The post Middle East Crypto Market Surges With $338B In Transactions appeared on BitcoinEthereumNews.com.

The financial landscape in the Middle East and North Africa (MENA) region is undergoing a profound transformation as cryptocurrency adoption soars. The Middle East and North Africa (MENA) region is a new hotbed for cryptocurrency adoption. Remarkably, the region now ranks seventh globally, capturing $338.7 billion in on-chain value from July 2023 to June 2024, according to Chainalysis. This accounts for 7.5% of global transaction volume, firmly positioning MENA as a pivotal force in the digital asset arena. Source: Chain Analysis  Türkiye and Morocco at the Front Türkiye and Morocco are at the forefront of this shift. Positioned 11th and 27th in the global crypto adoption index, these nations are key contributors to the market’s expansion. Türkiye has processed an impressive $137 billion in cryptocurrency transactions, whereas Morocco has dealt with transactions worth $12.7 billion. Driven predominantly by institutional and professional transactions—93% of which are valued at $10,000 or more—the MENA crypto market reflects increasing trust among major players. This trend not only underscores the growing activity in the region but also suggests a potential rise in institutional involvement going forward. Source: Chain Analysis Saudi Arabia and UAE Drive DeFi Growth Although centralized exchanges (CEXs) remain the main gateway for cryptocurrency inflows in the Middle East and North Africa (MENA), decentralized platforms and DeFi applications are rapidly advancing. This trend is especially prominent in Saudi Arabia and the United Arab Emirates (UAE), where interest in decentralized solutions has surged. Source: Chain Analysis Saudi Arabia, a G20 nation with over 30 million people, boasts a young population—about 63% are under 30. This youthful demographic is more willing to experiment with new financial technologies, boosting the country’s higher-than-average participation in DeFi activities. Meanwhile, the UAE has established a progressive regulatory framework that clarifies specific aspects of crypto participation. This forward-thinking approach has…

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Filed under: News - @ September 27, 2024 5:12 am