The number of cryptocurrency transactions by users from the Middle East and North Africa (MENA) increased by 48% to $566 billion between July 2021 and June 2022, according to the most recent Chainalysis data. According to the data, of the eight regions surveyed, this growth rate is the fastest.
The Taliban’s takeover of Afghanistan in August 2021 has resulted in a significant decline in the country’s onchain activity, according to the research, which previously ranked the country as the MENA leader in grassroots crypto adoption. Before the Taliban took control, Afghans received $68 million “in the average month,” but since November 2021, the country has seen an average of less than $80,000 per month.
Since then, Turkey has taken the top spot among MENA countries thanks to its residents receiving $192 billion (or approximately 40% of the total) from July 2021 to June 2022. Turkey’s year-over-year crypto transaction volume rise of 10.5%, however, means that the nation is ranked last among the six nations surveyed, despite Turkey solidifying its position as the biggest crypto market in MENA.
At a time when the Egyptian pound is overvalued, the volume of cryptocurrency transactions in Egypt reached 221.7% year over year. The nation is at the epicenter of rising crypto transactions and heightened inflationary pressures. The inflation-related problems assist to explain why it’s the MENA region’s fastest-growing crypto market this year. Crypto transaction volume in Egypt increased between July 2021 and June 2022 compared to the previous year.
The MENA nation with the second-highest YoY growth in cryptocurrency transaction volumes is the Kingdom of Saudi Arabia (194.8%). Third-placed Morocco is closely followed by crisis-torn Lebanon, which has a YoY rise of 120.8%.