According to the report, the Middle East and North Africa lead the worldwide crypto market growth
The Middle East and North Africa (MENA) have had the fastest year-over-year (YoY) rise in crypto transaction volume compared to all other areas over the last year.
According to the latest, ‘The 2022 Geography of Cryptocurrency Report’ released on October 20 by the crypto analytics platform Chainalysis, the Middle East and North Africa area had the biggest rise in crypto transaction volume between June 2021 and June 2022, at 48%.
Latin America is in the second position with a 40% YoY rise in crypto transaction volume, followed by North America at 36% and Central and Southern Asia at 35%. Eastern Asia has the lowest growth rate, at just 4%.
The research attributes MENA’s rise to the use cases in three of the region’s top nations for crypto adoption.
Egypt is the MENA country with the biggest growth in crypto transactions, with a 221.7% increase, followed by Saudi Arabia (194.8% growth) and Lebanon (120.9% growth).
As the paper emphasizes, “Egypt’s location at the confluence of expanding crypto remittances and heightened inflationary pressures helps explain why it’s the MENA country with the fastest-growing crypto industry this year. Between July 2021 and June 2022, the number of transactions in Egypt increased in comparison to the previous year.”
Turkey, on the other hand, “remains the biggest cryptocurrency market in the area, with its residents receiving $192 billion between July 2021 and June 2022, although year-over-year growth has been substantially slower.”
Despite this, the MENA area only accounts for 9% of the global value of cryptocurrencies, behind Central, Northern, and Western Europe (21.9%), North America (19%), and Central & Southern Asia and Oceania (15.5%) by a substantial margin.
Finbold stated that the Taliban’s crypto crackdown in Afghanistan resulted in the detention of many dealers of crypto tokens who ignored orders to cease all cryptocurrency trading, thus shutting down decentralized finance (DeFi) in the nation.