X

Robert from Wichita

Signed up at Spin Buffalo 48 minutes ago.

» Try Spin Buffalo too
Do not show again

The cryptocurrency industry has experienced significant growth in recent times. The Middle East and North Africa (MENA) region represents the world’s highest cryptocurrency growth markets in the past year with records showing the region has the most crypto transaction volume growth year-on-year contrasted to other regions.

Join Crypto Lists as we get to the heart of this positive news and explore some of the reasons behind the exponential increase in adoption and what the future holds.

MENA Displays Significant Crypto Growth

There continues to be emerging markets for the crypto industry with an increase in use cases, especially in MENA. Blockchain analysis platform, Chainalysis, published ‘The 2022 Geography of Cryptocurrency Report recently. The transaction volume of the region showcases that it received $566 billion in cryptocurrency between June 2021 and June 2022. It indicates a significant crypto growth in the Middle East and North African region of 48% during this period. It signifies that the adoption of crypto in MENA is rising rapidly.

Crypto growth in the Middle East and North African region compares to the 40% increase in Europe and the 36% increase in North America. There was also a 35% growth in Central and Southern Asia and Oceania.

The Top Emerging Markets in the MENA Region

The MENA region consists of at least 22 countries. Three countries in the MENA region comprise the top 30 in Chainalysis’ 2022 Global Crypto Adoption Index. These include Turkey ranking at 12th, Egypt at 14th, and Morocco at 24th. An increase in practical use cases in these countries drives crypto adoption. These emerging markets use cryptocurrencies in savings preservation and remittance payments. The countries’ enabling crypto regulations have also contributed to increased crypto adoption.

Chainalysis reported Turkey and Egypt have experienced fluctuation in cryptocurrencies’ value with a devaluation of their local fiat currencies. Subsequently, the appeal for using crypto as a savings preservation and remittance payment has been dominant. The Turkish Lira devalued by over 30% during the period. This was a record new low after losing 44% of its value in the previous year after a currency crisis triggered by rate cuts. The Egyptian pound devalued by about 13.5% at the beginning of 2022.

Rating: 9.33/10
Supply: 69,924,556 / 84,000,000
Release date: October 13, 2011

Description: Buy Litecoin, one of the most widely adopted and used cryptos.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


The Role of Egypt and Turkey in MENA’s Crypto Status

Egypt leads the crypto growth in the Middle East and North Africa region after tripling its crypto transaction volume with a Year on Year growth of 221.7%. Saudi Arabia at 194.8% and Lebanon with 120.9% ranked second and third, respectively, in crypto growth in the Middle East and North Africa. Chainalysis attributed Egypt’s growth to the nation’s local economic volatility and the country’s remittance market.

Egypt’s remittance market contributes to 8% of the nation’s GDP. The national bank of Egypt initiated a project to develop a remittance avenue based on crypto between Egypt and the United Arab Emirates. The UAE hosts several Egyptian native workers.

Turkey has the largest crypto market share in MENA by transaction volume. It accounts for $192 billion of the $566 billion of crypto in MENA. Despite having the largest crypto market share, it only recorded a year-on-year growth of 10.5%.

The GCC Contribution to MENA’s Growth

Wealthier countries of MENA, including the Gulf nation of UAE, significantly contribute to the crypto industry in the region in a distinct capacity. The UAE, which hosts the crypto haven of Dubai, and other gulf nations are institutional players of crypto in MENA than peer-to-peer transactions such as remittances. The Gulf Cooperation Council (GCC) region experiences increased crypto adoption due to young tech-savvy citizens with high disposable income considering crypto as an investment option.

Crypto exchanges such as Binance have secured approval to operate in Abu Dhabi, Dubai, and Bahrain. The leading cryptocurrency exchange has also partnered with the UAE to facilitate local businesses transact in crypto via Binance Pay.

Crypto Value Still Low in Parts of the MENA Region

Chainalysis ranked Afghanistan in 20th place in its crypto adoption index report last year with an average volume of $68 million transactions monthly. In the recent report, it ranks last with its transaction volumes shrinking to $80,000 monthly after the Taliban takeover in August 2021. The takeover by the Taliban regime witnessed a crackdown on the industry where Taliban authorities equated the industry to gambling which is against Islamic Sharia Law. It led to several arrests of dealers of crypto that defied the halt of crypto trading and effectively ceased Decentralised Finance in the nation.

This crackdown contributes to the low value of crypto in certain areas within MENA. The region contributes only 9% of the cryptocurrency value globally. This is still far off the largest crypto economy in Central, Northern, and Western Europe at 21.9%, North America at 19%, and Central & Southern Asia and Oceania at 15.8%.

by Our Certified Author
Litecoin Newsflash
    Sign up without KYC on LTC Casino and play Gold Gold Gold!Sign up without KYC on LTC Casino and play Gold Gold Gold!
    Monday, 4 Nov 2024 1:48 pm
    On this fine Monday afternoon, one thinks to oneself: "how could I liven things up a little." Indeed, when a nice new slot game lands on our review pile such as Gold Gold Gold (review) from the lads over at Booming Games, it would be remiss not to try it out on one of the top bitcoin casinos we have at our disposal. On LTC Casino you can sign up completely free of any kind of KYC and get to grips with this fruity variant where there's a real chance to bag up to 2,000x your bet. Booming Games don't do things by halves and you're guaranteed top quality fun. Head over to LTC and see what you...
    Read the full newsflash


    Play Lucky Win Spins X on KYC-free LTC Casino now!Play Lucky Win Spins X on KYC-free LTC Casino now!
    Friday, 1 Nov 2024 1:08 pm
    Sometimes there comes a weekend when you've got an itch to scratch, and sometimes that itch is a crypto casino shaped one. But not just any casino, a no-KYC casino (see full list). Specifically, one without any KYC at all that allows you to deposit, withdraw and more without any kind of verification. Also, one that's trusted by Crypto Lists and has been a firm favorite of our readers for over a year and a half. That can only mean one: LTC Casino (review)! And what makes it special is that there's a new game on there called Lucky Win Spins X (reviewed here) from 1Spin4Win game developer. It's a sequel to 2023s hit of almost the same name (minus the 'X'). You've got a bonus buy feature and loads more and we tested it today and had a great time. Check out LTC here and see if you enjoy the game as much...
    Read the full newsflash


    LTC Casino: Best among all anonymous casinos in Oct, 2024LTC Casino: Best among all anonymous casinos in Oct, 2024
    Saturday, 26 Oct 2024 12:11 pm
    There have been many new launches lately, some good ones and many bad ones. Among the anonymous crypto casinos there is one really good one: LTC Casino (review). You can enjoy big tournaments, always the latest games from the best developers and never any KYC ever asked. Note: You can only deposit with crypto, so it's not for fiat lovers. Visit LTC Casino today to see a site with 100% uptime and that's...
    Read the full newsflash


    Anon sign up and no KYC on a 'LTC' crypto casinoAnon sign up and no KYC on a 'LTC' crypto casino
    Thursday, 26 Sep 2024 6:00 am
    Do you like playing on crypto casinos without KYC? How about a casino where you can play from anywhere you like without having to worry about VPN usage? Well you're gonna love LTC Casino (review) as it's got all the above and tons of crypto deposit options too. Amazing too, in that it doesn't even track your IP address or log it either. It's completely private once you've signed up using an email and chosen password. Easy peasy lemon squeezy. Try it here and we guarantee you won't be disappointed!...
    Read the full newsflash


    No KYC or withdrawal verification at all on LTC CasinoNo KYC or withdrawal verification at all on LTC Casino
    Monday, 23 Sep 2024 6:52 am
    Have you heard about LTC Casino (review)? Perhaps you have, perhaps you haven't, but one thing's for certain and that's that you certainly should have if you're anyway inclined towards a fully anonymous casino experience. That's all there is to it: register without any personal info, deposit without any KYC and withdraw you winnings without any kind of verification. Sweet! Try it now and see what we...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top