{"id":68146,"date":"2022-10-05T16:41:31","date_gmt":"2022-10-05T13:41:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68146"},"modified":"2025-09-07T12:30:29","modified_gmt":"2025-09-07T09:30:29","slug":"chainalysis-names-the-mena-region-the-most-dynamic-crypto-market","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/chainalysis-names-the-mena-region-the-most-dynamic-crypto-market\/","title":{"rendered":"Chainalysis names the MENA region the most dynamic crypto market"},"content":{"rendered":"<p>The Middle East and North Africa (MENA) region has become the fastest-growing crypto market, according to Chainalysis in the report.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">1\/ Middle East &#038; North Africa (MENA) is the second-smallest yet fastest-growing <a href=\\\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\\\">#crypto<\/a> market in this year\u2019s Geography of Cryptocurrency Report. <\/p>\n<p>In this \ud83e\uddf5we cover key trends in the region. Read the full sneak preview here! <a href=\\\"https:\/\/t.co\/fZa6UL8YaQ\\\">https:\/\/t.co\/fZa6UL8YaQ<\/a><\/p>\n<p>\u2014 Chainalysis (@chainalysis) <a href=\\\"https:\/\/twitter.com\/chainalysis\/status\/1577634025522577408?ref_src=twsrc%5Etfw\\\">October 5, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>From July 2021 to June 2022, the cumulative volume of transactions in digital assets amounted to $566 billion. This was 48% higher than in the previous 12 months.<\/p>\n<p>In terms of growth, MENA is followed by Latin America and North America \u2014 40% and 36% respectively.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh4.googleusercontent.com\/enL0KUarJOURP2Xp_B9eNn5EgLpYIoLLTsD2fE6afQZxlm0EMgC61VWaOib5J0lq3Raq_E2q4zl4PO3KdxyF6CItxlDTw2fQCjZDeh1HsmIgDxMlie4hJvjUwly-mn9hzYWffCB4WpW4aGqSInz6sR-uHXmFDD-8N1Kzo2gb-8kvr4o5vCSgU8fIHQ\\\" alt=\\\"\u0412 Chainalysis \u043d\u0430\u0437\u0432\u0430\u043b\u0438 \u0440\u0435\u0433\u0438\u043e\u043d MENA \u0441\u0430\u043c\u044b\u043c \u0434\u0438\u043d\u0430\u043c\u0438\u0447\u043d\u044b\u043c \u043a\u0440\u0438\u043f\u0442\u043e\u0440\u044b\u043d\u043a\u043e\u043c\\\"\/><figcaption>Data: Chainalysis.<\/figcaption><\/figure>\n<p>MENA comprises more than 20 countries, three of which entered the company\u2019s top-30 <a href=\"https:\/\/forklog.com\/en\/news\/ukraine-surpasses-russia-in-chainalysis-global-crypto-adoption-index\">cryptocurrency adoption<\/a> rankings: Turkey (12) , Egypt (14) and Morocco (24).<\/p>\n<p>These examples illustrate well the reasons for interest in digital assets in the region, according to Chainalysis experts. During the reporting period, the Turkish lira depreciated by 80.5%, and the Egyptian pound weakened by 13.5%. This heightened the appeal of cryptocurrencies as a store of value.<\/p>\n<p>Even more important was Egypt\u2019s remittance market, which accounts for about 8% of the country\u2019s GDP. The central bank has already launched a cryptocurrency-based payments corridor with the UAE, where many Egyptians work, Chainalysis noted.<\/p>\n<p>In Egypt, over 12 months the volume of digital asset transactions increased more than threefold. In Turkey, growth was an order of magnitude more modest (10.5%), but it remains the region\u2019s largest crypto market \u2014 $192 million or 34% of total transaction volume.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh6.googleusercontent.com\/ohccItG6N0tljb3jgzHkhLZZGTWbSKdiM3stFCYbxg3Tv9l5j8SkgVUky12L33Iie-BXlzVPK47GLxsbb73Yd4355xQrzeijKnYHMTRxGzDU4coT3_K5fpRZVWpAV55uWtM_3I7O4KnmB45rQaBV_KJVJVxzQok9zymr2mQ2JaKrvJ8cj0npOpPbzA\\\" alt=\\\"\u0412 Chainalysis \u043d\u0430\u0437\u0432\u0430\u043b\u0438 \u0440\u0435\u0433\u0438\u043e\u043d MENA \u0441\u0430\u043c\u044b\u043c \u0434\u0438\u043d\u0430\u043c\u0438\u0447\u043d\u044b\u043c \u043a\u0440\u0438\u043f\u0442\u043e\u0440\u044b\u043d\u043a\u043e\u043c\\\"\/><figcaption>Data: Chainalysis.<\/figcaption><\/figure>\n<p>Analysts also drew attention to a drastic change in Afghanistan\u2019s crypto-market situation following the Taliban\u2019s ascent to power. In the 2021 cryptocurrency adoption index the country ranked 20th. After the regime change, dozens of dealers were arrested, and authorities equated digital assets with gambling and deemed them non-compliant with Islamic law.<\/p>\n<p>Before the transfer of power, Afghanistan\u2019s average monthly volume of cryptocurrency transactions was around $68 million. Under the fundamentalists, the figure collapsed to about $80,000 after a brief peak in September 2021.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh5.googleusercontent.com\/DkrQimA-CCoYAIRQ_JF3WBdGOGVnX8Uy5d-dYztmm4Ykuq1VWO-pex4KRg59Vme4H_vLyS9d6mc46Mi_1ZIFEq7QLWmqbqA4EPD7W0nqAWtL2xkCSrPJFU2V633jSiinU39l3R8prMJQjel8K2ct_gbp06tEmNEn5t-CVapMJxR38PB4q5I3F-95kQ\\\" alt=\\\"\u0412 Chainalysis \u043d\u0430\u0437\u0432\u0430\u043b\u0438 \u0440\u0435\u0433\u0438\u043e\u043d MENA \u0441\u0430\u043c\u044b\u043c \u0434\u0438\u043d\u0430\u043c\u0438\u0447\u043d\u044b\u043c \u043a\u0440\u0438\u043f\u0442\u043e\u0440\u044b\u043d\u043a\u043e\u043c\\\"\/><figcaption>Data: Chainalysis.<\/figcaption><\/figure>\n<p>Licenses or regulatory approvals for operating in the MENA region have been granted this year to a number of major crypto exchanges, including <a href=\\\"https:\/\/forklog.news\/binance-poluchila-litsenziyu-v-dubae\/\\\">Binance<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/okx-granted-dubai-license\">OKX<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/huobi-exchange-secures-dubai-regulators-provisional-approval\">Huobi<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/ftx-secures-full-dubai-crypto-exchange-licence\">FTX<\/a>.<\/p>\n<p>Read ForkLog\u2019s Bitcoin news in our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Middle East and North Africa (MENA) region has become the fastest-growing crypto market, according to Chainalysis in the report.<\/p>\n","protected":false},"author":1,"featured_media":68147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[274,2295,1252],"class_list":["post-68146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-chainalysis","tag-middle-east","tag-reports"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=68146"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68146\/revisions"}],"predecessor-version":[{"id":68148,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68146\/revisions\/68148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/68147"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=68146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=68146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=68146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}