighted a difference in how crypto products are accessed. For instance, centralized exchanges (CEXs) continue to dominate MENA’s crypto landscape, indicating that most users, whether individuals or institutions, still prefer these traditional platforms for their transactions.
However, there is a slight shift toward decentralized platforms and decentralized finance (DeFi) applications, particularly in the UAE and Saudi Arabia.
DeFi products are financial services built on blockchain technology that operate without central authorities. They allow users to lend, borrow, and trade directly with one another.
5/ #SaudiArabia is our fastest growing crypto market in MENA, with 154% growth YoY. As a G20 economy with a young population (over 60% under 30), Saudi Arabia is embracing DeFi and blockchain innovation. pic.twitter.com/X7vE6O10V1
— Chainalysis (@chainalysis) September 25, 2024
In MENA, most DeFi activity occurs on decentralized exchanges (DEXs), with Saudi Arabia slightly ahead in participating in DeFi activities. This trend suggests a unique approach to accessing and utilizing digital assets in the Kingdom. In contrast, countries like Türkiye and Qatar continue to rely heavily on CEXs, demonstrating a lower engagement with DeFi than the global scene.
As MENA adapts to changing technologies and regulatory frameworks, it stands to play a significant role in reshaping the future of cryptocurrency globally.
