The MENA region, as contrasted to Sub-Saharan Africa, accounts for 7.2% of global bitcoin transactions, according to the 2023 Chainalysis Report.

The Middle East and North Africa (MENA) is the region with the sixth-largest crypto economy, according to Chainalysis, in 2023. In contrast, Sub-Saharan Africa saw a 2.3% increase in the value of cryptocurrencies throughout that time.

The Middle East and North Africa (MENA) is the region with the sixth-largest crypto economy, according to Chainalysis, in 2023.

On-chain value received between July 2022 and June 2023 is projected to be $389.8 billion, or roughly 7.2% of all transactions worldwide during the time period under consideration.

In comparison to Sub-Saharan Africa, which received 2.3% of crypto value over the same period, North African countries are proving to be potentially big markets for crypto in the coming years.

Three of the top 30 nations in this year’s index are also located in the MENA region:

Turkey (12)
Morocco (20), and
Iran (28)

Other African nations with significant imports from the region, besides Morocco, are:

Egypt
Algeria, and
Tunisia

According to the data, the United Arab Emirates stands out from the rest of the area because a far higher proportion of crypto activity there occurs on DeFi protocols.

According to Chainalysis, one reason for this is that the UAE has transformed itself into a global crypto hub by enacting regulatory frameworks that are friendly to innovation and permit the development of ground-breaking crypto platforms while maintaining consumer safety.

DeFi, which in many respects epitomizes cutting-edge blockchain technology, may be used more frequently there because of the legislative frameworks that have drawn numerous cryptocurrency businesses and aficionados to the area.

Despite the overall reduction in NFT activity since mid-2022, Turkey stands out in the region when it comes to the use of NFTs and is the top country in the region by web traffic to NFT platforms.

Saudi Arabia is also one of the region’s notable nations since, with a 12.0% increase in transaction volume year over year, Saudi Arabia was the world’s fastest-growing crypto economy in 2018.

According to the Chainalysis analysis, Saudi Arabia is one of just six nations, along with nations like Nigeria, to have had any year-over-year growth in transaction volume throughout the study period.

While users in more economically stable nations like the UAE would be more motivated to explore more investment-focused, cutting-edge use cases, cryptocurrency is employed in MENA countries with unstable currencies or inflation to protect money.

The UAE is an excellent example of how clear regulations and norms that support innovation may help nations become crypto hubs and boost their local economies.