Article Dated: October 21, 2022
According to trusted sources from Chainalysis, The Middle East & North Africa (MENA) are rated the world’s fastest growing cryptocurrency market with the crypto volume rising rapidly compared to their previous years growth.
Egypt tops the list, while the UAE is #5.
Five MENA countries are among the top 30 in Chainalysis’ 2022 Global Crypto Adoption Index, with Egypt in the 1st place and UAE being the 5th and growing rapidly.
Egypt’s position in emerging crypto remittances and increased inflationary pressures clearly explains why it’s the fastest growing crypto market in all of MENA this year. The transaction volume in Egypt tripled compared to the preceding year.
“In Egypt, digital currencies are being used as a means of savings preservation. Cryptocurrencies are an attractive means of protection against currency devaluation,” said Kim Grauer, director of research at Chainalysis.
Turkey, meanwhile, remains the largest cryptocurrency market in the region; it has seen much slower YoY growth, as evidenced in the graph. Dubai is trending nevertheless and is expected to hit new heights soon, looking at the recent trends. As a larger set of Egyptians work in UAE, the purpose of crypto remittances has seen quite a rise, this led to the country’s national bank initiation of a project to build a crypto-based remittance bridge between Egypt and the UAE.
Dubai — A Hub for Crypto Industries
The GCC includes Saudi Arabia, Kuwait, UAE, Qatar, Bahrain & Oman, and did not make it to the top of the crypto adoption index, however their role in the crypto ecosystem is undoubtedly crucial.
They have deep ties to the global crypto markets, as do the Sub-saharan Africa and Central & Southern Asian regions. The United Arab Emirates (UAE) recorded a $10bn rise compared to the previous year in the cryptocurrency activity index.
Nevertheless, Dubai has become a hub for crypto companies that serve customers all across Asia and Africa, not just in the Middle East. Dubai aims to be among the world’s top 10 cities in the metaverse economy, creating thousands of virtual jobs and adding billions to its economy in the upcoming five years, as per research studies from multiple sources.
Words from Global Crypto Leaders
“Adoption in the UAE is being driven by the country’s clear ambitions of positioning itself as a global crypto hub.” — Kim Grauer, Director of Research at Chainalysis.
“The regional market is expected to grow ten times with access to the financial resources and opportunities in the UAE.” — Ralf Glabischnig, Founder of Crypto Oasis.
“In the GCC retail sector, savvy early adopters, investors & Web3 disruptors play a crucial role in support for the development of the crypto businesses and the adoption of cryptocurrencies plus Web3 technologies in the region and beyond.” — Joseph Chong, Head of Strategic Partnerships at HyperBC, a digital asset custodian & crypto payment solutions provider.