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Approximately 7.5% of Overall Cryptocurrency Transaction Volume Originates from the MENA Region.
Individuals in the Middle East and North Africa (MENA) region account for roughly 7.5% of the global cryptocurrency transaction volume. The primary users of digital assets in this area are institutional investors and professional traders.
A report by Chainalysis indicates that from July 2023 to June 2024, cryptocurrency users in the MENA region executed transactions totaling $338.7 billion, which constitutes approximately 7.5% of the worldwide crypto transaction volume during that timeframe.
The report points out that nearly 93% of these transactions were valued at over $10,000 each. Consequently, the majority of transactions in the region were conducted by institutional investors and professional traders, while retail investors represented about 7% of the overall transaction volume in MENA.
Chainalysis analysts identified several countries in the region that contributed significantly to the transaction volume, including:
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- Turkey — $137 billion;
- Saudi Arabia — $48 billion;
- UAE — $39 billion;
Centralized exchanges are the preferred platforms for cryptocurrency transactions in the region. Qatar and Turkey lead in the usage of centralized exchanges, with 64.3% and 55.2% of local crypto transactions, respectively. Furthermore, analysts observed a rising interest in decentralized platforms among users from the UAE and Saudi Arabia, with 32.4% and 30.9% of transactions occurring on these platforms, respectively.
Regarding the most favored assets in the MENA region, nearly half of the transactions during the analyzed period involved stablecoins — 44.7%. Stablecoins are particularly popular in Turkey (55.2%) and the UAE (51.3%). Bitcoin represented about 22% of transactions over the year, while altcoins accounted for 24.6%. Ethereum was involved in only 8.3% of the total transactions in the region.
The cryptocurrency market in the MENA region has been actively evolving since 2022. A significant factor driving growth in 2024 was the UAE’s goal to establish itself as a global cryptocurrency hub, particularly through its forward-thinking regulatory framework. Additionally, the increasing interest from Turkish residents in utilizing digital assets has contributed to the advancement of the regional crypto market.
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